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PARTNERSHIP ANNUAL COMPLIANCES

A partnership firm is liable to pay tax at the flat rate of 30% on its total income. The amount of income-tax (as computed above) shall be further increased by a surcharge at the rate of 10% of such tax, where total income exceeds one crore rupees. However, the surcharge shall be subject to marginal relief (the total amount payable as income-tax and surcharge shall not exceed total amount payable as income-tax on total income of one crore rupees by more than the amount of income that exceeds one crore rupees). The amount of income-tax and the applicable surcharge, shall be further increased by education cess and secondary and higher education cess calculated at the rate of two per cent and one per cent respectively of such income-tax and surcharge. Tax payable by a firm cannot be less than 18.5 per cent (increased by Surcharge, EC and SHEC) of “adjusted total income” as per section 115JC.

Partnership firms having annual turnover of over Rs.100 lakhs are also required to obtain a tax audit. In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others.


Payment Plan

Process

After receive the above document our representative prepare return in ITR-5 form and submit require form in authority. A firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.

Due Dates

  • Partnership firms having GST registration would be required to file monthly, quarterly and annual GST returns.
  • Partnership firms having TAN would be required to to deduct tax at source as per TDS rules.
  • Partnership firms having Service tax Registrartion and VAT registration required to file Service tax returns are due half-yearly while VAT return due date varies from state to state.

The due dates for filing of Income tax return by a partnership firm are as follows:

Particulars Due Date
A firm who is required to get its accounts audited under the Income-tax Act or under any other law September 30
A firm who is required to furnish a report in Form No. 3CEB under section 92E November 30
In case of Others July 31

FILE YOUR INCOME TAX RETURN - Start from Rs 499 *

Company Registration & GST Registration

Company Registration & GST Registration