Description
Annual Compliance (Partnership)
The Indian Partnership Firms registered under the Partnership Act of 1932, are well-facilitated to make only the minimal statutory compliances every year, as compared to the annual compliances to be made by an LLP, a private ltd company, or a public ltd company of India. Here, it may also be just mentioned that, for the purpose of taxation, any Indian partnership firm is taxed under the income tax slab for Indian firms, while its partners are taxed under the income tax slab for individuals. Again, a registered partnership firm is required to make its statutory compliances, even if it does not carry out its business/service.
As far as the annual accounts are concerned, a partnership firm is not necessarily required to file the audited financial statements every year with the relevant Registrar. However, the Indian Income Tax Act of 1961 necessitates the partnership firms also for getting their respective financial accounts tax-audited, if the annual turnover of them crosses INR One Crore in any financial year. Thus, in the normal cases, filing only the Income Tax Returns (in Form ITR-V) is the main annual compliance to be made by a partnership firm of India. Thus, the major compliance for partnership's in India, are the following:
- Accounting & Book Keeping
- GST Returns
- Annual Income Tax Returns
- TDS Returns
Accounting & Book Keeping
All Proprietors are required to maintain accounts, ledgers and prepare financial statements at the end of each financial year.
GST Return Filing
GST Return Filing are mandatory returns for all proprietorship firms who obtain GST Registration. GST Returns are filed on monthly, quarterly & annually basis.
Income Tax Return
Income tax filing must be filed by all proprietorship’s firms having a taxable income over the exemption threshold. Tax Audit must be required if turnover is more than 1 crore*.
TDS Return Filing
TDS Return is also required to be filed by the proprietor who have TAN Number and are also required to deduct tax at source as per TDS Rules.
Annual Compliance Service Include :-
- Book keeping
- Accounting & Ledger Preparation
- Preparation of Profit & Loss Account
- Balance Sheet Preparation
- GST Return Filing
- Annual GST Return Filing
- TDS Return Filing
- Business Income Tax Return Filing
Process:-
- Add service to cart
- Click on view cart
- Apply coupon (if have any)
- Proceed to checkout
- Fill the information & pay the amount.
- After receiving payment our executive will mail & call you to provide required documents.
- After receiving necessary documents we will initiate the process.
- Our professional team will handle all your annual mandatory & required compliance.
OR
You can send mail or call our team on below mail/number to start or know about the Annual Compliance or any other services.
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