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Annual Compliances –Partnership

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  • We understand the needs of your business.

You are just one step away from the right answer to your tax questions!

Worried about income tax? We can help!

About This Plan

A firm 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 you should opt for All India ITR’s annual compliances plan where we shall take complete holding of your annual requirements and provide you with full assistance on how to draft a contract, appoint an auditor, legal agreements and other secretarial services.

Prices may differ according to your sales/turnover. The applicable price shall be informed to you by out tax expert during consultancy.

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

Every Partnership Firm.

How the Plan works?

  • Buy the Plan
  • Upload the required documents
  • A Tax expert shall be assigned for the procedure of submission of the application.
  • All the work shall be handled and completed by the tax expert with on-call assistance during business hours

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 Firm
  • Bank Statement from 1 April to 31 March for all bank accounts in the name of Firm
  • Any other supporting documents, if required.

FAQs

What is a Partnership Firm?

A Partnership is where two (or more) people 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 least and it makes it a desirable option for businesses having joint owners. However, 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 for example consultancy firms.

What are the annual compliances of Partnership firm?

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

When do partnership firm file their GST returns?

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

When does a Partnership firm require Tax Audit?

Once the partnership firm has an annual turnover of INR 2 crores, it becomes mandatory to obtain a tax audit.

For enquiries, call us on

:1800 419 9661