Major Compliances for a Partnership Firm
Income Tax Filing
Income tax filing must be filed by all partnership firms. Partnership firms having over Rs.100 lakhs of annual turnover are required to complete tax audit.Know More IMPORTANT
Under the GST regime proposed to be rolled out in 2017, partnership firms having GST registration would be required to file monthly, quarterly and annual GST returns.
Quarterly TDS returns must be filed by partnership firms that have TAN and are required to deduct tax at source as per TDS rules.
ESI return must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.
Service Tax or VAT
In case a partnership firm has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.