File your business tax returns and maintain compliance seamlessly through financialtree company.com. Get a Dedicated Accountant and LEDGERS compliance platform for your business
Tax & HR Assist
Accountant & HR
Market Price :
Quarterly Price :
₹4152 + ₹747 GST
Annual Price :
You Save :
Government Fee :
Operating a Partnership Firm in India involves a range of crucial financial and legal responsibilities. It is imperative to adhere to various tax and regulatory requirements to ensure the smooth functioning and growth of your business. These obligations encompass filing Income Tax Returns, TDS Returns, GST Returns, EPF Returns, and occasionally undergoing a Tax Audit.
The submission of tax returns is a fundamental responsibility for Partnership Firms in India. At Financial Tree Company, we recognize the importance of complying with Indian tax laws and the potential advantages associated with it. Our comprehensive services are meticulously crafted to aid business proprietors in navigating the intricate landscape of compliance. To simplify these compliance duties, Financial Tree Company offers expert guidance, streamlining the process and eliminating hassles for business owners.
By partnering with us, you can meet your tax obligations and explore opportunities to optimize your tax benefits, enabling your business to thrive while adhering to tax regulations.
A partnership firm is a business entity formed by two or more individuals working together under a single enterprise. There are two main categories of partnership firms:
Partnership, in essence, is an agreement entered into by two or more persons who have mutually consented to share the profits or losses arising from a jointly conducted business. The individuals involved in a partnership arrangement are individually known as partners and collectively referred to as a firm. Partners bear the responsibility of operating the firm to its maximum advantage, upholding fairness in their dealings, and maintaining accurate records and full transparency regarding all matters affecting the firm to the benefit of all other partners involved.
Income Tax Return filing for Partnership Firm
Every partnership firm in India is obligated to file income tax returns annually, regardless of whether the firm has generated income or incurred losses during the financial year. Even if there was no business activity and the partnership firm’s income is zero (NIL), it is still mandatory to file an NIL income tax return within the stipulated due date.
Tax Slabs for Partnership Firm / LLP for AY 2023-24
Under the provisions of the Income Tax Act 1961, a partnership firm in India is subject to the following tax percentages:
Minimum Alternate Tax for Partnership Firms
Similar to income tax applicable for a company, partnership firms are subject to minimum alternate Tax. A minimum alternate tax of 18.5% of adjusted total income is applicable. Hence, income tax payable by a partnership firm’s profits cannot be less than 18.5 percent (increased by income tax surcharge, education cess, and secondary and higher education cess).
When computing the income tax liability of a partnership firm, deductions are permitted for the following:
ITR Forms for a Partnership Firm
The Partnership Firms can either file their Income Tax Return either through Form ITR-4 or ITR-5.
ITR-4 is to be filed by those partnership firms which are a Total Income of up to ? 50 lakh and have income from Business and Profession, which is computed under presumptive basis.
ITR-5 is to be filed by those partnership firms who are required to get their account audited.
Deadline for Partnership Firm Tax Filing
The deadline for filing ITR for a partnership firm depends on whether an audit is required:
Filing of GST Returns
Every GST-registered person is required to file GST Returns, and every partnership firm is required to be under GST if its aggregate annual turnover exceeds Rs. 20 lacs. Usually, the GST-registered partnership firms have to file GSTR-1, GSTR-3B, and GSTR-9 returns. If the firm has opted for a composition scheme, then GSTR-4 is to be filed.
The TDS Return is to be filed where the partnership firm has a valid TAN, and the type of return to be filed depends upon the purpose of deduction. The types of TDS Return are:
EPF Return filing
The partnership firm is required to get EPF registration if it employs more than ten persons, and accordingly, filing of EPF return becomes mandatory.
Accounting and bookkeeping
Books of account are required to be maintained if the partnership firm’s sale/turnover/gross receipts from the business is more than Rs. 25,00,000 or the income from the business is more than Rs. 2,50,000 in any of the three preceding years.
A partnership firm is required to have a tax audit carried out if the sales, turnover, or gross receipts of business exceed Rs. 1 crore in the financial year. However, it may be required to get its account audited in certain other circumstances.
Streamline Partnership Firm Compliance with Financial Tree Company
Streamline your partnership firm’s compliance effortlessly with Financial Tree Company. We are your trusted partner in meeting all your compliance requirements, simplifying the process, and ensuring you meet deadlines while adhering to tax regulations.
Our comprehensive services cover various aspects:
With Financial Tree Company by your side, you can concentrate on growing your partnership firm while we take care of your compliance needs. This ensures your business maintains a strong financial footing and legal standing.
Are you ready to file your partnership firm’s income tax return with ease? Get started now to experience the convenience and peace of mind that comes with our expert assistance.
Market Price :
Quarterly Price :
Resignation of a