Partnership Compliances
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Annual Compliance for Partnership Firm
Why Annual Compliance is needed?
1. To submit the performance reports of business in government records.
2. To build financial credibility for becoming eligible for equity or debt funding.
3. To audit and acknowledge business stats for tax benefits.
2. To build financial credibility for becoming eligible for equity or debt funding.
3. To audit and acknowledge business stats for tax benefits.
Annual Compliance for Partnership Firm
1. Compliance is mandatory for both Registered and Unregistered Partnership Firm
2. Audit of Accounts is mandatory if turnover surpasses 1 crore
3. Preparation of Balance Sheet and Profit and Loss statements is mandatory for Business
2. Audit of Accounts is mandatory if turnover surpasses 1 crore
3. Preparation of Balance Sheet and Profit and Loss statements is mandatory for Business
A partnership firm is required to file a partnership firm income tax return under the Income Tax Act,1961. Partnership firms are liable to pay income tax at the rate of 30% of total income. Besides, a partnership firm is liable to pay an income tax surcharge of 12% if the total income exceeds Rs.1 crores.
Additional to the income tax and surcharge a partnership firm must pay the education cess and the secondary higher education cess. Education Cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 2%. Secondary and higher education cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 1%.
Additional to the income tax and surcharge a partnership firm must pay the education cess and the secondary higher education cess. Education Cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 2%. Secondary and higher education cess is applicable on the amount of the income tax and the applicable surcharge at the rate of 1%.
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Preparation of Balance Sheet and P&L for 1 FY
Filing of ITR and auditing books of accounts
Package starting from Rs 5999/-
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