Annual Compliances for Partnership Firm

Partnership firm are not required to keep up compliance like LLPs and company registered in our country. Partnership Firm Compliances chiefly includes filing of taxation return, whereas company entities like LLP and Company need each taxation return filing with the taxation department and annual return filing with the ministry of company affairs. Partnership companies having annual turnover of over Rs.100 lakhs are needed to get a tax audit. Additionally to the fundamental compliance, partnership companies may be needed to comply with TDS rules, GST rules, Service Tax rules, ESI rules et al. The compliance demand for a business would vary supported the sort of entity, industry, state of incorporation, variety of staff and sales turnover.

S.S Poddar & Company is a one-stop platform that gives a range of services like Partnership Firm Compliances, LLP registration, trademark filing, GST registration, taxation filing and a lot S.S Poddar & company will assist you maintain compliance of your partnership firm.

Major Annual Compliances for a Partnership Firm

Income Tax Filing

Income tax filing should be filed by all partnership companies. Partnership companies having over Rs.100 lakhs of annual turnover are needed to finish tax audit.

GST Filing

Under the GST regime, partnership companies having GST registration would be needed to file monthly, quarterly and annual GST returns.

TDS Filing

Quarterly TDS returns should be filed by partnership companies that have TAN and are needed to deduct tax at supply as per TDS rules.

ESI Return

ESI return should be filed by all partnership companies having ESI registration. ESI registration is needed once the partnership firm employs over ten staff.

GST

In case a partnership firm has GST registration, it should file the various returns. GST  return day of the month changes from state to state.