1. Eligibility and Applicability

• All partnership firms, whether registered or unregistered, must file income tax returns
  
• Filing is mandatory even if the firm has no income or is incurring a loss
  
• The firm must have a Permanent Account Number (PAN)
  
• The return must be filed in the firm’s name, separate from the partners
  
• Partners’ individual filings are separate from the firm’s filing process
  

2. Required Documents and Information

• The firm’s PAN card and details of all partners
  
• Profit and Loss Account and Balance Sheet for the financial year
  
• Details of capital contributions, drawings, and interest paid to partners
  
• Bank account statements and transaction records
  
• Audit reports if applicable, under income tax rules
  

3. Selecting the Correct Form

• Partnership firms must file using Form ITR-5
  
• This form is applicable to all partnership firms other than LLPs
  
• It must be filed online on the official Income Tax e-Filing portal
  
• A Digital Signature Certificate (DSC) is required for submission
  
• Ensure the correct assessment year is selected during filing
  

4. Steps for Filing the Return

• Register the firm on the Income Tax Department’s e-Filing portal
  
• Log in using the firm’s credentials and access Form ITR-5
  
• Fill in all income, deduction, and partner remuneration details
  
• Upload the necessary financial statements and verify the return digitally
  
• Submit the return and download the acknowledgment for records
  

5. Post-Filing Compliance

• Verify the return using DSC or Aadhaar OTP (if eligible)
  
• Preserve a copy of the filed return and acknowledgment (ITR-V)
  
• Update books to reflect filed data and adjust carried forward losses
  
• Comply with notices, if any, from the Income Tax Department
  
• Ensure timely filing in future years to avoid penalties and interest