Full year partnership firm compliance

What Is Partnership Firm Compliance?

In India, Partnership firm is very popular to start a new business. Partnership firms are required to maintain compliance like LLPs and Companies registered in India. Partnership firm is regulated by Partnership Act, 1932. In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST 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. Partnership firm has to comply with following compliance:

  •  Monthly or Quarterly GST Return (If registered under Goods & Services tax).
  • Monthly TDS payment and Quarterly TDS return.
  •  Monthly ESI and EPF return.
  • Income Tax Return (ITR) filing of Partnership firm.
  • Income Tax Return (ITR) filing of Partners.
  • Audit Report certified by CA.
Partnership firm compliance is based on the turnover of business and applicability of particular act.

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GSTGoods and Services tax (GST) registration is based on the turnover of business. If partnership firm is registered under GST, it is compulsory to file GST return.
TDSTax deducted at source (TDS) rules is applicable on transaction based. Like: if partnership firm is paying salary to any employee which is more than the basic exemption limit and tax is applicable, TDS is required to deduct from salary and paid to government on monthly basis.
ESI & EPFIn nutshell, every factory/business engaged in the business as per the act and employed 20 or more persons are required to register under the act. Monthly payment of PF contribution and filing of Return is mandatory.
Income Tax Return (ITR) of Partnership firmAs per the income tax act, 1961, Income Tax Return (ITR) of partnership firm is compulsory to file irrespective of its Income.
Income Tax Return (ITR) of PartnersPartners in the firm will get Remuneration and Interest on capital invested in a firm. They are also required to file their Income tax return annually.
AuditAs per the act, audit of accounts and submission of audit report certified by CA (Chartered Accountant) is mandatory, if specified turnover limit exceed. Audit Limit for Business is Rs. 1 crore and Audit Limit for Profession is Rs. 50 Lakhs for FY: 2019-20.

Partnership Firm Comliance Package

EXPECTED

Turnover Upto Rs. 10 Lakh

₹ 2,999/- 

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Partnership Firm Income Tax Return.
  •  Partners Income tax return.
  • Computation of Income.
  •  Annual Balance sheet & Profit Loss statement.

EXPECTED

Turnover Upto Rs. 50 Lakh

₹ 5,999/-

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Partnership Firm Income Tax Return.
  •  Partners Income tax return.
  • Computation of Income.
  •  Annual Balance sheet & Profit Loss statement. 

EXPECTED

Turnover Upto Rs. 1 crore

₹ 10,999/-

(All Inclusive)
  • 12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Partnership Firm Income Tax Return.
  •  Partners Income tax return.
  • Computation of Income.
  •  Annual Balance sheet & Profit Loss statement.
  •  Audit Report certified by CA, if applicable.
 

Documents Required For Partnership Firm Compliance

  • Monthly Sales and Purchase bill for GST return.
  • Monthly TDS sheet (Draft sheet we will provide) for TDS payment and Return.
  • Monthly Expenses bill for Accounting.
  • Monthly ESI & PF sheet (Draft sheet we will provide) for payment and return.

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