ANNUAL COMPLIANCE filling OF PARTNERSHIP firm

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

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPLIANCE OF PARTNERSHIP

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.

ELIGIBILITY for ANNUAL COMPLIANCE OF PARTNERSHIP

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
194C.

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.

ADVATNAGES OF FILLING ANNUAL COMPLIANCE OF PARTNERSHIP

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
consequences.

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.

Documents for FILLING ANNUAL COMPLIANCE OF PARTNERSHIP.

List of documents required for compliance of Partnership Firm

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

PROCESS OF FILLING ANNUAL COMPLIANCE OF PARTNERSHIP.

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
period.

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.

COMPLIANCES FOR FILLING ANNUAL COMPLIANCE OF PARTNERSHIP.

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.

WHY AURIGA ACCOUNTING ?

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)
regulations.

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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