Partnership Firm Compliance

Partnership firms are required to maintain compliance like LLPs and Companies registered in India. Partnership firm compliance mainly includes filing of income tax return, while corporate entities like LLP and Company require both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. 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. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.

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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.

GST Filing

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.

ESI Return

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.

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