Partnership Firm Compliance

PARTNERSHIP FIRM

A partnership firm is a business entity run by two or more individuals through mutual consent for the purpose of profit. Partnerships firm are a great business option for small enterprises as in this individuals decide to contribute to the business and distribution of profits and loss. The concept of partnership was introduced in India in 1932. A partnership firm is the most popular form of business entity that includes group of people. The creation of a partnership is not done by law, the partners themselves decide certain conditions and rules with the consent of all the partners. These conditions and rules can be oral or written. As per law it is not necessary that these conditions and rules are in written, but to avoid mutual quarrel, the prescribed conditions and law should be in written

Documents required for Annual Compliances of a Partnership Firm

  • Copy of GST Return filed
  • Copy of TDS return filed
  • Copy of TDS challans
  • Sale invoices
  • Purchase invoices
  • Invoices of expenses
  • Bank statement of the partners bank account
  • PAN Card
  • TAN (Tax Deduction Account Number)

Annual Compliances for Partnership Firm

  • GST Return: Any partnership firm which is registered under GST has to file its monthly, Quarterly and annual return. Under these returns, the firm gives details of monthly, Quarterly and annually sales and has to submitted tax on it and if there are no sale purchase in the business, they fill the nil return. If you do not file return before the due date you have to pay a penalty, whether it is a nil return or taxable.  
  • Income Tax Return: A Partnership firm has to fill form ITR-5 to submit their Income Tax Return. Partnership firm should have to file their return before the due date. In case of unaudited books of accounts then last date for filing return is 31st July. In case of books of accounts audited then last date is 30th September. In some cases this date may be extended.
  • Tax audit of partnership firm: Audit of partnership firm mandatory if the turnover of firm exceeds Rs. 1 Crore and in case of profession if the gross receipts exceed Rs. 25 lakhs.
  • TDS filing: Partnership firm who have TAN they can deduct TDS of their employees. Its returns are filed quarterly. Returns must be filed by the employer and required to deduct tax at source as per TDS rules.
  • ESI Return: If the firm has more than 10 employees, then it is necessary to file a return of ESI. ESI return must be filed by firm having ESI registration.

How Can Dial on Financial Service Help You?

Dial on financial services helps you to file annual compliances of all kinds of Partnership firms, companies, LLP’s and other organizations. We will try our best to provide you a good service. We provide services at very low price compared to other service provider.

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