In India, partnership firms are required to maintain compliances as like LLP and other companies. The partnership firms are only required income tax filing where LLPs and corporates are required income tax filing as well as annual report filing with the ministry of corporate affairs. If a partnership firm comprises the turnover limits of 100 Lakhs, then a tax audit is also required to obtain that.
Rather than this income tax filing compliance, a partnership firm needs to follow many other compliances including GST, TDS, VAT/CST, ESI, service tax, etc. But these compliances can be varied according to the size of the entity, business growth, number of employees, net worth, turnover, revenue, etc.
Persons eligible for filing and returns
- Partners involved in that partnership firms
- Other authorized bodies/representatives