Key Annual Compliance Requirements for Partnership Firms

Partnership firms must adhere to annual compliance requirements to ensure legal conformity and efficient operations. These include filing income tax returns at a flat rate of 30% on taxable income, with additional surcharges and cess, and undergoing tax audits if turnover exceeds ₹1 crore or specific conditions under Section 44AB apply. Firms with an annual turnover above ₹20 lakh must register under GST and file returns like GSTR-1, GSTR-3B, and GSTR-9 to avoid penalties and loss of input tax credits. Additionally, TDS returns must be filed based on deductions, such as Form 24Q for salaries and Form 26Q for other payments. Firms employing 10 or more individuals must comply with EPF regulations by making monthly contributions and filing returns. Adherence to annual compliance for partnership firms is a must in this scenario.