Annual Compliance for Partnership Firm

Our experts manage all partnership compliances efficiently, ensuring a smooth and hassle-free process.

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Step-by-Step annual Compliance for Partnership Process

From document collection to final approval — every step made simple and transparent.

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Document Collection

From document collection to final approval — every step made simple and transparent.

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GST Return Review

GST returns are reviewed and reconciled with bank statements and books of accounts.

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TDS Return Verification

TDS returns are examined and reconciled with bank statements and accounting records.

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Finalization of Financial Statements

The Balance Sheet and Profit & Loss statement are finalized based on the provided financial data.

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Income Tax Return Filing

The Income Tax Return is filed on the basis of the finalized Balance Sheet.

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Tax Audit (If Applicable)

A tax audit is conducted for firms where turnover exceeds ₹50 lakhs or ₹2 crores.

Why Is Annual Compliance Required for a Partnership Firm?

Annual compliance is necessary to inform the concerned departments about the firm’s income and expenditure and to ensure the business remains free from non-compliance issues. Failure to file Income Tax Returns or GST Returns within the prescribed due dates may result in penalties imposed by the authorities.

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Income Tax Forms Applicable for Partnership Firms

  • ITR Form 5 is used for filing the Income Tax Return of a partnership firm.
  • ITR Form 4 is applicable where the return is filed under the presumptive taxation scheme.

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Due Dates for Filing Returns

  • Normal Income Tax Return - 31st July of the Assessment Year
  • Tax Audit Income Tax Return - 30th September of the Assessment Year
  • GSTR-3B - 20th of the succeeding month
  • GSTR-1 - 11th of the succeeding month for monthly filers, and 13th of the month following the quarter for quarterly filers

Documents Required for Annual Compliance of Proprietorship

  • Purchase and sales invoices for the entire financial year
  • Expense invoices incurred during the year
  • Credit card statements, if expenses were paid by partners on behalf of the firm
  • Bank statements from 1st April to 31st March for all bank accounts held in the partners' names
  • Copies of GST returns filed (if applicable)
  • Copies of TDS challans deposited (if applicable)
  • Copies of TDS returns filed (if applicable)
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