Partnership Firm Return and Annual Compliance

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnerships firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors.

Rajput Jain & Associates can help you start a Partnership Firm in India. Partnership Firms are required to file their income tax return each year. Under the Income Tax Act, the Partnership firm is treated as an entity separate from the Partners of the firm. Both registered partnership firms and unregistered partnership firms are required to file their income tax return. As per Income Tax Act, a partnership can be assessed as a Partnership Firm or an Association of Persons (AOP). Only those partnerships that have a written partnership deed can be assessed as a Partnership Firm. It is more beneficial to be assessed as a Partnership Firm than as an Association of Persons as certain deductions allowed for Partnerships are not allowed for Association of Persons and the tax liability could be higher.

This offer would protect your startup from unnecessary taxes, penalties by keeping your business in perfect compliance as you grow. We will assign a chartered accountant dedicated to your filing. He will get in touch with you within 6 working hours for timely annual filings.

• Financial Statement
• Statutory Audit Report under Companies Act, 2013
• Tax Consultancy by a Chartered Accountant
• Income Tax Return Filing
• Annual ROC Filing
• Free tax due-diligence check
• OTHER: Every Private limited shall comply with

Rajput Jain & Associates can help file you file the income tax return for your Partnership firm annual return in India.The Partnership shouldensure that

• All its invoices and official correspondence bear the name of the registered Partnership firm,;
• keep accounts and other records which will sufficiently explain the transactions and financial position for 5 consecutive years;
• File an annual income tax return to show all income earned by the partnership and deductions claimed for expenses incurred in carrying on the partnership business;
• Monthly, Quarterly TDS, Services Tax , Sales Tax, Excise Compliance to be completed within schedule time frame ;
• The income tax return of a Partnership firm must be accompanies by the financial statements of the Partnership firm and the Partner sip deed.
• In certain cases, a tax audit may have to be conducted by a Chartered Accountant prior to filing the tax return of the Partnership firm
• Notify Rajput Jain & Associates of changes to registered particulars such as a change of name or a change of partner/manager.