Annual Compliances For Partnership

Documents Required for Annual Compliances For Partnership

  • 1 Invoices of Purchases and Sales during the year
  • 2 Invoices of expenses incurred during the year
  • 3 Credit Card Statements if Expenses are incurred by Partners on behalf on Firm
  • 4 Bank Statements from 1 April to 31 March for all bank accounts in the name of Partners
  • 5 Copy of VAT or Service Tax returns filed (If Any)
  • 6 Copy of TDS Challans Deposited (If Any)
  • 7 Copy of TDS Returns filed (If Any)

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Process Involved

Documentation
GST Returns
TDS Returns
Finalization of Balance Sheet
Income Tax Return
Tax Audit

Annual Compliance for Partnership

All the Partnership Firms are required to file the following returns mandatorily whether the Partnership has done business or not.

A. INCOME TAX

As per Income Tax Act, Partnership Firm has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.

In case of Partnership whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.

A Partnership has to file its Income tax Returns on or before the due dates as follows:

Partnership whose accounts are not required to be audited under any Law

31st July of every year

Partnership whose accounts are subject to Audit under any Law

30th September of every year or such other date as may be notified by the Income Tax authorities.

 

Procedure For Annual Compalince fulfilment

  • Maintain Proper Books of Accounts.
  • Prepare and File Balance Sheet
  • If your turnover is More than 100 Lakhs, get your accounts certified my CA

FAQs

FAQs

What is Annual Compliance for Partnership firms ?

What is Tax Audit requirement for Partnership Firm ?

When partnership firm is required to file GST returns?

What is the requirement of TDS Filing for partnership firms?

When partnership firm is required to file ESI return?

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