Home / Partnership Firm Compliance
Updated on 25 Jan 2021 9.00 AM IST | 4 min read
An Overview to Partnership Firm Compliances
A Partnership firm needs to maintain compliances like LLP’s, public or private limited companies. Partnership firm compliance mainly includes income tax return filing whereas LLP & company needs to submit both the reports – Income tax return filing to the income tax department and annual filing to the ministry of corporate affairs. Partnership firms need to complete tax audit if the annual turnover of partnership firm is above Rs.100 Lakhs.
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Basic Partnership Firm Compliances
In addition to complying with the basic compliances, partnership firm also needs to comply with income tax regulations, TDS regulations, GST regulations, ESI regulations etc. The requirement of compliance varies depending upon the type of entity, industry, state of incorporation, number of employees & sales turnover. It has very minimal statutory requirements in comparison to LLP, public or a private limited company. In relation to taxation, partnership firm is taxed under the income tax slab for firms whereas partners of a partnership firm are taxed under the income tax slab for individuals. Partnership firm has to mandatorily fulfill its statutory compliance requirements even if it does not carry out business/service. The major compliances of a partnership firm are periodic and annual compliances. It is not necessary for a partnership firm to file audited financial statements every year. The main and the only annual compliance for a partnership firm is to file income tax return via form ITR-V.
Documents Required For Annual Compliances For A Partnership Firm
Procedure For Annual Compliance Fulfillment
The procedure for annual compliance fulfillment is as follows –
- Maintain proper books of accounts
- Preparation and filing of balance sheet.
- Get your accounts certified by CA in case your partnership firm turnover is above 100 Lakhs.
Major Compliances For A Partnership Firm
The procedure for annual compliance fulfillment is as follows –
Partnership Firm Compliances FAQ’S
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