The Classic Partners LLP
Partnership Firm Compliance Services
End-to-end compliance for partnership firms in India. From income-tax returns and GST to TDS, tax audit, and Registrar of Firms filings, we keep your partnership firm's accounts accurate, deadlines met, and statutory obligations fully covered.
Talk to a Partnership Compliance ExpertWhat is Partnership Firm Compliance?
A partnership firm is governed by the Indian Partnership Act, 1932 and a partnership deed. While company-style ROC annual filings do not apply to firms, a partnership must meet income-tax, GST, and TDS obligations, and a tax audit under Section 44AB of the Income-tax Act where turnover thresholds are crossed.
Partnership firms file their income-tax return in Form ITR-5, deduct and deposit TDS, file periodic GST returns where registered, and maintain proper books of account. Registration with the Registrar of Firms, though optional, is recommended for enforceability. We handle the firm's full compliance calendar and can compare it with LLP compliance if you are considering conversion.
Who Needs Partnership Compliance?
- Registered and unregistered partnership firms.
- Professional, trading, and manufacturing partnerships.
- Firms registered under GST.
- Firms liable to tax audit under Section 44AB.
- Firms deducting TDS or paying salaries.
Our Partnership Compliance Services
Income Tax Return (ITR-5)
Preparation and filing of the firm's annual income-tax return.
GST Returns & Reconciliation
Periodic GSTR filings, reconciliations, and annual return where applicable.
TDS Compliance
Deduction, deposit, and quarterly TDS return filing.
Tax Audit (Sec 44AB)
Audit and reporting where turnover or profit thresholds are crossed.
Accounting & Book-Keeping
Maintenance of accounts, partner capital, and financial statements.
Deed & Registrar Support
Drafting or amending the partnership deed and Registrar of Firms filings.
Why Choose The Classic Partners
- Specialised experience across corporate, FEMA, and tax compliance for businesses of every size.
- End-to-end handling filings, audit coordination, and follow-up managed under one roof.
- Timely reporting so you never miss a statutory deadline or attract avoidable penalties.
- Transparent fees and a dedicated point of contact you can actually reach.
Frequently Asked Questions
What compliances apply to a partnership firm?
A partnership firm must file its income-tax return in Form ITR-5, deduct and deposit TDS, file GST returns where registered, maintain proper books of account, and undergo a tax audit if turnover thresholds are crossed.
Does a partnership firm file annual returns with the ROC?
No. Unlike companies and LLPs, a partnership firm does not file annual returns with the Registrar of Companies; its key obligations are under income-tax and GST law.
Is registration of a partnership firm mandatory?
Registration with the Registrar of Firms is not mandatory but is strongly recommended, as an unregistered firm faces restrictions on enforcing certain legal rights.
When is a tax audit required for a partnership firm?
A tax audit under Section 44AB is required when the firm's turnover or gross receipts exceed the prescribed limit, or where presumptive-taxation conditions make an audit applicable.
Which ITR form does a partnership firm file?
A partnership firm files its income-tax return in Form ITR-5; we determine the applicable schedules and file it accurately.
Can The Classic Partners manage compliance for firms outside Mumbai?
Yes. We handle partnership-firm compliance for clients across locations and coordinate documentation and filings remotely.
Need help with your compliance?
Get clear, deadline-driven compliance handled by experienced Chartered Accountants.
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