Compliance
Partnership Firm Annual Compliance
We ensure accuracy, maximize deductions, and prevent tax notices.
- July 31
- Due Date
- Written quote before any work
- Secure payment through Razorpay
- One office number
Due date for Partnership ITR is 31st July (Non-Audit). Late filing fee is up to ₹5,000.
At a glance
What this service covers
Financial Statements
We prepare your Profit & Loss Account and Balance Sheet as per Income Tax standards.
Tax Saving
We optimize tax liability by claiming allowable deductions like Partners' Remuneration & Interest.
Audit Support
Options
Packages
Select the plan based on your business turnover.
Basic Filing
Non-Audit Cases
Turnover < 1 Cr
- Preparation of Financials
- ITR-5 Filing
- Computation of Income
- Filing Acknowledgement
Tax Audit Filing
Mandatory Audit
Turnover > 1 Cr
- Everything in Basic
- CA Audit Report (3CA/3CD)
- Balance Sheet Finalization
- Digital Signature Support
Nil Return
Zero Business Activity
Inactive Firm
- Statement of Affairs
- Nil ITR-5 Filing
- Carry Forward of Loss
- Active Status Maintenance
The fee for your case comes in a written quote, with our professional fee, government fees and GST shown separately. Nothing starts until you accept it.
Documents
Documents we will ask for
Nothing to send now. After you accept the quote and pay, you upload these from your phone against this same list, and each one shows whether it is received, approved or needs to be sent again.
Firm PAN Card
Partnership Deed
(Copy)
Bank Statements
(Current Year)
Sales & Purchase Invoices
Expense Bills
(Rent, Salaries, etc.)
The work, stage by stage
Stages of the work
You see these same stages in your login once the work starts, and you are told when each one is done.
- 1
Data Collection (not started)
Upload your bank statements and ledger details to our secure portal.
- 2
Drafting Financials (not started)
Our accountants prepare the Balance Sheet and P&L account.
- 3
Tax Calculation (not started)
We compute tax liability after deducting partners' salary and interest.
- 4
ITR Filing (not started)
After your approval, we file the return with the IT Department.
Working with Parishrama
From enquiry to delivery, in the open.
The same five steps for every service. You always know what happens next.
- Step 1
Enquire
Tell us what you need. Your enquiry goes straight to our sales team and a sales expert calls you from the office number.
- Step 2
Quote
You get a written quote before anything else happens: our fee, government fees and GST shown separately.
- Step 3
Pay securely
Pay online through Razorpay by UPI, card or net banking. A receipt is issued straight away.
- Step 4
Upload documents
Upload from your phone against a simple checklist. We tell you if a document needs to be sent again, and why.
- Step 5
Track to delivery
The right operations team starts the work. Follow every stage in your login and chat with the people handling it.
Questions
Frequently asked
Something else on your mind? Call the office - it is always the same number.
What is the tax rate for Partnership Firms?
Partnership firms are taxed at a flat rate of 30% on total income. Additionally, a surcharge of 12% applies if income exceeds ₹1 Crore, plus 4% Health & Education Cess.
Can partners claim salary and interest?
Yes. Interest on capital is allowed up to 12% p.a., and remuneration to working partners is allowed within specific limits under Section 40(b), provided it is mentioned in the Partnership Deed.
What happens if I don't file the return?
Non-filing attracts a penalty of ₹5,000. Additionally, you cannot carry forward business losses to future years, and you may face scrutiny from the Income Tax Department.
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Ready to start Partnership Firm Annual Compliance?
Tell us what you need. A sales expert calls you from the office number and sends a written quote.