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PARTNERSHIP FIRM

The Indian Partnership Firms are quite well facilitated to maintain only some annual filings and statutory compliance's every year, when compared to the annual filings and compliance of LLP, a private limited company, public limited company of India. The best benefit of partnership act is that partners are taxed under the income tax slab for individuals, whereas other Indian firms are taxed under the tax-slab for Indian firms. Moreover, a partnership firm also has to make its annual filings even if it is dormant.

Broadly, the annual filings to be made by a partnership firm of India is as follows:

1) Income Tax Returns
2) Financial Statements
3) If any, compliance's that are associated with the Laws like the Shops and Establishments Act of state, Pollution Control Act, Labor and Employment Act, VAT/Service Taxes, etc.

In addition to the above mentioned filings, partnership firms would have to comply with TDS regulations, VAT/CST regulations, GST regulations, ESI regulations, Service Tax regulations and others. The filings of a business are based upon the type of entity, state of incorporation, industry, number of employees, etc.

When it comes to annual accounts, a partnership firm does not have to mandatorily file the audited financial statements every year with the Registrar. However, as per the Indian Income Tax Act of 1961, it has also become necessary for partnership firms to get their financial accounts tax-audited if the annual turnover of partnership firms crosses Rs.1 Cr. Thus, generally filing only the ITR (in Form ITR-V) is the main annual filing that is to be made by a partnership firm of India.

The contract has to be filed by a partnership firm before the due dates, which are as follows:

1) If a financial accounts audit is not required then the due date is 31st July.
2) If a financial accounts audit is essential then the due date is 30th September.


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Pricings

STARTUP

8989

  • Turnover Less than Rs.40 Lakhs
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing


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12989

  • Turnover Less than Rs.1 Crores
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing
  • GST Compliance

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16989

  • Turnover More than Rs.1 Crores *
  • Prepared Books of Accounts
  • Taxcellent Accountant Support
  • Financial Statement Preparation
  • Income Tax Return Filing
  • GST Compliance
  • TDS Compliance
  • Income Tax Audit


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Advantages

    Late filing or non-filing of Partnership Annual Return or Statement of Account before the due date will attract a penalty. Hence, the Annual Filing of partnership should be done on a timely basis.
    Proper filing before the due date can help with proper compliance records.
    When it comes to annual accounts, it is not mandatory for a partnership firm to file audited financial statements every year with the Registrar. However, as per the Indian Income Tax Act of 1961, it has become necessary for partnership firms to get their financial accounts tax-audited if the annual turnover of partnership firms crosses Rs.1 Cr.

FAQs Section

    The annual filings and compliances to be filed by a partnership firm of India are as follows:
    Income Tax Returns
    Financial Statements
    If any, compliances that are associated with the Laws like the Shops and Establishments Act of state, Pollution Control Act, Labor & Employment Act, VAT/Service Taxes, etc.
    Yes, you should comply with your annual filings till your company is winded up or struck off by the registrar.
    Partnership firms are registered by the Registrar of Firms, under the Indian Partnership Act.
    The Partner should be an Indian citizen and should be Resident of India.
    There are few constraints for transferring a partnership from one partner to another person. A partner who wishes to transfer his partnership should get unanimous consent from all other partners.
    Yes, you can convert the Partnership business into Company or LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are quite difficult, expensive, and time-consuming.
    When the Partnership firm is registered, the Partnership deed will be registered along with it, and the Registration Certificate will be issued by the Registrar of Firms.
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We make sure that our customers are happy with our services.We make sure that we can go an extra mile to make their full satisfaction.


Stay in Touch at

Taxcellent Legal Consultant Private Limited, Bareilly,UP,India.

Address: 204,Above Central Bank Of India 64, Near Office Outpost,Shyamganj, Bareilly, Uttar Pradesh 243005

+917302218229

contact@taxlc.in

Mon-Sat: 9am-6pm