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)
Process Involved
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?
I can answer any questions you have about starting a business or taxation or funding. You can click on the questions to the left or write your question below
I can answer any questions you have about starting a business or taxation or funding. You can click on the questions to the left or write your question below
FAQs
Do partnership firms require to comply with annual compliance?
Yes, Partnership firms are required to maintain compliance under various regulations like LLPs and Company.What is Annual Compliance for Partnership firms ?
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.What is Tax Audit requirement for Partnership Firm ?
Partnership firms having annual turnover of over Rs 100 lakhs are also required to obtain a tax audit.When partnership firm is required to file GST returns?
Under the GST regime, partnership firms having GST registration would be required to file monthly, quarterly and annual GST returns.What is the requirement of TDS Filing for partnership firms?
Quarterly TDS returns must be filed by partnership firms that have TAN and are required to deduct tax at source as per TDS rules.When partnership firm is required to file ESI return?
ESI return must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.- Import Export Code IEC
- ISO Certification
- Trademark Application
- Food License Registration
- Goods and Service Tax Registration GST
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