Annual Compliances For Partnership

Vat and Service Tax Compliances
10000
Income Tax Return of firm
11800
Income Tax Return with Tax Audit
35400

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Income Tax Return
Vat and Service Tax Compliances
Tax Audit
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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 20%

Step 1

Documentation

Step 2

Service Tax Returns

Step 3

VAT Returns

Step 4

Finalization of Balance Sheet

Step 5

Income Tax Return

Step 6

Tax Audit

Required documents are provided by client

Checking Service Tax Returns and reconciling with bank statements and books of Accounts

Checking VAT returns and reconciling with bank statements and books of Accounts

Balance Sheet and Profit and Loss is finalized based on data provided

Income tax return is filed based on Prepared Balance Sheet

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores

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

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