Partnership Firm Compliance

Partnership Deed

A written agreement between partners, detailing terms, profit-sharing, roles, and responsibilities. This is the foundational document.

PAN and TAN

The firm must obtain a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) for tax purposes.

GST Registration (if applicable)

If the firm's turnover exceeds the prescribed threshold, GST registration is mandatory.

Step 1: Drafting and Stamping of Partnership Deed

Draft the Partnership Deed outlining business terms, profit-sharing ratio, roles, and responsibilities. Ensure it is duly stamped as per the State Stamp Act to make it legally enforceable.

Step 2: PAN and TAN Application

Apply for the Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) in the name of the partnership firm through the NSDL portal or authorized agents.

Step 3: GST Registration (If Applicable)

If the firm's annual turnover exceeds the GST threshold or deals with inter-state supplies, register under GST to ensure tax compliance and input credit benefits.

Step 4: Income Tax Return Filing (ITR-5)

File Form ITR-5 annually with the Income Tax Department

• Due by July 31st for non-audited firms
• Due by October 31st for firms requiring audit

Step 5: Maintenance of Books of Accounts

Though not mandatory for all firms, it is strongly advised to maintain accurate books of accounts to monitor business performance, ease audits, and support loan or tax filings.