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Partnership firms is among the most common types of business entity in India wherein two or more persons join together to undertake a profit for business. Under Income Tax Act section 4 of partnership act 1932, a partnership firm is defined as “Persons who have entered into a partnership with one another are called individually "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm name". Partnership firms are required to file income tax return in form ITR 5 each financial year. To file the income tax return of a partnership firm, book of accounts must be maintained and tax audit may have to be obtained based on various criteria
Partnership is not a separate legal entity. A partnership firm cannot possess property on its name. It cannot be debtor or creditor and It cannot employ servants unlike a company which has separate legal entity.
Registration of firm is optional it is not mandatory. It can be registered at any time after its formation. following are the steps for the registration of firm
Registration form for incorporation of Firm ( form no.1 and specimen of affidavit)
Certified True copy of partnership deed
Ownership proof of principle place of business
Partnership deed is a document in which the rights and obligations of all the partners of partnership firm is written is called as partnership deed. The partnership agreement should be written. Agreement may be oral or written.The partnership deed contains
Partners can add any other additional details as they agreed other than above. Any remuneration paid shall not be allowed as deduction/expenditure unless it is specified in partnership deed.
An audit would be required for a partnership firm if the total sales turnover is over Rs.1 crore during the financial year. In the case of a professional firm, audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment.
The income tax return of a partnership firm that doesn’t require audit is due on 31st July. In case the income tax return of a partnership firm needs to be audited as per Income Tax Act, then the return would be due on 30th September.
Your partnership firm will be assigned a dedicated Compliance Manager who will be a single point of contact to help you maintain the compliance for your partnership. You can get in touch with your Compliance Manager at anytime and get assistance on matters related to your business compliance.
Partnership firms are required to maintain accounts and prepare financial statements at the end of each financial year. Our Compliance Manager will help maintain accounts and will prepare the financial statement for your partnership firm at the end of financial year.
GST return must be filed by all entities having GST registration. In case your partnership firm has GST registration, our Compliance Manager can help you file GST returns at an additional cost based on volume.
Income tax return of a partnership firm must be filed at the end of each financial year. Based on the nature of business activity, our Compliance Manager will prepare all the documents and file your partnership firm tax return.
TDS return must be filed by all entities required to deduct tax at source and having TAN registration. If your partnership firm has TAN registration, our Compliance Manager can help file TDS return at an additional cost.