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.
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Documents required for Annual Compliance Filing of Partnership
- Invoices of purchases and sales during the year
- Invoices of expenses incurred during the year
- Bank statements for all bank accounts in the name of partners
- Copy of TDS challans, if any
Process of Annual Compliance Filing of Partnership
The ITR of the Partnership is filed after collecting the required documents in the form of ITR-5 and if the Partnership firm meets the criteria, the audit is prepared for the firm as per the Income Tax Act. The due date for ITR filing in case of no audit is July 31, and due date in case of an audit is September 30.
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