Partnership firms are taxed at 30% plus cess and surcharge; file ITR-5, claim business deductions, and comply with audit and filing deadlines.
This infographic details income tax filing for partnership firms in India. Firms are taxed at a flat 30% plus applicable cess and surcharge. Use Form ITR-5 for return filing. Deduct allowable business expenses, including partner salaries and interest as per Section 40(b). Tax audit is mandatory if turnover exceeds ₹1 crore (₹50 lakh for professionals). The due date is July 31 (non-audited) or October 31 (audited). Late filing can attract penalties up to ₹5,000 and interest on tax dues.