All the Partnership Firms are required to file the following returns mandatorily whether the Partnership has done business or not.
A. INCOME TAX
As per Income Tax Act, Partnership Firm has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.
In case of Partnership whose annual turnover is more than Rs.100 Lakhs, the accounts have to be audited as required under Income Tax Act as well.
A Partnership has to file its Income tax Returns on or before the due dates as follows:
Partnership whose accounts are not required to be audited under any Law
31st July of every year
Partnership whose accounts are subject to Audit under any Law
30th September of every year or such other date as may be notified by the Income Tax authorities.