Partnership Compliance


Partnership Firm Compliance

Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be required from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies. It is not required for Partnerships to prepare audited financial statements each year. Partnership firms having annual turnover of over Rs.100 lakhs a tax audit is necessary.

The basic compliance of partnership firms necessary to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.

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Compliances for a Partnership Firm