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Call for Query: +91 88-106-27-935

Annual Compliance Partnership


Annual Compliance Partnership


*Inclusive of all Govt. fees & taxes

Documents needed for Annual Compliance:

Following are the documents required for Annual Compliance:-

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Partners on behalf on Firm
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of Partners
  • Copy of GST Returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)
  • Copy of TDS Returns filed (If Any)
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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.


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