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.