Partnership Firm Annual Compliances

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Partnership Firm Annual Compliances
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Annual Compliances of Partnership

A Partnership firm is a type of business entity in which 2 or more people start a business together, sharing the profits and losses of the business. In a Partnership, the partners are personally liable for the debts and losses of the business. All businesses registered as a Partnership in India are required to file their Income Tax Return (ITR) each year.

The annual compliances of a Partnership firm also include maintaining the books of accounts. If the annual sales turnover of the Partnership is more than Rs. 1 crore, an audit is required. In addition to this, a Partnership firm is also required to adhere to the TDS regulation compliance and GST filing.

A Partnership firm is a type of business entity in which 2 or more people start a business together, sharing the profits and losses of the business. In a Partnership, the partners are personally liable for the debts and losses of the business. All businesses registered as a Partnership in India are required to file their Income Tax Return (ITR) each year. The annual compliances of a Partnership firm also include maintaining the books of accounts. If the annual sales turnover of the Partnership is more than Rs. 1 crore, an audit is required. In addition to this, a Partnership firm is also requi
ed to adhere to the TDS regulation compliance and GST filing.

A Partnership firm is a type of business entity in which 2 or more people start a business together, sharing the profits and losses of the business. In a Partnership, the partners are personally liable for the debts and losses of the business. All businesses registered as a Partnership in India are required to file their Income Tax Return (ITR) each year.

The annual compliances of a Partnership firm also include maintaining the books of accounts. If the annual sales turnover of the Partnership is more than Rs. 1 crore, an audit is required. In addition to this, a Partnership firm is also required to adhere to the TDS regulation compliance and GST filing.

Cost effective & Transparent Pricing

Basic

Rs. 9899/- inclusive of all fees

Income tax return filing, LEDGERS accounting software and compliance management for a partnership firm with a turnover of less than Rs.10 lakhs per annum.

Standard

Rs. 12899/- inclusive of all fees

Income tax return filing, LEDGERS accounting software and compliance management for a partnership firm with a turnover of less than Rs.50 lakhs per annum.

Premium

Rs. 19899/- inclusive of all fees

Income tax return filing, LEDGERS accounting software and compliance management for a partnership with a turnover of less than Rs.100 lakhs per annum.

Choose The Compliances For Your Business

Compare the annual compliances of different kinds of business structures!

Compliances Private Limited Company Limited Liability Partnership One Person Company Partnership Firm Sole Proprietorship
+ Board Meeting Compulsory Not Compulsory Not Compulsory Not Compulsory Not Compulsory
  It is compulsory to conduct 4 board meetings in a year and 1 meeting within 30 days of incorporation. A board meetings for designated partners is not mandatory. A board meeting is required only if there are more than 1 directors. No board meeting is required. No board meeting is required.
+ Annual General Meeting Compulsory Not Compulsory Not Compulsory Not Compulsory Not Compulsory
  It is compulsory to hold an AGM. No AGM is required. An AGM can be conducted if there are more than 1 directors. No AGM is required. No AGM is required.
+ Annual Tax Filing Compulsory Compulsory Compulsory Compulsory Not Compulsory
  It is mandatory to file ITR irrespective of income. It is compulsory to file an ITR regardless of the annual turnover. It is compulsory to file an Income Tax Return. It is compulsory to file an ITR every year. An ITR must be filed if the annual income crosses Rs. 2.5 lakhs.
+ Tax Audit Conditional Conditional Conditional Conditional Conditional
  A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore. A tax audit is required if the annual turnover crosses Rs. 1 crore.
+ Annual Compliances Many Some Many Few Few
  Annual compliances include balance sheet, profit and loss account, acocunt flow statement, statement of changes in equity and an Annual Return. Annual compliances include Annual Return and statement of accounts & solvency. Annual compliances include balance sheet, profit and loss account, acocunt flow statement, statement of changes in equity and an Annual Return. Annual compliance include ITR filing and tax audit (if applicable). Annual compliance include ITR filing and tax audit (if applicable).
+ Compliance Cost High Medium High Low Low
  As there are numerous compliances, the cost is high. Compliances are limited and it costs less than PLC/OPC. As there are numerous compliances, the cost is high. There are a few compliances and the cost is extremely low. There are a few compliances and the cost is extremely low.
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Frequently Asked Questions

What is a Partnership firm?
Partnership is a type of business entity wherein 2 or more individuals come together to form a business, whereby they share the profits and losses in accordance with their share.
What is a Partnership Deed?
A Partnership Deed is the legal document that lays down the stipulations relating to how the partnership will be managed, details about the partners, their shares and roles and responsibilities.
What is Annual Compliance for Partnership firms?
Annual compliances for a Partnership firm primarily include filing the Income Tax Return and conducting an audit. The other compliances include TDS regulation, GST filing and others.
Is it necessary to register a Partnership?
No, it is not necessary to register a Partnership. However, it is advised to get the firm registered to give it a legal identity. Annual compliances are mandatory irrespective of the registration status of the Partnership.
What are the due dates for annual filing of a Partnership?
The ITR of the Partnership firm must be filed by July 31 in case no audit is required. If an audit is conducted, the ITR can be filed by September 30.
What is Tax Audit requirement for Partnership Firm?
Partnership firms having annual turnover of over Rs. 1 crore are required to obtain a tax audit.
Is a Partnership firm 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.
How is the ITR of a Partnership filed?
The Income Tax Return of a Partnership firm is filed in form of ITR-5 with the Income Tax Department.
Can the Annual Compliances of a Partnership be filed online?
Yes, the entire process of the ITR filing and audit can be done online.
Is a Digital Signature required for ITR filing of Partnership?
Yes, in case of online filing of the ITR, the digital signature of the partners is needed.

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