Partnership Compliance
Ensure seamless compliance for your partnership with our expert services, guiding you through the necessary legal and regulatory requirements.
Partnership Compliance
Documents Required
Form 16
Bank Statement
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Bank Statement
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Partnership Tax Return Filing Services by ASK Associates
Welcome to ASK Associates, your trusted partner for seamless Partnership Tax Return Filing services in India. Operating a partnership firm entails various financial and legal responsibilities, including adhering to tax and regulatory requirements. At ASK Associates, we understand the importance of compliance with Indian tax laws and offer comprehensive services to assist business owners in navigating the complex landscape of tax regulations. Our expert guidance and streamlined process eliminate hassles, enabling your partnership firm to thrive while meeting its tax obligations.
Understanding Partnership Tax Return Filing
Overview of Partnership Firm
A partnership firm is a business entity formed by two or more individuals working together under a single enterprise. It can be either a registered or unregistered partnership firm, each with its own legal implications.
Partnership Firm Tax Return Filing
Every partnership firm in India is required to file income tax returns annually, regardless of its income or losses during the financial year. Understanding the partnership firm tax rate and complying with tax regulations is crucial for the firm’s financial health and legal standing.
Partnership Firm Tax Slabs and Rates
Partnership firms are subject to income tax at a rate of 30% on their taxable income. Additionally, surcharges and health and education cess may apply based on the firm’s total income. Minimum Alternate Tax (MAT) is also applicable to partnership firms.
Deductions Allowed
Partnership firms can claim deductions for various expenses, including remunerations or interest paid to partners, salaries to non-working partners, and certain contributions made under the Income Tax Act.
ITR Forms for Partnership Firm
Partnership firms can file their income tax returns through Form ITR-4 or ITR-5, depending on their total income and audit requirements.
Deadline for Partnership Firm Tax Filing
The deadline for filing income tax returns for partnership firms depends on whether an audit is required. Firms not subject to audit must file by July 31st, while those requiring an audit must file by October 31st.
Other Compliance Requirements
- GST Return Filing: GST-registered partnership firms must file GST returns, including GSTR-1, GSTR-3B, and GSTR-9.
- TDS Return Filing: Partnership firms with a valid TAN must file TDS returns based on the type of deduction made.
- EPF Return Filing: EPF registration and return filing are mandatory for partnership firms employing more than ten persons.
Streamline Partnership Firm Compliance with ASK Associates
At ASK Associates, we offer comprehensive services to streamline partnership firm compliance, including income tax return filing, GST return filing, TDS return filing, EPF return filing, and more. Our expert team ensures accuracy, timeliness, and compliance with tax regulations, allowing you to focus on growing your business with peace of mind.
Experience hassle-free partnership firm tax return filing with ASK Associates. Our expert assistance and streamlined process ensure compliance with tax laws and deadlines, enabling your business to thrive. Get started now to simplify your partnership firm’s compliance and ensure financial stability and legal standing.