Shivay Associates

Income Tax Return Filing (Partnership)

Partnership firms should file returns using ITR-5. The filing process generally includes:

Register the firm on the Income Tax portal
Prepare balance sheet & profit & loss statement
Compute taxable income and pay taxes online
Download and fill Form ITR-5, upload with designated partners' DSC and e-verify

Steps for Online Registration of Partnership Firm

Apply for Registration — Submit application to Registrar of Firms with partners' details, firm name & address. (1 working day)
Reserve Name — Choose a unique, original name for the firm. (1 working day)
Create Partnership Deed — Prepare deed covering partners' details, business nature, duration, capital contributions, profit-sharing ratio, etc. (1 working day)
Stamping of Deed — Print deed on stamp paper, sign by all partners and notarize. (1 working day)
Obtain PAN & TAN — Apply for firm PAN and TAN. (1–3 working days)
Open Current Bank Account — In the firm's name using partnership deed and KYC documents. (1 working day)

GST Registration for Partnership Firms

GST registration is mandatory if the firm's turnover crosses the statutory threshold (typically mentioned under GST law). Certain businesses (e-commerce, interstate supplies, etc.) require registration irrespective of turnover.

Documents for GST Registration

Passport-size photographs of partners
PAN of partners and firm
Aadhaar of partners
Mobile number and email id of partners
Partnership deed
Address proof of firm (bank stmt/utility bill/rent agreement not older than 2 months)
NOC from owner if rented
Primary signatory authorization letter

GST Registration Steps (High Level)

Visit GST portal and fill Part A (PAN, mobile, email).
Verify via OTP, upload documents and complete Part B.
Receive ARN and track application status.
Upon approval, GSTIN is issued; officer may request additional docs.

Frequently Asked Questions

Drafting a partnership deed is recommended. While not always mandatory, it clarifies partners' rights, duties and profit sharing and helps in legal & tax matters.

Minimum 2 partners. Maximum generally 20 (professional firms may have different limits).

Yes — partnership firms must file income tax returns (ITR-5) irrespective of profit or loss.