Partnership Firm ITR Checklist

Partnership Firm ITR Checklist



Basic Firm Information

PAN of the firm• Partnership Deed (latest copy)• Amendments to Partnership Deed, if any• Certificate of Registration (if registered)• Address proof of registered office• Contact details (email & mobile number)• Previous year's ITR acknowledgment and computation

Partner Details

For each partner:
• Name• PAN• Aadhaar• Residential address• Profit-sharing ratio• Capital contribution details• Remuneration entitlement as per deed• Interest entitlement as per deed• Changes in partners during the year (admission/retirement/death)

Books of Accounts

• Balance Sheet as on 31 March• Profit & Loss Account• Trial Balance• General Ledger• Cash Book• Bank Book

Bank Accounts

For all bank accounts:
• Bank statements for entire financial year• Closing balance confirmation• Details of new accounts opened during the year• Details of accounts closed during the year

Capital Accounts of Partners

• Opening capital balances• Additional capital introduced• Drawings by partners• Interest on capital calculation• Closing capital balances

Business Income Details

• Sales register• Purchase register• Expense ledger• GST reconciliation (if applicable)• Stock records• Work-in-progress details (if applicable)

Fixed Assets

• Fixed asset register• Details of additions during the year• Details of assets sold/disposed during the year• Loan-financed asset details

Loans & Borrowings

• Loan statements from banks/NBFCs• Interest certificates• Partner loans and confirmations• Unsecured loan confirmations

GST Details

• GST registration certificate• GSTR-1 filed during the year• GSTR-3B filed during the year• Annual return/reconciliation (if applicable)• GST liability reconciliation

TDS / TCS

• Form 26AS• AIS/TIS download• TDS certificates received• TDS returns filed by firm (if applicable)• TCS details (if applicable)

Investments & Other Income

• Interest income details• Dividend income details• Rental income details• Capital gains details• Other miscellaneous income

Partner Remuneration & Interest

• Clause in partnership deed permitting remuneration• Clause permitting interest on capital• Working partner details• Computation of allowable remuneration under Section 40(b)• Interest calculation on capital accounts

Tax Audit (If Applicable)

• Tax Audit Report (Form 3CA/3CB & 3CD)• Details of disallowable expenses• Related party transactions• Cash transactions requiring reporting

Presumptive Taxation (If Applicable)

• Turnover details• Digital receipt percentage• Cash receipt percentage• Eligibility under Section 44AD

Compliance & Reporting

• Details of notices received from Income Tax Department• Assessment orders received during the year• Pending appeals/litigation details

Final Verification Before Filing

• Financial statements finalized• Partner remuneration verified• Interest on capital verified• GST reconciliation completed• AIS/26AS matched• Tax liability confirmed• ITR draft approved by partners