Partnership firms are required to maintain compliance like LLPs and Companies registered in India. Partnership firm compliance mainly includes filing of income tax return, while corporate entities like LLP and Company require both income tax return filing with the Income Tax Department and annual return filing with the Ministry of Corporate Affairs. Partnership firms having annual turnover of over Rs.100 lakhs are also required to obtain a tax audit.
In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a business would vary based on the type of entity, industry, state of incorporation, number of employees and sales turnover.
Abidix is the largest business services platform in India, offering a variety of services like partnership firm compliance, LLP registration, trademark filing, GST registration, income tax filing and more. Abidix can help you maintain compliance of your partnership firm. Get a free consultation for partnership compliance maintenance through Abidix by scheduling an appointment with an Abidix Advisor.