TAX & ROC

To run a company, you need to adhere to statutory compliance. Therefore, annual compliance for businesses are needed to be filed before their due date. Taxcomate is a team of business compliance experts who can you.

Partnership

Partnership

  • Overview
  • Plan includes
  • Why Annual Compliance
  • Benefits of compliance
  • Process

Partnership Firm Tax Return Filing

We have made the Income Tax eFiling, simple and easy. File your income tax return online with the dedicated Tax Expert support from Taxcomate.

Partnership firms are among the most common types of business entities in India wherein two or more persons join together to undertake a profit for the business. Under Income Tax Act, 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 an income tax return in form ITR 5 each financial year. To file the income tax return of a partnership firm, the book of accounts must be maintained and tax audit may have to be obtained based on various criteria. Taxcomate provides a comprehensive compliance and income tax return filing service for partnership firms. Get in touch with a Taxcomate Tax Expert to file the income tax return for your partnership firm today.

1.Tax Audit for Partnership Firm

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, the audit would be required if total gross receipts is more than Rs.50 lakhs during the financial year under assessment.

 

2.Due Date for Partnership Firm Tax Return

The income tax return of a partnership firm that doesn’t require an audit is due on 31st July. In case the income tax return of a partnership firm needs to be audited as per the Income Tax Act, then the return would be due on 30th September.

3.Dedicated Advisor

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 any time and get assistance on matters related to your business compliance.

4.Accounting

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 the financial year.

5.GST Return Filing

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.

6.Income Tax Return Filing

The income tax return of a partnership firm must be filed at the end of each financial year. Based on the nature of the business activity, our Compliance Manager will prepare all the documents and file your partnership firm tax return.

7.GST Return Filing

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.

8.TDS Return Filing

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.

 

3 Main Reasons, Why do you need to Stay Compliant?

  • Improved Public Relations
Once a company has met all its legal obligations it can actually market it positively on websites or through ads. It can be put in job applications and all other places via which the company is reaching the market. Managing the compliance brings good name to the company.
  • Employee retention
There are many compliance issues that deal with the benefit of the employees, some these even talk about protecting the employees. For a company that adheres to these guidelines, it becomes easy to retain the employees as the workforce of the company feels home in the company and strives to work for the betterment of the business and the product.
 
Thus, for a Private Limited, which anyway is bound by a lot of compliance guidelines, it is paramount to manage all that. As in the longer run it showers the company with all the benefits that may or may not be visible in the beginning.
  • Smooth operations
Certain rules help more than they harm. Rules related to discrimination and harassment help create a better working environment for employees which can lead to better productivity. Also better security – financial as well physical – help employees provide more to the company.

Benefits of Completing Compliance On Time

Considering that the needs and burdens of compliance will never go away, it is time to embrace them—not as only a cost of doing business, but for the many benefits that they bring, including the 5 listed here.
 
Risk reduction – organisational as well as individual
 
Once a company has lived up to the entire compliance requirement it saves itself from lot of legal and financial troubles. By legal troubles we mean the investigation and business interruptions that follows.
 
Crisp and better organized framework
 
In cases where compliance is done on time, there are always certain filters and reference points which help in getting rid of paraphernalia and make sure the company stuck to what is best suited for the development of its services.
 
Better relationship between stakeholders
 
Any stakeholder or regulator, while doing business with a company, ensures that the business he is stepping into is ethically and morally a well set unit.
 
The more the transparency the better the business
 
Compliance ensures that there is transparency in the way a business functions. The customers when provided by a true and honest story, which happens when you complete the compliance on time, about a company, they are lured into it.
 
Helps realize the mission of the company
 
Compliance programs are what make sure that everyone in the company is aware of the actual agenda. Because of its legal nature it is like a whip to ensure that everyone is on the same page as far as the mission of the company is concerned.
 
It is important for all organizations to be managed efficiently and in a professional manner . So it is very important how it is controlled and adapted to these rules and regulations. It’s always better to hire compliance filing experts to take care of all the due dates and avoid the last minute hassle and govt. penalties.

Lets see the process

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Task Completion

Partnership Registration

₹1,499.00

Never let the businessman see down by giving your business a shining name with Partnership registration. It is extremely easy to start and run!

Benefits of TAX & ROC ?

  • The filing of annual forms requires the compilation of accounts for the entire year which helps to analyse the financial position of the company

  • The timely and yearly filing of forms avoids the burden of penalty, which may arise due to non-filing as required by the law.

  • Procures bank credits and good investment from reliable investors with ease.

  • The Government keeps the record of the existence of the companies on the basis of regular filings, failing to do so the company is considered fake.

  • Helps in acquiring loans from banks and other financial institutions of the basis of regular Tax filed documents

  • Increases the potential to grow big and expand the business