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Annual Compliances of Partnership

File the annual compliances of your Partnership firm

  • Fast
  • |
  • Accurate
  • |
  • Safe

  • We understand the needs of your business.

Get the right answer to your tax questions!

Worried about income tax? We can help!

About This Plan

Individuals when enter into a partnership to carry out a business are called partners and firm they run is called Partnership Firm. In India Partnership firms are governed by the Indian Partnership Act 1932. A Partnership firm is where the various partners decide the terms and conditions of the business operations and have many legal and compliance angles. This kind of matters are best solved by the Experts. That’s the reason why, we suggest you opt for All India ITR’s annual compliances plan where we will take care of all your annual requirements and provide you with full assistance on how to draft a partnership deed, appoint an auditor, drafting of legal agreements and other secretarial services.

Prices may differ according to your annual sales/ turnover. You will be intimated about the price applicable to you by our tax experts, during the time of consultancy.

Services covered under this plan
  • TDS Return Filing
  • Documentation
  • GST Compliances
  • Income Tax Return
  • Drafting of Financial Statements
Who can buy this Plan?

This plan is well suited for all the Partnership Firms.

How the Plan works?

  • Buy the Plan
  • Upload the required documents
  • A Tax expert will be assigned to you for the procedure of submission of the application.
  • All the work will be completed by the our Tax Expert along with the necessary assistance over call during business hours.

Information menu

Documents Required
  • Purchase/ sale Invoices
  • Expense invoices
  • Copy of TDS challans deposited
  • Copy of TDS Returns
  • Credit Card Statements, if Expenses are incurred by Partner on behalf of the Firm
  • Bank Statement from 1st April to 31st March of the relevant Financial Year for all bank accounts in the name of the Firm
  • Any other supporting documents, if required


What is a Partnership Firm?

A Partnership Firm is where two or more individuals join hands to carry out a business for profit. The partners become joint business owners and carry out operations governed by the partnership deed. The regulations are minimal, which makes it a desirable option for businesses having joint owners. Moreover, in a partnership firm the partners are jointly and individually liable for debts of the firm. This form of structure is ideal if there are no/ less requirement of external funds and low risk of bad-debts. An apt example of Partnership Firm is a Consultancy firm.

What are the annual compliances of Partnership firm?

The annual compliances of a Partnership Firm basically include filing of income tax return. In addition to this, partnership firms are supposed to comply with TDS regulations, GST regulations, ESI regulations etc. The compliance requirement for a partnership firm varies based on the type of entity, industry, state of incorporation, number of employees and annual turnover.

When do partnership firm file their GST returns?

Under the GST regime, partnership firms have to file monthly, quarterly and yearly GST Returns.

When does a Partnership firm require Tax Audit?

Once the partnership firm has an annual turnover of Rs. 2 crores, it is mandatory for a Partnership Firm to get their accounts audited, as per the Income Tax Act, 1961.

What are the basic requirements to file TDS returns for a Partnership Firm?

As per TDS rules, a partnership firm is supposed to file quarterly TDS returns, if they have a TAN and deduct tax at source.

When a Partnership Firm is required to file ESI return?

ESI Return is supposed to be filed by all the Partnership Firms who have ESI registration. A Partnership firm is required to take ESI Registration, if it has more than 10 employees.

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