Partnership companies square measure needed to keep up compliance like LLPs and company registered in our country. Partnership Firm Compliances chiefly includes filing of taxation come back, whereas company entities like LLP and Company need each taxation come back filing with the taxation department and annual come back filing with the ministry of company affairs. Partnership companies having annual turnover of over Rs.100 lakhs are needed to get a tax audit. Additionally to the fundamental compliance, partnership companies may be needed to suits TDS rules, GST rules, VAT / Central Standard Time rules, Service Tax rules, ESI rules et al. The compliance demand for a business would vary supported the sort of entity, industry, state of incorporation, variety of staff and sales turnover.
MFMS is that the largest business services platform in Asian country, giving a range of services like Partnership Firm Compliances, LLP registration, trademark filing, GST registration, taxation filing and a lot of. MFMS will assist you maintain compliance of your partnership firm. Get a free consultation for partnership compliance maintenance through MFMS by programming an arrangement with associate MFMS authority.
Major Annual Compliances for a Partnership Firm
Income Tax Filing
Income tax filing should be filed by all partnership companies. Partnership companies having over Rs.100 lakhs of annual turnover square measure needed to finish tax audit.
Under the GST regime, partnership companies having GST registration would be needed to file monthly, quarterly and annual GST returns.
Quarterly TDS returns should be filed by partnership companies that have TAN and square measure needed to deduct tax at supply as per TDS rules.
ESI come back should be filed by all partnership companies having ESI registration. ESI registration is needed once the partnership firm employs over ten staff.
GST or VAT In case a partnership firm has GST or VAT registration, it should file the various returns. GST come backs and VAT return day of the month changes from state to state.