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Partnership Annual
Compliance
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Annual Compliance for Partnership Firm
A Partnership Company is a business form that usually occurs between a group of few people. A partnership is an agreement in which 2 or more individuals are involved and have the same opinion to share all profit and loss of the business that they are incorporating. They sign the agreement, and jointly, their collaboration is known as a firm, and all people will be named as partners.
3 Significant components within Partnership is
• A documented agreement of all the partners
• The agreement is all about distributing profit and loss of the business at any case till the Partnership remains active.
• All members of the partnership firm manage the business operation as partners or through a designated person taking responsibility for all.
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QUERY NOW
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What Are The Common Compliances of Partnership?
There are copious standard compliances of a partnership firm which are explained below.
Company registration in Form I within 1 year of company establishment
Name replacement of the firm or the business nature in Form II within the duration of 3 months
Partnership firms are required to file form III if they are opening and closing any business branch within the duration of 3 months.
Partnership firms are required to file form III if they are opening and closing any business branch within the duration of 3 months.
If there is a name change situation of partners of address, they need to file Form IV within 3 months.
The amendment in the constitution needs to file in the Form V within 3 months.
A partnership firm must file yearly Income Tax Returns with the income tax department. Apart from that, some tax compliances, including VAT and services tax filing, need to be submitted as per business revenue. It is also mandatory to audit the tax based on the company’s turnover.
If the yearly business of the partnership firms exceeds 1 Crore INR, it is mandatory to conduct an income tax audit. The company also follows TDS norms and GST return filing on time.
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A partnership firm must file yearly Income Tax Returns with the income tax department. Apart from that, some tax compliances, including VAT and services tax filing, need to be submitted as per business revenue. It is also mandatory to audit the tax based on the company’s turnover.
If the yearly business of the partnership firms exceeds 1 Crore INR, it is mandatory to conduct an income tax audit. The company also follows TDS norms and GST return filing on time.
The partnership firm needs to file an Income Tax Return with the prescribed form of ITR-5 along with an audit report as per the Income-tax act. In the situation of no audit, the Income-tax Return filing date is 31st July, and with auditing, the date is 30th September.
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What Are the Crucial Documents for Yearly Compliance of Partnership Firm?
List of documents needed for annual compliance of Partnership
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Purchase and sales bills throughout the entire year
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Other expenditure invoices of a firm that is done throughout the entire year
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TDS Challans Copy (If applicable)
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Statement of all bank accounts belongs to all partners in and Partnership firm
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The role of CSFiling in Annual compliance of Partnership firm
CSFiling is one of the elevating company registration firms based in Delhi. We are experts in assisting our customers with all types of business registration.
We provide accounting and income tax services that suit your business
Our expert team is continuously in touch with the crucial department of the Government of India, so we know the details of annual compliances and important dates of filing
We ensure that client gets utmost contentment through our work
We have an affirmative history of thousands of successful work and client lists in our portfolio, which makes us the best leader in the industry
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