Last date of Income Tax return for Partnership firm

Last Updated on 30th December 2020

Govt of India announced to extend the filing of Income-tax return for Partnership firms to 10.01.2021 in case of non-audit and in case of audit then tax audit upload date is 15.01.2021 and filing of Income Tax Return in case of Tax audit is 15.02.2021.

Last Updated on 30th September 2020

Govt of India announced to extend the filing of Income-tax return for Partnership firms due to ongoing pandemic. The due date for ITR 3has been extended to 30th November 2020 from 31st July 2020. The same was declared via a Press Conference held in May 2020.

What is Income Tax Return for Partnership Firm?

Just like ITR 1 is filed for Individual, there is ITR 3 filed for partnership firm. The ITR 3 has no attachments with it. A partnership firm is a separate entity, so tax return apart from individual partners is to be filed. The extended due date for filing ITR 3 can be done online as well as offline. All the necessary documents to be saved for the Tax audit to be performed for the said assessment year.

Understanding ITR 3

All the partnership firms must have to audit their accounts before the due date of filing Income Tax return. The Central Board of Direct Taxes (CBDT) has announced to extent the due date further from September 2020 to November 2020. So make sure if the firm has to be audited and file for the Income Tax returns. Note, the partners would file for Income Tax returns as individuals and partnership firm return individually.

Concluding it, if you own a partnership firm, then you must file for Income tax returns and audit it if required. The date is extended, so if not, file it now!

Important: Please note that the information on this page / site is provided as general information for better understanding for the user and does not constitute tax, legal, or other professional advice and must not be used as such. Please consult your professional adviser(s) if you have any questions / doubts regarding the above.

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