Partnership firms are taxed at 30%; use ITR-5, maintain records, and comply with audit and filing deadlines for tax compliance.
This infographic provides a step-by-step guide for filing income tax for partnership firms in India. Firms are taxed at a flat 30% plus surcharge and cess. Maintain financial statements and partner remuneration details, use ITR-5 for filing, and e-file returns unless exempt. Pay advance tax if liability exceeds ₹10,000, and comply with audit requirements if turnover exceeds limits. The due date is July 31st (non-audited) or September 30th (audited).