ITR for Firms is the income tax return that partnership firms and Limited Liability Partnerships (LLPs) are required to file. This return is used to report the firm's income, calculate tax liability, and allocate profits or losses among the partners.
Filing an ITR is a legal requirement for all firms, regardless of their profit or loss. It is a crucial step in maintaining compliance, avoiding penalties, and ensuring that the firm's financial affairs are in order. The return also provides a comprehensive overview of the firm's financial performance throughout the year.
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