CA Sandeep Kanoi

Up to A.Y. 2013-14 Partnership Firms to whom provisions of section 44AB  (i.e. those Under Tax Audit) were required to furnish the return for assessment year 2011-12 and subsequent assessment years electronically under digital signature but the Partnership  firms to whom Provisions of section 44AB were not applicable they were allowed to furnish the ITR-5 in any of the following mode :-

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

But with amendment in Rule 12 of Income Tax Rules 1962 vide Notification No. 24/2014 dated 01.04.2014 Filing Provisions as applicable from A.Y. 2014-15 in respect of ITR-5  are as follows :-

1.      Partnership Firm who are required to get Audited Under Section 44AB can file ITR 5 return only electronically under digital signature.

2.      Partnership Firm who are required to get Audited Under Section 44AB can sumit the return in any of the following mode :-

(i)          furnishing the return electronically under digital signature;

(ii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

Relevant Extract of Revised Rule 12 is as follows :-

(3) The return of income referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i)           furnishing the return in a paper form;

(ii)          furnishing the return electronically under digital signature;

(iii)         transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv)         furnishing a bar-coded return in a paper form:

Provided that—

 (aaa)      a firm required to furnish the return in Form ITR-5 or an individual or Hindu Undivided Family (HUF) required to furnish the return in Form ITR-4 and to whom provisions of section 44AB are applicable, shall furnish the return for assessment year 2011-12 and subsequent assessment years in the manner specified in clause (ii);

 (aab) ………….

(aac) a person required to furnish the return in Form ITR-5, other than a firm to which clause (aaa) is applicable, shall furnish the return for the assessment year 2014-15 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

Related Posts :-

  1. CBDT Notifies SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR a.y. 2014-15

  2. Rule 12 of Income Tax Rules wef 01.04.2014 related to Filing of Audit Reports & ITR

  3. All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15

  4. Trusts to give notice for accumulation of Income (From 10) electronically from A.Y. 2014-15

  5. Political Parties to File ITR-7 electronically under digital signature wef A.Y. 2014-15

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8 responses to “All Partnership Firms to file ITR 5 Form Electronically w.e.f. A.Y. 2014-15”

  1. Praveen says:

    Can I file lTR5 of parnership without audit after due date if turnover is 6.5 Lac

  2. SEMLATA VERMA says:

    I CAN FILE ITR-5 DIRECT WITHOUT AUDIT REPORT IF TURNOVER 6 LACS N YEAR

  3. SEMLATA VERMA says:

    IS AUDIT REQUIRED FOR PARTNERSHIP FIRM IF TURNOVER IS SIX LACS ONLY IN FINANCIAL YEAR

  4. SEMLATA VERMA says:

    SEMLATAVERMA@GMAIL.COM( MY SALE IS BELOW 6 LACS IN PARTNERSHIP FIRM CAN I FILE ITR-5 WITHOUT AUDIT REPORT AFTER SALARYAND INTERST TO PARTNERS FIRM COMES IN LOSS OF AMOUNT 36783.00 MY FIRM IS UNREGISTERD

  5. GYAN CHAND JAIN says:

    is it necessary for partnership firm to file IT Return eve if they have no income or running into losses or no operations in the firm

  6. ANAND SINGH says:

    FROM WHICH YEAR MANDATORY E FILLING FOR THE AUDITED PARTNERSHIP FIRM CAME IN THE ACT.

  7. Ankit says:

    Is it mandatory for Partnership firm to file ITR.

  8. Dev Chauhan says:

    Is audit required for partnership firm to file ITR if turnover is not too big in first financial year.

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