About Partnership Compliances

Partnership compliances refer to the legal and regulatory requirements that partnerships must adhere to in order to operate their businesses in a compliant manner. These compliances cover various aspects of business operations, including taxation, registration, and record-keeping.

Applications for Filing

Partnerships need to file various returns and make timely payments to comply with tax regulations. The specific returns and payments depend on the nature of the business and the turnover of the partnership. Some common compliances include:

• GST Registration and Returns: If the turnover of the partnership exceeds the prescribed threshold, it is mandatory to register for Goods and Services Tax (GST) and file GST returns regularly.
• Income Tax Returns: Partnerships are required to file income tax returns annually, declaring their income from the business and paying the applicable tax.
• TDS Returns: If a partnership deducts tax at source (TDS) on payments made to certain individuals or entities, it must file TDS returns periodically.
• Partnership Act Registration: In India, partnerships are required to register under the Indian Partnership Act, 1932. This registration provides legal recognition to the partnership and outlines the rights and responsibilities of the partners.

Eligibility

The eligibility for various compliances depends on the specific nature of the business and its turnover. For instance, GST registration is mandatory for partnerships with a turnover exceeding Rs. 20 lakh (Rs. 10 lakh for special category states), while income tax filing applies to all partnerships with taxable income.

Documents Needed

The documents required for different compliances vary depending on the specific requirements. However, some common documents include:

• PAN (Permanent Account Number) of each partner
• GSTIN (Goods and Services Tax Identification Number), if applicable
• Partnership deed, which is the agreement between the partners outlining the terms of the partnership
• Business address and contact details
• Details of business activities
• Financial records, including sales and purchase invoices
• Tax registration certificates (GST, partnership act, etc.)