Partnership Annual Compliances
Partnership Annual Compliances
Partnership firms need to meet following annual compliances.
Income Tax Compliances
| Forms | Particulars | Due Date |
|---|---|---|
| ITR-5 | If Turnover > Rs.40 Lacs or Contribution > Rs. 25 Lacs, audit required | 30th September |
| ITR-5 | If Turnover > Rs.40 Lacs or Contribution > Rs. 25 Lacs, no audit required | 31st July |
| Form 3CEB | LLP having any international transactions with associated enterprises or have undertaken specified Domestic Transactions. This form is to be certified by practicing Chartered Accountant | 30th November |
| TDS Filings | As per applicable sections | Quarterly |
GST Compliances
GST registration is required for businesses whose annual turnover exceeds Rs 40 lakhs ( Rs 20 lakhs for North Eastern states). For some businesses like Export-Import, E-commerce, and Market Place Aggregator, GST registration is mandatory. After GST registration firms have to file monthly, quarterly and annual GST returns.
Documents required
- Financials of the firm, if not then Bank Statement, purchases, sales & expenses invoices for the financial year.
- Rental Agreement Copy between the LLP and the Landlord. No-Objection Certificate from the Landlord.
- PAN Card of the Partners.
- Address Proof of the Partners.
- Copy of TDS returns filed.
- Copy of GST returns filed.