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Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Rohit Agarwal
Founder. TechEdge Solutions
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Meera Sharma
CEO BlueWave Technology
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Priya Reddy
Co founder, Green leaf ventures
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
Vikas Singh
Director. BrightSpark Innovations
Incorporating my private limited company was smooth and stress free. The professional Guidance and timely updates made the whole experience exceptional.
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Operating a Partnership Firm in India involves numerous essential financial and legal responsibilities. Ensuring compliance with tax and regulatory requirements is vital for the smooth operation and growth of your business. These responsibilities include filing Income Tax Returns, TDS Returns, GST Returns, EPF Returns, and occasionally undergoing a Tax Audit.
Partnership Firm Overview
A partnership firm is a business entity created by two or more individuals working together under a single enterprise. Partnership firms can be categorized into two types: Registered Partnership Firm and Unregistered Partnership Firm.
Partnership Firm Overview
A partnership firm is a business entity created by two or more individuals working together under a single enterprise. Partnership firms can be categorized into two types:
Registered Partnership Firm
A registered partnership firm is a partnership that is formally registered with the Registrar of Companies (ROC) and holds a registration certificate.
Unregistered Partnership Firm
An unregistered partnership firm is one that does not hold a registration certificate from the Registrar of Firms.
Income Tax Return Filing for Partnership Firms
All partnership firms in India must file income tax returns annually, even if they haven't generated any income or have incurred losses. It's essential to file a return on time, even if the firm's income is zero.
Partnership Firm Tax Rates for AY 2023-24
According to the Income Tax Act, 1961, partnership firms are taxed at the following rates:
Minimum Alternate Tax (MAT) for Partnership Firms
Partnership firms are subject to MAT, which ensures that the tax payable is at least 18.5% of the adjusted total income, plus any surcharge and cess.
Deductions Allowed
Partnership firms may claim deductions for the following while calculating income tax liability:
ITR Forms for Partnership Firms
Partnership firms can file income tax returns through either of the following forms:
Filing Deadlines for Partnership Firms
The due date for filing ITR depends on whether an audit is required:
GST Return Filing
Partnership firms registered under GST must file returns if their annual turnover exceeds ₹20 lakh. GST-registered firms need to file GSTR-1, GSTR-3B, and GSTR-9. Firms opting for a composition scheme must file GSTR-4.
TDS Return Filing
If a partnership firm holds a valid TAN, it must file TDS returns based on the type of deduction, such as:
EPF Return Filing
Partnership firms with more than ten employees must register for EPF and file EPF returns as required.
Accounting and Bookkeeping Requirements
A partnership firm must maintain books of accounts if its turnover exceeds ₹25,00,000 or its business income exceeds ₹2,50,000 in any of the preceding three years.
Tax Audit Requirements
A partnership firm must undergo a tax audit if its turnover or gross receipts exceed ₹1 crore in a financial year or under other specified conditions.
Streamline Compliance with OnEasy
OnEasy is your trusted partner for ensuring compliance for your partnership firm. We offer end-to-end services to help your business stay in good legal and financial standing.
FAQ
Frequently Asked Questions
Partnership firms must adhere to various tax filings, including Income Tax Returns, TDS Returns, GST Returns (if applicable), and EPF Returns if they have eligible employees. Compliance also includes maintaining books of accounts and, in some cases, conducting a tax audit.
Yes, all partnership firms are required to file an income tax return annually, regardless of whether they have generated income or incurred losses. Even if the income is zero (NIL), a return must still be filed by the due date.
Partnership firms are subject to a 30% income tax rate on their taxable income. Additionally, a 12% surcharge is applicable if the taxable income exceeds ₹1 crore, along with a 4% Health and Education Cess on the total tax amount.
A partnership firm must register for GST if its annual turnover exceeds ₹20 lakhs. Once registered, the firm is required to file GST returns, such as GSTR-1, GSTR-3B, and GSTR-9. If it opts for the composition scheme, then GSTR-4 is applicable.
Deductions include salaries, bonuses, or commissions paid to working partners as per the partnership deed. Interest on capital up to 12% is also deductible, provided it complies with the partnership agreement.
If an audit is not required, the deadline is typically July 31st. If an audit is necessary, the filing date is extended to October 31st of the assessment year.
A tax audit is required if the firm's annual turnover, sales, or gross receipts exceed ₹1 crore. Certain other conditions may also require an audit based on income or transactions.
TDS (Tax Deducted at Source) returns are required if the partnership firm has deducted TDS on payments like salaries, rent, or contractor services. The return must be filed quarterly, and the form used depends on the nature of the TDS deduction (e.g., Form 24Q for salaries, Form 26Q for other payments).
A partnership firm is required to register for EPF if it employs more than 10 people. Once registered, EPF returns need to be filed periodically to stay compliant with employee provident fund regulations.
Non-compliance can lead to penalties, interest on unpaid taxes, and potential legal issues. Maintaining compliance ensures that the partnership firm avoids these penalties and operates within the legal framework.