Annual Compliances For Partnership
In Ahmed Nagar
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Why need to file Annual Compliance for Partnership.
ITR Form -5 of Income tax is used for filling the Income tax return (Form-4 is applicable where the return is filed under presumptive taxation).
* Normal Income Tax Return- 31st July of Assessment Year.
* Tax Audit Income Tax return- 30th September of Assessment Year.
* GSTR- 3B- 20th of Next Month.
* GSTR-1- 10th of Next Month for monthly and 31st of next month for quarterly returns.
Documents Required For Annual Compliances For Partnership
- Invoices of Purchases and Sales during the year
- Invoices of expenses incurred during the year
- Credit Card Statements if Expenses are incurred by Partners on behalf on Firm
- Bank Statements from 1 April to 31 March for all bank accounts in the name of Partners
- Copy of GST returns filed (If Any)
- Copy of TDS Challans Deposited (If Any)
- Copy of TDS Returns filed (If Any)
Yes, Partnership firms are required to maintain compliance under various regulations like LLPs and Company.
Partnership firm compliance mainly includes filing of income tax return. In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, ESI regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.
Partnership firms having annual turnover of over Rs 100 lakhs are also required to obtain a tax audit.
Under the GST regime, partnership firms having GST registration would be required to file monthly, quarterly and annual GST returns.
Quarterly TDS returns must be filed by partnership firms that have TAN and are required to deduct tax at source as per TDS rules.
ESI return must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.