Logo
G K B & Associates
Loading…
0120-3130570
info@gkb.associates
image

Partnership - ASC

At G K B & Associates, we handle all the nitty-gritty compliance details—think tax filings and regulatory submissions—so you can concentrate on growing your business profitably, without having to stress about deadlines or legal issues.

Benefits of Annual Statutory Compliance for Partnership Firms

  • icon
    Avoid Penalties & Legal Risks – Prevent fines, interest, and disputes with authorities.
  • icon
    Financial Transparency – Maintains accurate records for partners and lenders.
  • icon
    Supports Loan & Tender Applications – Improves eligibility for credit and government tenders.
  • icon
    Builds Trust & Reputation – Ensures clients and suppliers see your firm as reliable.
  • icon
    Facilitates Smooth Partner Relations – Reduces disputes by keeping accounts transparent.

    • Documents Needed for Partnership Annual Compliance

    1. 1.PAN of partnership firm
    2. 2. Partnership deed copy
    3. 2. PAN & Aadhaar of all partners
    4. 4. Previous year’s Income Tax Return (ITR) copy
    5. 5. Bank statements for the financial year
    6. 6. Sales & purchase invoices
    1. 7. Expense bills and payment proofs
    2. 8. GST registration details & returns (if applicable)
    3. 9. Rental Income details (if applicable)
    4. 10. TDS challans & returns (if applicable)
    5. 11. Details of partner capital accounts & profit-sharing ratios
    6. 12. Records of investments, loans, or advances

    Our Process

    01
    Checking if Everything's Up to Code and Collecting Information

    We look closely at what the company does, how much it earns, and what it has reported before to figure out what rules they need to follow.

    02
    Getting Tax and Financial Papers Ready

    We put together the company's Income Tax Return (ITR), statements showing how profits are shared among partners, GST returns, and TDS returns, making sure every single detail is correct.

    03
    Submitting Everything on Time

    We send in all the necessary tax and compliance forms online to the Income Tax Department, the GST portal, and other relevant authorities before the deadlines.

    Frequently Asked Questions

    image
    Annual statutory compliance for a partnership firm includes fulfilling legal obligations such as income tax return filing, GST returns, TDS filings, maintenance of books of accounts, and other applicable registrations depending on the firm’s activities.
    Yes, partnership firms are liable to deduct and deposit TDS on payments such as salary, rent, contractor services, and professional fees, and file quarterly TDS returns.
    Audit is required if:
    • Turnover exceeds ₹1 crore (business) or ₹50 lakh (profession) under the Income Tax Act
    • Turnover crosses ₹2 crore under GST for GST audit purposes
    Yes, the firm is taxed separately, and the share of profit received by partners is exempt, but remuneration, interest, or commission received from the firm is taxable in the hands of the partners.
    If registered under GST, a partnership firm must file monthly/quarterly GST returns and an annual return, depending on turnover and scheme opted (regular/composition).
    image

    Get In Touch

    Design & Developed By : One Dizitalz Pvt Ltd