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Annual Compliances For Partnership

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Annual Compliances For Partnership
Annual Compliances For Partnership
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Why need to file Annual Compliance for Partnership.

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- 11th of Next Month for monthly and 13th of following month ending quarter for quarterly filers.

Documents Required For Annual Compliances For Proprietorship

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Partners on behalf on Firm
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of Partners
  • Copy of GST returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)
  • Copy of TDS Returns filed (If Any)

Process Involved

  • STEP-1

Documentation

Required documents are provided by client

  • STEP-2

GST Returns

Checking GST Returns and reconciling with bank statements and books of Accounts

  • STEP-3

TDS Returns

Checking TDS returns and reconciling with bank statements and books of Accounts

  • STEP-4

Finalization of Balance Sheet

Balance Sheet and Profit and Loss is finalized based on data provided

  • STEP-5

Income Tax Return

Income tax return is filed based on Prepared Balance Sheet

  • STEP-6

Tax Audit

Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores

Annual Compliances For Partnership
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FAQs

Yes, Partnership firms are required to maintain compliance under various regulations like LLPs and Company.

Partnership firm compliance mainly includes filing of income tax return. In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, ESI / PF regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.

Partnership firms involved in a profession with gross receipts of more than fifty lakh rupees must complete a tax audit. Partnership firm involved in doing business must complete a tax audit if the sales turnover exceeds one crore rupees.

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

Quarterly TDS returns must be filed by partnership firms that have TAN and are required to deduct tax at source as per TDS rules.

ESI return must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.

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