Compliances for Partnership Firms in India

A partnership company, like a sole proprietorship company, non-public limited business enterprise, restrained legal responsibility partnership and other organization is also required to hold compliances.

Details of Compliances for partnership firm

1. Filing of Income Tax Return
   In relation to taxation, the partnership firms are taxed as in step with the income tax slab relevant for corporations and the partners are taxed as in line with the income tax slab of individuals.
   
   Income Tax Return for Partnership Firms: The Partnership Firms can either file their Income Tax Return either through Form ITR-4 or ITR-5.
   
   ITR-4: ITR-four is to be filed by means of those partnership firms which are having ing general profits as much as ₹ 50 lakh and having income from commercial enterprise and profession that is computed on a presumptive basis.
   
   ITR-5: ITR-5 is to be filed by means of the ones partnership firms who're required to get their account audited.


2. Filing of GST Returns
   
   Every GST registered character is required to file GST Returns and every partnership firm is needed itself underneath GST, if its aggregate annual turnover exceeds Rs. 20 lacs. Generally, the GST registered partnership corporations have to file GSTR-1, GSTR-3B and GSTR-nine returns. If the company has opted for composition scheme, then GSTR-four is to be filed.


3. TDS go back
   The TDS go back is to be filed where the partnership company has a legitimate TAN and the sort of go back to be filed depends upon the motive of deduction.
   
   The varieties of TDS go back are:
   shape 24Q – TDS on profits
   shape 27Q – TDS wherein deductee is a non-resident, overseas organization
   shape 26QB – TDS on price for transfer of immovable belongings
   form 26Q – TDS in any other case


4. EPF go back submitting
   The partnership company is required to get EPF registration if it employs extra than 10 folks and as a consequence, submitting of EPF go back turns into obligatory.


5. Accounting and bookkeeping
   Books of account are required to be maintained, if the partnership company’s sale/turnover/gross receipts from the enterprise is more than Rs. 25,00,000 or the profits from enterprise is more than Rs. 2,50,000 in any of the three previous years.


6. Tax Audit
   Partnership companies are required to have a tax audit accomplished if the sales, turnover or gross receipts of commercial enterprises exceed Rs. 1 crore inside the economic yr. but, it is able to be required to get its account audited in positive other circumstances.

Documents to be uploaded for partnership firm registration online compliance

• PAN Card
• Aadhaar Card
• Details of sales and purchases made during a relevant financial year
• Details of made during a relevant financial year
• Credit card statements
• Bank account details and statements
• Copy of TDS challans deposited