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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.
This plan is well suited for all the Partnership Firms.
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.
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.
Under the GST regime, partnership firms have to file monthly, quarterly and yearly GST Returns.
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.
As per TDS rules, a partnership firm is supposed to file quarterly TDS returns, if they have a TAN and deduct tax at source.
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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