Compliance after getting Partnership Firm Registration Online

1: After the Registration, the Partners must receive PAN and TAN from the IT Department;

2: No matter how much you generate or lose money, a Partnership Firm in India must file an Income Tax Return;

3: In the case of a registered Partnership Firm, the total income will be taxed at a rate of 30%+ an additional income tax surcharge;

4: A Tax Audit must be performed by all Partnership Firms with yearly revenue of over Rs. 100 lakhs;

5: Businesses that make more than Rs. 40 lakhs in annual income must register for GST online (Rs. 20 lakhs in the case of the northeastern states). However, businesses involved in e-commerce, export-import & marketplace aggregation must register for GST to operate;

6: After GST Registration, the concerned firm is required to submit monthly, quarterly, and yearly GST returns. In India, Partnership Firms must also submit their quarterly TDS Returns, which must deduct tax at source as per the applicable TDS Rules & have TANs;

7: All Partnership Firms in India must get ESIC Registration and file an EIC Return.