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Running a partnership firm in India requires strict adherence to various tax and regulatory compliances. Missing deadlines can lead to penalties, legal issues, and unnecessary stress. This guide covers all compliance aspects, including Income Tax, GST, Accounting Standards, Audit Requirements, and MCA (Ministry of Corporate Affairs) filings.
| Compliance | Form | Due Date | Penalty |
|---|---|---|---|
| Income Tax Return Filing | ITR-5 | 31st July | ₹5,000 (Late Fee, if filed after due date) |
| Tax Deducted at Source (TDS) | 24Q, 26Q | Quarterly (31st Jul, 31st Oct, 31st Jan, 31st May) | ₹200 per day |
| Advance Tax Payment | Challan 280 | 15th June, 15th Sept, 15th Dec, 15th Mar | 1% monthly interest on late payment |
| Tax Audit | Form 3CA/3CB & 3CD | 30th September | ₹1,50,000 or 0.5% of turnover |
| Compliance | Form | Due Date | Penalty |
|---|---|---|---|
| Monthly GST Return | GSTR-1, GSTR-3B | 11th & 20th of Next Month | ₹50 per day (₹20 for NIL returns) |
| Annual GST Return | GSTR-9 | 31st December | ₹200 per day |
| GST Reconciliation | GSTR-9C | 31st December | ₹50,000 (maximum) |
| Compliance | Requirement | Due Date | Penalty |
|---|---|---|---|
| Bookkeeping | Maintain Proper Books | Ongoing | ₹25,000 (if non-compliant) |
| Statutory Audit (if applicable) | Form 3CB-3CD | 30th September | ₹1,50,000 or 0.5% of turnover |
| Compliance | Form | Due Date | Penalty |
|---|---|---|---|
| Annual Return | LLP Form 11 | 30th May | ₹100 per day |
| Financial Statements | LLP Form 8 | 30th October | ₹100 per day |
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