Partnership Return Filing

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. Itaxbuddy can help you start a Partnership Firm in India. Partnership Firms are required to file their income tax return each year. Under the Income Tax Act, the Partnership firm is treated as an entity separate from the Partners of the firm. Both registered partnership firms and unregistered partnership firms are required to file their income tax return. As per Income Tax Act, a partnership can be assessed as a Partnership Firm or an Association of Persons (AOP). Only those partnerships that have a written partnership deed can be assesed as a Partnership Firm. It is more beneficial to be assessed as a Partnership Firm than as an Association of Persons as certain deductions allowed for Partnerships are not allowed for Association of Persons and the tax liability could be higher.

The income tax return of a Partnership firm must be accompanies by the financial statements of the Partnership firm and the Partnersip deed. In certain cases, a tax audit may have to be conducted by a Chartered Accountant prior to filing the tax return of the Partnership firm. Itaxbuddy can help file you file the income tax return for your Partnership firm. Company's annual return in India.

Partnership Return Filing Process

Partnership Return Filing

Itaxbuddy.com can help file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

Annual Return Preparation

An Itaxbuddy Compliance Expert will prepare the Annual Return for your Company based on the financials and performance during the previous financial year.

Annual Return Verification

Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.

Project Finalization

Once the Annual Return is prepared and verified, the Annual Return can be filed with the Minsitry of Corporate Affairs along with the necessary attachments.

Frequently Ask Questions(FAQs)

  • What is Annual Return?Open or Close

    Annual return is a mandatory filing to be made by all Companies in India. The filing along with the required documents must be filed with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.

  • What information is contained in the annual return?Open or Close

    Annual return consists of the balance sheet of the company, profit and loss account, compliance certificate (if necessary), details of registered office, details of Members, details of shares and shareholding and details of Directors.

  • Who should sign the Annual Return?Open or Close

    The Annual return of the Company must be signed by the Directors of the Company. The financial statements filed along with the Annual return must be audited and signed by a Chartered Accountant.

  • When is the due date for filing Annual Return?Open or Close

    Annual return is due before the 30th of September or 6 months from the end of the financial year. In case of newly incorporated Company, an Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier and an annual return should be filed with the MCA.

  • What is the procedure for filing Annual Return?Open or Close

    Annual return can be prepared and filed by a Professional online through the MCA's E-Filing portal. An Itaxbuddy Financial Expert can help you with e-filing your Company's annual report.

  • What is the penalty for non-filing of annual return?Open or Close

    If a company fails to file annual return with the Registrar of Companies (RoC) within the specified time, then the Company shall be liable to pay a penalty till filing of the return. The amount of penalty will depend on the number of days in default. till the default continues.