Annual compliances for Partnership

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Registration Process of Partnership Firm

Although the registration of partnership firm is optional and , however, it is always a wise decision to register the partnership firm .

Partnership Firms in India are governed by the Indian Partnership Act, 1932. In order to register a partnership firm, you will have to submit an application form along with the fees to Registrar of Firms of the state in which the firm is situated. The application to be submitted should be duly signed by all the partners or their agents. Thereafter, Partnership deed is created on the stamp paper, which should be signed by all the partners with notarization

Documents required for the registration process

Following is the list of documents needed to register a Partnership Firm in India:

Application for registration of partnership
Specimen of an affidavit.
Certified original copy of Partnership Deed.
Ownership documents of the business place if the property is owned.
In case the property is on rent, rental agreement as a proof of principal place of business.
Identity proof of all the partners involved which can be either of the documents out of PAN card/ Aadhar Card/ Driving License/ Voter ID/ Passport.

All these documents should be submitted to the registrar who further verifies the documents. If the registrar is satisfied with the documents, he will register the firm in Register of Firms and issue Certificate of registration.

Annual Compliances For Partnership Firm

A Partnership Firm is formed as a result of an association of two or more persons to carry on a business in the capacity of co-owners. Partnership Firms in India are governed by the Indian Partnership Act 1932. Section 4 of the Indian Partnership Act of 1932[1] defines partnership as “the relation between person who has agreed to share profits of a business carried on by all or any of them acting for all.” All the partners of the firm share the profits and losses in proportion of their respective owners, or as agreed between them. The limitations of sole proprietorship firm gave rise to Partnership firms. Further, in this blog, you shall learn about the compliances involved in Partnership Firms.

It is necessary for the partnership firm to obtain Permanent Account Number (PAN) and Tax Deduction Account Number from the Income Tax Department.
A Partnership firm needs to file ITR compulsory irrespective of the revenue or loss or even with zero turnover
Partnership Firms having an annual turnover of over Rs. 50 lakhs are required to obtain a tax audit.
GST registration and filing of GST Returns is required for businesses whose annual turnover exceeds Rs 40 lakhs ( Rs 20 lakhs for North Eastern states).
Partnership firms are also required to file quarterly TDS returns as per TDS rules(if applicable).