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Annual Compliances For Partnership

Our Packages for Annual Compliances For Partnership

 
 
Startups

NIL or With Negligible turnover

Rs 3000/-
Strugglers

Turnover upto 10 lakh Turnover

Rs 5000/-
Established

Turnover above 25 Lakh / 1 Crore with tax Audit

Rs 15000/-

Process involved in Annual Compliances For Partnership

 
 
  • Annual Accounts

    Preparation of Accounts

  • Finalization of Balance Sheet

    Preparation of Balance sheet and Profit and Loss

  • VAT and Service Tax Reconciliation

    Checking if returns filed for VAT and service tax are reconciled

  • Filing Income Tax return

    Filing of Income Tax Return with Income Tax Department

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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