Annual Compliance for Partnership is a legal requirement of income tax to file annual income tax return of partnership irrespective of profit or loss.
As we have to intimate the department about our income and expenditure and to make our firm free from non-compliances. If we fail to file Income Tax Return and GST Return as per due date then penalty is imposed by the department.
Which Income tax form need for the Income tax return filing
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).
What are the Due date to file forms?
* 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.
Finalization of Balance Sheet
Income Tax Return