Partnership Firm Compliance

• Invoices of purchase & sales during a financial year
• Invoices of expenses incurred during a financial year
• Bank statements for all bank accounts in the name of partners in a financial year.
• Credit card statement for expenses incurred by partners on behalf of a company (If any)
• Copy of TDS challans deposited (if any)
• Copy of GST returns filed (If any)
• Copy of TDS returns filed (if any)

The procedure for annual compliance fulfillment is as follows –

1. Maintain proper books of accounts
2. Preparation and filing of balance sheet.
3. Get your accounts certified by CA in case your partnership firm turnover is above 100 Lakhs.

The procedure for annual compliance fulfillment is as follows –

• Income tax filing – Every partnership firm has to mandatorily file income tax return to the income tax department. They also need to complete tax audit if the annual turnover of the partnership firm is above Rs.100 Lakhs.
• GST filing – Partnership firms registered under GST has to mandatorily file GST returns on monthly, quarterly & annual basis.
• TDS filing – Partnership firms having TAN must file quarterly TDS returns as per TDS rules.
• ESI Filing – All partnership firms registered under ESI act has to mandatorily file ESI returns. ESI registration is required in case a partnership firm employs 10 or more employees.