Partnership firm is the most common type of business unit in India in which two or more people join together to make profits for business. Under the Income Tax Act, a partnership firm is defined as “individuals who enter into partnership with each other, they are personally” partners “and collectively called” a firm “, and who are Under the name, his business is called “firm”. Name “. Partnership firms are required to file income tax return in the form of ITR 5 each financial year, to file income tax returns of the partnership firm, the book of accounts should be maintained and obtain tax audit on the basis of various criteria. eMindsCA.com offers a comprehensive compliance and income tax return filing service for partnership firms. Today, income tax for your partnership firm Stay in touch with an eMindsCA.com Tax Expert to file a return.
Tax audit for partnership firm
If a total turnover of more than Rs 1 crore is required during the financial year, audit will be required for a partnership firm. In the case of a professional firm, audit will be required if the total gross receipts during the financial year are more than Rs 50 lakhs under the assessment.
Payment date of the Partnership firm tax return
For the audit on July 31, a partnership firm should not have income tax return. If income tax return of any income tax firm is to be audited according to the income tax act, then the return will be done on 30th September.
Major Compliances for a Partnership Firm
- One Person Company
- Limited Liability Partnership
- Private limited Company
- Public limited Company
Your partnership firm will be assigned a dedicated compliance manager who will be a point of contact to help you maintain compliance with your partnership. You can come in contact with your Compliance Manager at any time and get help on matters relating to your business compliance.
Partnership firms need to maintain accounts and prepare financial statements at the end of each financial year. Our compliance manager will help maintain accounts and will prepare financial statements for your partnership firm at the end of the financial year.
Filing Income Tax Return
The income tax return of a partnership firm should be filed at the end of each financial year. Based on the nature of business activity, our compliance manager will prepare all documents and your partnership firm will file tax returns.
GST Return Filing
GST Returns should be filed by all institutes having GST registration. If your partnership firm has a GST registration, then our compliance manager can help you file a GST return at an additional cost based on the volume.
TDS Return Filing
TDS returns should be filed by all the entities required for tax deduction and tan registration at source. If your partnership firm has a TAN registration, then our compliance manager can help to get back the TDS at an additional cost.
16 + Year Experience
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How do we help in complying with Partnership Firm
eMindsCA.com can help compulsory filing and maintenance of annual compliance for your partnership firm.
Got the question Request a call from eMindsCA.com Business Advisor.
Preparation of Tax Returns
eMindsCA.com Compliance Specialist will prepare tax returns for your participation on the basis of financial and performance during the last financial year.
Once the income tax return is prepared in the required format, the customer’s finance team can verify the prepared returns and confirm the digital signature.
Once tax returns are prepared and verified, income tax can be filed with the Income Tax Department with necessary attachments.
Creative Financial Management
Assets Under Management
Frequently Asked Questions
Using this section, get all the clarifications for your questions and doubts about auditing, finance, and investments. We love to clarify your doubts and get you back to your business real quick with more confidence.
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Bookkeeping & Accounting
AR follow-up – Aging analysis and reports
Bank/credit card reconciliations
P&L, Balance sheet and other regular reports
Preparation of Tax returns
Insurance Accounting Services