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Annual compliance requirements for a partnership can vary depending on the specific laws and regulations of the country or jurisdiction in which the partnership is registered. Partnerships are generally less regulated than companies, but they still have certain obligations to meet. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use Auriga Accounting For COMPLIANCE FILLING OF PARTNERSHIP firm ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF PARTNERSHIP firm..

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for registration




Every Indian company, be it a partnership firm or any other entity, is mandated to
comply with regulations stipulated by regulatory bodies. These requirements
encompass various tasks such as submitting annual returns, upholding meticulous
accounting records, adhering to tax laws, and meeting statutory obligations.
Partnership firm compliance is indispensable for upholding transparency, ensuring
accountability, and upholding legality in business proceedings. By adhering to
these requirements, stakeholders& interests are safeguarded, and the business&
integrity is preserved. This piece will offer a comprehensive exploration of the
specific compliance obligations faced by partnership firms in India.

What Is Annual Compliance of Partnership Firm?

A partnership firm is a type of business structure where two or more individuals
come together to carry out a business with a shared objective of profit.
Partnerships are typically based on a written or oral agreement outlining the
terms of the partnership, including profit-sharing, decision-making, and
responsibilities. In a partnership, each partner contributes capital, skills, or
resources to the business and shares in its profits and losses. Partnerships can
vary in size and scope, from small businesses like local shops to larger
professional services firms such as law or accounting partnerships.


  • Tax Audit – In India, the turnover limit for sole proprietorships is ₹1 crore
    for the financial year. Sole proprietorships exceeding the turnover limit
    must get their accounts audited by a chartered accountant.
  • Gst Return Filling – sole proprietorships with a yearly turnover of more
    than Rs. 40 Lakhs (for goods) and Rs. 20 lakhs (for services) are required to
    register for GST and pay taxes on their taxable goods and services.
  • ITR-5 Form – ITR-5 Form is to be filed by the proprietor having Income
    under the head ‘Profits or Gains of Business or Profession’ exceeding the
    turnover limit “1 Crore.
  • ITR-4 Form – ITR-4 or SUGAM form is applicable for sole proprietorship firm
    having total income up to ₹50 lakh and having Income from Business and
    Profession which is computed on a presumptive basis
  • EPF Return Filling – The proprietor is required to get EPF registration if it
    employs more than 20 persons and accordingly, filing of EPF Return
    becomes mandatory.
  • Accounting and Book- Keeping – The sole proprietor is required to maintain
    books of account, if the sale/turnover/gross receipts from the business is
    more than Rs. 25,00,000 or the income from business is more than Rs.
    2,50,000 in any of the 3 preceding years.
  • TDS return filing – Partnership firms functioning as deductors (with a valid
    TAN) must deduct tax at source (TDS) on specific payments exceeding
    prescribed limits (Single payment: Rs. 30,000 and Aggregate payment: Rs.
    75,000) in Contract – Transporter not covered under 44AE under Section
  • GST Audit – Turnover-based Audit under Section 35(5) of CGST Act. If the
    annual turnover of a registered taxpayer is more than Rs. 2 crores in a
    financial year, he is required to get his accounts audited by a Chartered
    Accountant or Cost Accountant every year.


  • Transparency: Annual compliance requires partnership firms to maintain accurate
    and up-to-date financial records, which fosters transparency in their operations.
    This transparency enhances trust and confidence among partners, creditors,
    investors, and other stakeholders.
  • Good Governance: Compliance with regulatory requirements promotes
    good governance within the partnership firm. It ensures that the firm&
    affairs are conducted ethically, responsibly, and in the best interest of all
    partners and stakeholders.
  • Credibility: Compliant partnership firms are perceived as more credible and
    trustworthy by external parties such as banks, financial institutions,
    suppliers, customers, and government agencies. This credibility can
    enhance the firm's reputation and facilitate business relationships.
  • Risk Mitigation: Annual compliance helps partnership firms identify and
    mitigate risks associated with legal, financial, and regulatory matters. By
    staying updated with compliance requirements, firms can proactively
    address potential issues and protect themselves from adverse
  • Access to Funding: Compliant partnership firms are more likely to attract
    funding from investors, lenders, or venture capitalists. Investors and
    lenders prefer to engage with firms that demonstrate a commitment to
    regulatory compliance as it reduces their investment risk.
  • Business Continuity: By adhering to annual compliance requirements,
    partnership firms ensure continuity in their business operations.
    Compliance helps mitigate disruptions caused by legal disputes, regulatory
    actions, or other compliance-related issues.


