The Classic Partners LLP
Partnership Firm Compliance
A partnership firm has its own tax and registration obligations under the Indian Partnership Act and the tax laws. We handle the firm's registration, income-tax, GST, and other filings.
Talk to an ExpertWhat is Partnership Compliance?
A partnership firm is a business run by two or more partners under a partnership deed, governed by the Indian Partnership Act, 1932. Its compliance covers the firm's registration, the firm's income-tax return, and the tax registrations the business needs.
A general partnership is different from an LLP, which has its own MCA filings. We advise on the right structure and handle the compliance, and help with registrations through our statutory registration service.
Partnership Compliance Checklist
- A partnership deed setting out the terms between the partners.
- Registration of the firm with the Registrar of Firms.
- PAN of the firm.
- The firm's income-tax return.
- GST and TDS where applicable.
- A tax audit if the turnover crosses the prescribed limit.
Partnership vs LLP
A general partnership firm does not file annual returns with the MCA, while an LLP files Form 8 and Form 11 each year as part of its annual filings. We help you choose the structure that suits you and handle the compliance for either.
Our Partnership Services
Partnership Deed
Drafting or updating the partnership deed.
Firm Registration
Registering the firm with the Registrar of Firms.
Income-Tax Return
Filing the partnership firm's income-tax return.
GST Returns
GST registration and returns where applicable.
TDS & Tax Audit
TDS compliance and a tax audit where required.
Bookkeeping & Accounts
Maintaining the firm's books and accounts.
Why Choose The Classic Partners
- Specialised experience with partnership firm tax and registrations.
- End-to-end handling from the deed and registration to tax filings.
- Timely filing so the firm's returns are kept current.
- Transparent fees and a single point of contact.
Related Services
Explore other compliance and registration services we handle:
Frequently Asked Questions
What compliances does a partnership firm have?
A partnership firm files its income-tax return, maintains a partnership deed, and completes GST and TDS where applicable, along with a tax audit if turnover crosses the limit.
Is registration of a partnership firm mandatory?
Registration with the Registrar of Firms is not always mandatory, but a registered firm has important legal advantages, so it is usually recommended.
Does a partnership firm file with the MCA?
No. A general partnership firm does not file with the MCA. An LLP, which is different, files Form 8 and Form 11 each year.
How is a partnership firm taxed?
A partnership firm is taxed as a separate assessee at the applicable rate, and partner remuneration and interest are allowed as per the deed and the tax law.
When does a partnership firm need a tax audit?
A tax audit is required when the firm's turnover or gross receipts cross the limit prescribed under the income-tax law.
What is the difference between a partnership and an LLP?
A partnership is governed by the Indian Partnership Act with no MCA annual filings, while an LLP is a separate body corporate that files annual returns with the MCA.
Need help with partnership compliance?
Keep your partnership firm compliant on registration and tax.
Contact Us
