Applicable Form for LLP

• The correct Income Tax Return form for Limited Liability Partnerships (LLPs) is ITR-5
  
• This form is used by LLPs to report income, deductions, and tax liability
  
• It is applicable to all LLPs, whether they are audited or unaudited
  
• ITR-5 must be filed electronically through the Income Tax e-filing portal
  
• The form captures balance sheet, profit & loss account, and partner details
  

Who Should Use ITR-5

• All registered LLPs, whether engaged in business or not, must file ITR-5
  
• LLPs under audit requirement or with foreign investment must also use this form
  
• Firms (excluding those claiming exemption under specific sections) also use ITR-5
  
• It is not meant for individuals, HUFs, companies, or trusts
  
• LLPs under presumptive taxation are also required to file ITR-5
  

Filing and Authentication

• Filing of ITR-5 must be done online only; paper filing is not permitted
  
• The return must be digitally signed using the DSC of a designated partner
  
• The form should be verified through Electronic Verification Code (EVC) or DSC
  
• Returns filed without verification are treated as invalid submissions
  
• Proper authentication completes the filing process
  

Key Sections in ITR-5

• Part A: General information about the LLP
  
• Schedule BP: Income from business or profession
  
• Schedule IF: Details of partners and their share
  
• Schedule HP, CG, and other income heads (if applicable)
  
• Computation of total income, tax liability, and payments
  

Compliance Requirements

• Filing ITR-5 is mandatory for all LLPs, even with zero income or loss
  
• Returns must be filed by 31st July (non-audited LLPs) or 31st October (audited LLPs)
  
• Audit report, if applicable, must be filed before return submission
  
• Delay in filing attracts penalties and interest under various sections
  
• Timely and accurate filing ensures compliance with the Income Tax Act