List of documents required for compliance of Partnership Firm

  • Following are the documents required for compliance of sole
    – PAN Card
    – Aadhaar Card
    – GST number, if applicable
    – Details of sales and purchases
    – Bank statements
    – Credit card statements, if any
    – Tds Report, If any


  • Review Compliance Requirements: Understand the specific compliance
    obligations applicable to sole proprietorships in your jurisdiction. This may
    include tax filings, statutory filings, regulatory requirements, etc.
  • Gather Documents: Collect all relevant documents necessary for
    compliance. This could include financial statements, income tax returns,
    balance sheets, profit and loss statements, business licenses, permits, etc.
  • Prepare Financial Statements: If required, prepare financial statements
    such as balance sheets and profit and loss statements for the relevant
  • Income Tax Filing: File income tax returns for the sole proprietorship,
    ensuring accurate reporting of income and expenses.
  • GST Filing: If applicable, file Goods and Services Tax (GST) returns, reporting sales and purchases made during the
    financial year.
  • Review and Verification: Double-check all documents and filings for
    accuracy and completeness. Ensure that all information provided is up to
    date and in compliance with applicable laws and regulations.


  • Filing of Annual Returns: Partnership firms are required to file their annual
    returns with the Registrar of Firms. These returns typically include details
    such as the firm's name, principal place of business, names and addresses
    of partners, and the nature of the business.
  • Maintenance of Proper Accounting Records: Partnership firms must
    maintain accurate and up-to-date accounting records throughout the
    financial year. This includes recording all financial transactions, income,
    expenses, assets, liabilities, and other relevant financial information.
  • Income Tax Return: Sole proprietors are usually required to file an annual
    income tax return, reporting their business income, expenses, and profits.
    This may include filing both personal and business income tax returns,
    depending on how the business is structured for taxation purposes.
  • GST Returns: If the business is registered for Goods and Services Tax
    (GST)  filing regular returns reporting sales and
    purchases is mandatory. This includes reporting taxable supplies made by
    the business and claiming input tax credits.

What are the Consequences of Non-compliance?

  • Penalties: Regulatory authorities may impose monetary penalties for failing
    to meet compliance obligations. These penalties can differ based on the
    nature and severity of the non-compliance.
  • Legal Action: Non-compliance may result in legal action against the
    partnership firm. This could include lawsuits filed by regulatory authorities
    or affected parties, leading to litigation expenses and potential damages.


  • Financial Statements Preparation: Auriga can prepare the financial
    statements of the partnership firm, including the balance sheet, profit and
    loss statement, and cash flow statement, ensuring compliance with
    relevant accounting standards.
  • Tax Compliance: Auriga can help partnership firms with tax compliance,
    including filing income tax returns, calculating and paying quarterly
    advance tax, and ensuring adherence to tax deduction at source (TDS)
  • Audit Support: Auriga can facilitate the audit process by preparing
    schedules, providing necessary documentation, and liaising with auditors to
    ensure a smooth audit of the partnership firm's financial statements.
  • Regulatory Compliance: Auriga stays updated with regulatory changes and
    ensures that the partnership firm complies with all relevant laws and
    regulations, such as the Companies Act (if applicable), Partnership Act, and
    other statutory requirements.
  • Advisory Services: Auriga can provide advisory services on various financial
    and compliance matters, such as structuring transactions, optimizing tax
    liabilities, and addressing any regulatory concerns that may arise.
  • Record Keeping: Auriga helps partnership firms maintain proper accounting
    records, ensuring accuracy and completeness, which is crucial for
    compliance purposes and decision-making.
  • Compliance Reviews: Auriga can conduct periodic compliance reviews to
    identify any potential areas of non-compliance and provide
    recommendations for corrective action.

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Based on 12 reviews
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
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Prince Singh
Prince Singh
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Priyanka Kumari
Priyanka Kumari
They are best coordination with me. Time to time inform me how to work and what work is my pending. Time to time updated me about my company profile work like ROC Filling last date, GST filling last date, ITR etc... I have no paid any penalty since I started working with Auriga..
Vishal Singh
Vishal Singh
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Sameer khan
Sameer khan
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
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Vivek Shakya
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
find way
find way
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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