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Partnership firms and LLPs in India are of various types. Especially in the case of partnerships, there are two partnership firms. It includes registered and unregistered. Under Income Tax Act, all these firms must file Income tax returns for every financial year. As a firm registered in India, it is your responsibility to comply with all the income tax laws.
As a registered firm, whether you are a partnership or LLP, you must file Income tax returns. It helps you avoid all the penalties and contribute to nation’s development. Besides filing, ITR also offers you numerous benefits.
1) Increase the creditworthiness of the firm
2) Instant loan processing from banks and NBFCs
3) Refund of TDS
4) Compensate losses to next financial year
5) Easy Visa processing
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Yes, every partnership/LLP has to mandatorily file their income tax returns every year.
The LLPs whose annual turnover exceeds INR 40 lakh and capital contribution is more than INR 25 lakhs should get their accounts audited.
For form-11 the due date is 30th May, and for Form 8 the due date is 30th October
No, there are no disadvantages to filing ITR.
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