Every Partnership Firm must file its returns on an annual basis and Maintain Books of Accounts. Make your firm compliant. Prices start at INR 11999/- only.
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A partnership firm is a type of business structure where two or more individuals come together to start a business and share profits and losses. In India, a partnership firm is required to comply with various legal and regulatory requirements, including the annual filing of returns with the relevant authorities. The Annual Filing for Partnership includes Income Tax Return Filing and GST Return Filing.
Apart from Partnership Annual Filing, Bookkeeping and accounting are also essential for partnership firms, regardless of their size or nature of business. It is crucial for a partnership firm to keep track of all its financial transactions, including inflows and outflows. This helps the firm to make informed decisions and generate profits.
Read More: Due Dates falling in the year 2023-2024
Ebizfiling has a team of highly qualified and experienced professionals, including chartered accountants, company secretaries, lawyers, and business administrators. Our expertise and knowledge enable us to provide a comprehensive range of services, including annual filing, bookkeeping, tax filing, and compliance with legal and regulatory requirements. We offer a one-stop destination for all your partnership firm compliance needs. Our team will work closely with you to understand your unique needs and provide customized solutions to help your partnership firm thrive. Additionally, we offer an innovative E-Retainer concept that goes beyond traditional virtual CFO services. Our Retainership Packages provide end-to-end support for all your compliance needs, including bookkeeping, returns filing, advisory, HR, payroll, vendor management, and other legal compliances. If you are interested in learning more about our services or would like a free consultation with our compliance manager, please contact us at info@ebizfiling.com or call us at 09643203209. We are committed to helping your partnership firm achieve success and compliance with ease.
Book keeping and Accounting includes maintaining records of all financial transactions, preparing financial statements, reconciling bank accounts, and conducting regular audits. By doing so, partnership firms can ensure the smooth functioning of their business and maximize their profits.
A partnership firm is required to file its annual tax return with the Income Tax Department. The due date for filing the return is July 31st (In Non-Audit Cases) and 30th September (If Audit is required) of the assessment year, which is the year following the financial year for which the return is being filed.
If the partnership firm is registered under the Goods and Services Tax (GST), it is required to file one annual return in form GSTR 9 (December 31st) with the GST department and two monthly in Form GSTR 1 (Due date 11th of subsequent month) & GSTR 3B (Due date 20th of Subsequent Month) returns.
The requirements for annual filing of a partnership firm vary depending on the size and nature of the business. However, some common documents that need to be filed annually include the balance sheet, profit and loss statement, income tax return, and statement of accounts.
Bookkeeping and accounting are the processes of recording financial transactions and maintaining financial records for a partnership firm. This includes tracking income and expenses, preparing financial statements, and ensuring compliance with tax and legal requirements.
Bookkeeping and accounting are essential for a partnership firm as they provide an accurate and complete record of the financial transactions of the business. This information is used for making important financial decisions, preparing tax returns, and complying with legal requirements.
Yes, a partnership firm can outsource its bookkeeping and accounting services to a third-party provider. This can be a cost-effective solution for small businesses that do not have the resources to maintain an in-house accounting team.
The documents required for annual filing of a partnership firm may vary depending on the specific requirements of the regulatory authorities. However, common documents that need to be filed annually include the balance sheet, profit and loss statement, income tax return, and statement of accounts.
Whether a partnership firm is required to get its accounts audited depends on various factors, such as the size and nature of the business, turnover, and other regulatory requirements. For example, if the turnover of the partnership firm exceeds a certain threshold, it may be required to get its accounts audited.
The types of GST returns that a partnership firm needs to file depend on the nature of its business and the turnover. However, some common GST returns that a partnership firm may need to file include GSTR-1 (for outward supplies), GSTR-3B (for summary of outward and inward supplies), and GSTR-9 (for annual return).
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Every Partnership Firm must file its returns on an annual basis and Maintain Books of Accounts. Make your firm compliant. Prices start at INR 11999/- only.
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