PARTNERSHIP FIRM TURN OVER LESS THAN 20 LAKHS

A partnership firm with a turnover under £20 lakhs is seeking advice on the correct Income Tax Return (ITR) form. While ITR-4 is typically used for Section 44AD, it may result in losing TDS refunds and prevents booking partner remuneration. The discussion suggests that ITR-5 is the appropriate form for partnership firms, even for normal filing without a tax audit, provided a Profit & Loss statement and Balance Sheet are submitted.