Section: Section 184 to 186 of the Income Tax Act, 1961
Purpose: To ensure that partnership firms comply with the income tax laws and regulations.
Applicability: This compliance requirement applies to all partnership firms operating in India.
Timeline: Partnership firms are required to comply with the income tax laws and regulations on an annual basis. The due date for filing income tax returns is usually July 31st of the following financial year.
Exemption: There are no exemptions for partnership firms from complying with income tax laws and regulations.
Penalty for non-compliance: In case a partnership firm fails to comply with income tax laws and regulations, a penalty of 0.5% of the turnover or Rs. 1,50,000 (whichever is lower) may be imposed under Section 271B of the Income Tax Act.
Due Date: Partnership firms are required to file their income tax returns by the due date specified by the Income Tax Department. The due date for filing income tax returns for partnership firms is usually July 31st of the following financial year.
Forms: Partnership firms are required to file their income tax returns using Form ITR-5.
Reporting Authority: The Income Tax Department is the reporting authority for compliance under the Income Tax Act for partnership firms.
Other Details: In addition to filing income tax returns, partnership firms may also be required to comply with other provisions of the Income Tax Act, such as obtaining a Permanent Account Number (PAN), Tax Deduction and Collection Account Number (TAN), and complying with tax withholding requirements. It is recommended that partnership firms seek professional guidance to ensure compliance with all relevant income tax laws and regulations.
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