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.

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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.

Simple Steps to Partnership Firm Annual Filing!

Partnership Annual

Rajput Jain & Associates can help file the mandatory annual income tax return, services tax, TDS, Tax audit filling for your partnership firm and maintain compliance with the Income Tax Department.

Tax Return Preparation

An Rajput Jain & Associates Tax Expert will prepare the Income Tax Return services tax, TDS filling, Tax audit etcfor your Partnership Firm based on the financials and performance during the previous financial year.

Tax Return Verification

Once the Partnership Firm Income Tax Return is prepared in the requisite format, the Client can verify the prepared income tax return and affix signature.

Tax Return Filing

Once the Partnership Firm Income Tax Return is prepared and verified, the Tax Return can be filed with the Income Tax Department along with the necessary attachments.

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  • How many people are required to start a Partnership firm?

    A minimum of two Persons is required to start a Partnership firm. A maximum number of 20 Partners are allowed in a Partnership firm. Many small businesses are started as a sole proprietorship by their owners and are later converted into another entity to protect the owner from being personally liable to future business creditors.

  • What are the requirements to be a Partner in a Partnership firm?

    The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Proprietorship with prior approval of the Government of India.

  • What are the documents required to start a Partnership firm?

    PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm.

  • What is the capital required to start a Partnership firm?

    There is no limit on the minimum capital for starting a Partnership firm. Therefore, a Partnership firm can be started with any amount of minimum capital.

  • How will Rajput Jain & Associates help me start a Partnership firm?

    Rajput Jain & Associates will understand your business requirements and help you start a Partnership firm by drafting the Partnership deed. Based on the requirements, Rajput Jain & Associates can also help register the Partnership deed with the relevant Authorities to make the Partnership Firm a Registered Partnership firm.

  • Who will register a Partnership firm?

    Partnership firms are registered by the Registrar of Firms, under the Indian Partnership Act, 1932.

    Advantages of Partnership Firm

    Easy to Start

    A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

    Business Name

    Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

    Annual Filing NOT Required

    A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Companies are required to file their annual accounts with Registrar of Companies each year.

    Audit NOT Required

    A Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. Therefore, audit of financial statements is not required. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.

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Rajput Jain and Associates is the largest online service platform in India which provides easy solutions in starting their new business at affordable cost. We aim at helping the entrepreneurs at every legal and regulatory step. We stay as your partner during entire business cycle and ensure that the business keeps prospering and remains complaint.

Rajput Jain and Associates is a network of experienced chartered accountants, lawyers, company secretaries, cost accountants, financial experts, expert bankers all over India to provide the needed services for small and medium size enterprises.

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