Easily Maintain Partnership Compliance
Partnership firms are required to maintain compliance under various regulations like LLPs and Company.
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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
Income Tax Filing
Income tax filing should be filed by all partnership firms. Partnership firms having annual turnover of over Rs.100 lakhs a tax audit is necessary. The GST rule proposed to be rolled out in 2017, partnership firms having GST registration would be necessary to file monthly, quarterly and annual GST returns.
TDS Filing & Service Tax or VAT
Quarterly TDS returns must be filed by partnership firms that have TAN and are necessary to deduct tax at source as per TDS rules. The partnership firm has service tax or VAT registration, it should file the respective returns. Service tax returns are due half-yearly while VAT return due date vary from state to state.
ESI return should be filed by all partnership firms having ESI registration. ESI registration is necessary once the partnership firm employs over 10 employees.