1. Registration-Related Compliance
- Partnership firms may choose to register under the Indian Partnership Act, 1932
- Filing Form 1 along with a certified copy of the partnership deed is required
- Registered firms must report changes in firm name, partners, or address to the Registrar
- Registration is not mandatory, but it offers legal benefits
- Deed amendments should be officially recorded when updated
2. Income Tax Compliance
- The firm must apply for a PAN card in the firm’s name
- Filing of income tax return using Form ITR-5 is mandatory annually
- Books of accounts must be maintained as per the income tax rules
- Audit requirements apply if turnover exceeds the prescribed limits
- Advance tax must be paid in the applicable installments if required
3. GST and Other Business Licenses
- GST registration is required if the firm’s turnover exceeds the threshold
- Monthly, quarterly, or annual GST returns must be filed based on the firm’s status
- Other local business licenses may be needed, such as Shop & Establishment registration
- Compliances vary based on the industry and state of operation
- All licenses and registrations must be renewed and updated on time
4. Partner and Financial Records
- Maintain a record of each partner’s capital, drawings, and share of profits
- Keep a copy of the signed partnership deed and supplementary deeds
- Record minutes or agreements for important decisions or changes
- Ensure all financial transactions are traceable and supported by documents
- Maintain separate records for interest, salary, or commissions to partners
5. Compliance with Labour and Other Laws
- Firms hiring employees must comply with PF, ESI, and labour laws
- Employee attendance, salary records, and statutory deductions must be maintained
- Safety, working hours, and welfare compliance are applicable in certain sectors
- Firms dealing in regulated goods must follow sector-specific laws
Maintain annual and event-based filings as per legal requirements
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