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LLP- Income Tax Return (ITR-5)

Income Tax Return LLP

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A Limited Liability Partnership (LLP) is a hybrid form of business structure that combines the flexibility of a partnership with the limited liability feature of a company. LLPs are governed by the Limited Liability Partnership Act, 2008, and are treated as separate legal entities from their partners.

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    Table of Content

    • Income Tax Return for LLP
    • Applicability of Income Tax Return for LLPs
    • Types of Income Tax Return for LLPs
    • Benefits of Filing Income Tax Return for LLPs
    • Documents Required for LLP Income Tax Return (ITR) Filing

    Income Tax Return for LLP

    A Limited Liability Partnership (LLP) is a hybrid form of business structure that combines the flexibility of a partnership with the limited liability feature of a company. LLPs are governed by the Limited Liability Partnership Act, 2008, and are treated as separate legal entities from their partners.
    Just like companies and individuals, LLPs are also required to comply with the provisions of the Income Tax Act, 1961, and file their Income Tax Return (ITR) annually with the Income Tax Department.

    Eligibility for Business Income Tax Return:

    Under the Income Tax Act, 1961, every Limited Liability Partnership (LLP) registered in India is mandatorily required to file an Income Tax Return, regardless of the nature or volume of its operations. This includes LLPs that:
    1. Have earned profits
    2. Have incurred losses
    3. Have not undertaken any business activity during the financial year (i.e., dormant LLPs)
    Types of Income Tax Return for LLPs:
    In India, the Income Tax Department has prescribed different types of ITR forms for different types of taxpayers. For Limited Liability Partnerships (LLPs), the form applicable is ITR-5.
    ✅ ITR-5 – Applicable to LLPsb

    ITR-5 is the only Income Tax Return form applicable to LLPs under the Income Tax Act, 1961. This form is specifically meant for:

    • Losses: Filing is mandatory to carry forward business losses to future years.
    • Tax Deducted at Source (TDS): If any TDS has been deducted on your income, filing a return helps claim refunds.

    FAQs for Income Tax Return for NRI

    Any individual, partnership firm, LLP, or company earning income from business or profession must file an Income Tax Return (ITR) annually, even if the business is operating at a loss or has no income.

    • ITR-3: For individuals and HUFs with income from business/profession.
    • ITR-4: For presumptive income under Sections 44AD, 44ADA, or 44AE.
    • ITR-5: For partnership firms and LLPs.
    • ITR-6: For companies (except those claiming exemption under Section 11).
    • ITR-7: For charitable trusts and institutions claiming exemption.

    • 31st July 2025: For non-audited businesses.
    • 31st October 2025: For audited businesses and companies.
    • 30th November 2025: For businesses requiring Form 3CEB (transfer pricing).

    Late filing attracts a penalty of up to ₹5,000 under Section 234F. You may also have to pay interest under Section 234A and lose benefits like carry-forward of losses or claiming refunds.
    Yes. Filing is mandatory, especially if you want to carry forward the loss to offset future profits or maintain legal compliance.
    Key documents include PAN, Aadhaar, financial statements (P&L, Balance Sheet), bank statements, GST returns, TDS details, and prior year ITRs. Audit reports are required if applicable.
    No. Audit is mandatory only if turnover exceeds ₹1 crore (or ₹10 crores if 95%+ transactions are digital), or for professionals if gross receipts exceed ₹50 lakh.
    Yes. You can revise your return before 31st December 2025 or completion of the assessment, whichever is earlier.

    BookMyCompliance offers expert tax support and easy-to-use software (LEDGERS) for small businesses. We help with accurate filing, compliance checks, audit support, and meeting deadlines.

    Presumptive taxation (under Sections 44AD, 44ADA, and 44AE) allows small businesses and professionals to declare income at a fixed rate without maintaining books of accounts. It is ideal for small taxpayers seeking simplified compliance.

    Form 26AS is a consolidated annual tax statement issued by the Income Tax Department. It shows all the taxes deducted at source (TDS), advance tax paid, and self-assessment taxes. It is essential to cross-check this while filing your return to avoid mismatches.

    Yes. TDS only indicates that tax has been deducted on certain income. You must still file an ITR to report your total income and claim refunds if TDS exceeds your actual tax liability.

    Related Business Registrations

    In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.

    Salary - Income Tax Return- ITR-1 & ITR-2

    Business -Tax Return (Non Salary) ITR-3 & ITR-4

    NRI (Non Resident)- Income Tax Return (ITR -2)

    Company- Income Tax
    Return (ITR -6)

    LLP- Income Tax
    Return (ITR-5)

    Firm- Income Tax
    Return (ITR-5)

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