- Home
- Bookkeeping & Compliance
- Partnership Compliance
Features
- Lightning-Fast Service
- Competitive Pricing
- Skilled And Experienced Team
- Real-Time Service Tracking
Partnership Annual Packages
Annual Package For Accounting, Tax & Audit
Inr 6000/- Onwards (Excl Taxes)
Income Tax
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
Inr 16500/- Onwards (Excl Taxes)
Tax & HR Assist
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
Inr 26500/- Onwards (Excl Taxes)
Income Tax & Gst & Audit Compliance
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Firm)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
- Income Tax Audit
- Qurterly Tds Returns
- Gstr 9
- Gstr 9C
Partnership Compliance
- Running a partnership firm in India comes with important financial and legal obligations.
- These include filing TDS, GST, EPF, and income tax returns, and occasionally participating in tax audits.
- Filing tax returns is a primary responsibility, crucial for compliance and business growth.
- Filing Champs offers comprehensive services to help navigate tax regulations and streamline compliance.
- Their professional advice simplifies the process, easing the burden on business owners.
- By fulfilling tax duties and maximizing tax advantages, businesses can grow and comply with laws effectively.
Partnership Firm
- A partnership firm is formed when two or more individuals collaborate on a project.
- Registered Partnership Firm
- Unregistered Partnership Firm.
- A Registered Partnership Firm obtains a registration certificate from the Registrar of Companies (RoC).
- An Unregistered Partnership Firm doesn’t have this certificate.
- Partnerships involve sharing gains and losses from a jointly managed business.
- Partners are responsible for managing the business effectively, maintaining fairness, and ensuring transparency in all dealings.
Income Tax Return filing for Partnership Firm
- All partnership firms in India must file income tax returns annually, even if there’s no income, by the deadline.
- Tax rates for partnership firms:
- Income Tax: 30% on taxable income.
- Surcharges: 12% if income exceeds one crore rupees.
- Health and Education Cess: 4% on total tax amount.
- Marginal Relief: Ensures tax on income over one crore doesn’t exceed tax on one crore by too much.
- Minimum Alternate Tax (MAT) for partnership firms: 18.5% on adjusted total income.
- Deductions allowed include certain partner remunerations and salaries.
- Partnership firms can file income tax returns using either Form ITR-4 or ITR-5.
- Deadline for filing depends on whether audit is required:
- Without audit: by 31st July.
- With audit: by 31st October.
Filing of GST Returns
- Every GST-registered individual must file GST returns.
- Partnership firms must register for GST if their annual sales exceed Rs. 20 lakh.
- GST-registered partnership firms typically need to file GSTR-1, GSTR-3B, and GSTR-9 returns.
- If the firm has opted for a composition scheme, they must file GSTR-4.
TDS Return
- Partnership firms with a valid TAN (Tax Deduction and Collection Account Number) must file TDS (Tax Deducted at Source) returns.
- The type of TDS return required depends on the purpose of the deduction.
- Types of TDS returns include:
- Form 24Q for TDS on Salary.
- Form 27Q for TDS when the deductee is a non-resident or foreign company.
- Form 26QB for TDS on payment for transfer of immovable property.
- Form 26Q for TDS in any other case.
EPF Return filing
If a partnership firm employs more than 10 people, it must register for EPF and file an EPF return.
Accounting and bookkeeping
- Partnership firms must maintain books of account if their sales, turnover, or gross revenues exceed Rs. 25,00,000.
- Alternatively, if the firm’s income surpasses Rs. 2,50,000 in any of the previous three years, bookkeeping is required.
Tax Audit
- A partnership firm needs a tax audit if its sales, turnover, or gross receipts reach Rs. 1 crore in a fiscal year.
- In certain situations, the firm may also require its accounts to be audited.
Streamline Partnership Firm Compliance with Filing Champs
- Filing Champs simplifies partnership firm compliance, ensuring you meet deadlines and tax standards effortlessly.
- Our comprehensive services cover:
- Income Tax Return Filing: Hassle-free, accurate filing to meet deadlines.
- TDS Return Filing: Accurate reporting of deductions for compliance.
- GST Return Filing: Easy filing of GSTR-1 and GSTR-3B returns for GST compliance.
- EPF Return Filing: Assistance with EPF return filing to comply with regulations.
- With Filing Champs, you can focus on growing your firm while we handle compliance, ensuring financial and legal stability.
- Ready to file your partnership firm’s income tax return seamlessly? Start now for expert guidance and peace of mind.
Partnership Compliance FAQs
A business entity formed by two or more individuals collaborating under a single enterprise.
Registered Partnership Firm (formally registered with a certificate) and Unregistered Partnership Firm (without registration).
Yes, compliance with income tax regulations is mandatory to avoid penalties and legal issues.
30% income tax on taxable income, with possible surcharges for incomes over one crore rupees, and a 4% Health and Education Cess.
MAT ensures tax payable is not less than 18.5% of profits.
Deductions include up to 12% interest paid on capital and certain partner remunerations.
ITR-4 for presumptive income under 50 lakh or ITR-5 if audit is required.
July 31 without audit, and October 31 with audit.
Yes, if annual turnover exceeds Rs. 20 lacs.
When payments subject to TDS are made, using forms like 24Q, 27Q, 26QB, and 26Q.
Yes, if employing more than ten persons.
Maintain books of account if sales/turnover exceeds Rs. 25,00,000 or income is more than Rs. 2,50,000 in any of the last three years.
Mandatory if sales, turnover, or gross receipts exceed Rs. 1 crore.
Offers services including income tax, TDS, GST, and EPF return filing for compliance.
Ensures smooth functioning, optimizes tax benefits, and maintains legal and financial standing.
No, such payments are not deductible.
A 12% surcharge is applied if taxable income exceeds one crore rupees.
May face penalties, interest on dues, and legal consequences.
Yes, both registered and unregistered partnership firms are required to file income tax returns.
