Description
Review of financial statements, income summaries, or books of accounts provided by the partnership firm.
Review of partnership details including partners’ profit-sharing ratio where applicable.
Verification of tax credit details from AIS / Form 26AS summary where applicable.
Computation of taxable income of the partnership firm as per applicable provisions of the Income-tax Act.
Review of admissible partner remuneration and interest to partners based on partnership deed and records provided.
Preparation of ITR-5 return for the partnership firm for the relevant assessment year.
Calculation of tax liability or refund based on the financial information provided by the firm.
Filing of income-tax return on the income-tax portal using authorized credentials / DSC.
Sharing filing acknowledgement after successful submission.
Basic guidance regarding income-tax compliance requirements for partnership firms.
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