Compliances (PARTNERSHIP)

Compliances (PARTNERSHIP)2019-03-08T07:28:29+00:00

Annual Compliances for Partnership In India:


A partnership firm is a popular form of business controlled by people acting for all and working under a personal liability. Partnership firms are relatively easy to start and are prominent amongst small and medium-sized establishments in the unorganized sector.
• The name under which their business is carried on is called the “firm name
• In a Partnership, the partners are personally liable for the debts and losses of the business

Benefits of Proprietorship Business:

• Not required to file any annual report or financial statements with the MCA
“• Major Statutory Compliances is limited to:
• GST Returns
• Income Tax Returns
• TDS Returns”

Benefits of Partnership Business:

• Not required to file any annual report or financial statements with the MCA
“• Major Statutory Compliances is limited to:
• GST Returns
• Income Tax Returns
• TDS Returns”

 Brief About Filing of Income Tax Return(ITR):

All businesses registered as a Partnership in India are required to file their Income Tax Return (ITR) each year.
Partnerships are liable to both taxes in the name of the firms and income taxes in the name of individual partners
ITR Form: ITR 5

Due Dates:

When audit of the financial accounts is not required under any law — 31st July of the assessment year
When such an audit is essential under any law — 30th September of the assessment year

Applicable Tax rate on Partnership Firms:

Tax rate: @30%
Education Cess: 3% of tax plus surcharge
Applicability of Surcharge: 12% of tax where total income exceeds Rs. 1 crore

Brief About Filing GST Returns:

In case your proprietorship business have GST registration, filing of GST would be mandatory. However due date of filing of different forms will depend upon scheme that you have opted as per your turnover.
For Regular Tax Payer:

Filing of GSTR-1

Due date of Filing: 10th of every following month however for turnover upto 1.5 crore, ,may opt for quarterly filing

Filing of GSTR-2

Due date of Filing: 15th of every following month

Filing of GSTR-3

Due date of Filing: 20th of every following month

TDS return must be filed by all entities required to deduct tax at source and having TAN registration
• Filing of TDS Returns: Quarterly
• Due Date of Filing TDS Returns:
Q1: 31st july
Q2: 31st october
Q3: 31st January
Q4: 31st May
Managing the day to day operations of your business along with complying the applicable laws can be little taxing for any entrepreneur. Often entrepreneurs get overwhelmed by the number of compliances and in absence of professional guidance end up paying interest and penalties. Hence, it is essential to take help of a professional and also understand such legal requirements to ensure timely fulfilment of compliances, without any levy of interest or penalty.
1 Invoices of Purchases and Sales during the year
2 Invoices of expenses incurred during the year
3 Credit Card Statements if Expenses are incurred by Proprietor on behalf on Company
4 Bank Statements from 1 April to 31 March for all bank accounts in the name of firm
5 Copy of VAT or Service Tax returns filed (If Any)
6 Copy of TDS Challans Deposited (If Any)
7 Copy of TDS Returns filed (If Any)
• Maintain Proper Books of Accounts.
• Prepare and File Balance Sheet.
Proprietorships are required to maintain accounts and prepare financial statements at the end of each financial year.
Our Compliance team can help you in maintaining the accounts and preparing the financial statements.
GST Return Filing:
TDS Return Filing
Income Tax Return Filing

Our Services:

iNext is a leading company which values your focus towards core activities of business and provides all solutions related to annual statutory compliances.
Our Key Services Related to Annual Statutory Compliances:

Contact Info

iNext Solution, 78-79, 3rd Floor, Shiva Arcade, Acharya Niketan, Mayur Vihar Phase – 1, Delhi, Delhi, 110091, India

Phone: +91 11 4357 0296

Mobile: +91 93 50 514064