Annual Compliances For Partnership
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Why need to file Annual Compliance for Partnership.
As we must notify the department of our earnings and expenses and ensure that our company is free from non-compliance. The department levies a penalty if we fail to file our GST and income tax returns by the deadline.
Which Income tax form need for the Income tax return filing
ITR Form -5 of Income tax is used for filling the Income tax return (Form-4 is applicable where the return is filed under presumptive taxation).
What are the Due date to file forms?
- Normal Income Tax Return- 31st July of Assessment Year.
- Tax Audit Income Tax return- 30th September of Assessment Year.
- GSTR- 3B- 20th of Next Month.
- GSTR-1- 11th of Next Month for monthly and 13th of following month ending quarter for quarterly filers.
Process Involved
Step-1
Required documents are provided by client
Step-2
Checking GST Returns and reconciling with bank statements and books of Accounts
Step-3
Checking TDS returns and reconciling with bank statements and books of Accounts
Step-4
Balance Sheet and Profit and Loss is finalized based on data provided
Step-5
Income tax return is filed based on Prepared Balance Sheet
Step-6
Tax Audit is done for those where turnover exceed 50 lakhs and 2 Crores
