Ongoing books maintenance, timely return filings, proactive tax planning, and expert advisory — everything your partnership firm needs to stay compliant year-round, handled by specialists who know your firm inside out.
From maintaining your books on day one to filing the last return of the year — we own the entire compliance calendar for your firm so your partners can stay focused on business.
Accurate, up-to-date books are the foundation of every tax filing, audit, and business decision. We maintain your firm's books on a monthly or quarterly basis — recording all income, expenses, partner drawings, capital transactions, and bank reconciliations — so your financials are always audit-ready and ITR-ready.
We prepare and finalise the Profit & Loss Account and Balance Sheet for the financial year — accurately computing net profit after partner remuneration and interest on capital, reconciling every figure with the books, and presenting statements that reflect the true financial position of the firm for use in ITR filing, bank submissions, and partner decision-making.
Partnership firms are taxed as separate assessees at a flat rate of 30% (plus surcharge and cess). We prepare and e-file ITR-5, computing taxable income after all admissible deductions — partner remuneration, interest on capital under Section 40(b), and other allowable expenses — and ensure the return is consistent with AIS, Form 26AS, and GST data.
Where the firm deducts TDS or is registered under GST, timely and accurate filings are mandatory throughout the year. We manage all quarterly TDS returns and monthly/quarterly GST returns, ensuring zero mismatches between your books, returns, and the government portal — and flagging any ITC discrepancies before they become notices.
Beyond filing, we proactively plan for capital gains arising from sale of firm assets, partner share transfers, or property transactions — computing the tax liability in advance, advising on exemptions under Sections 54, 54EC, and 54F, and ensuring advance tax is paid in four instalments to avoid interest under Sections 234B and 234C.
Under Section 44AB of the Income Tax Act, a partnership firm is required to get its accounts audited if annual turnover exceeds ₹1 crore (business) or ₹50 lakh (profession). We conduct and certify the Tax Audit, prepare Forms 3CB and 3CD with detailed clause-wise observations, and file the report within the prescribed deadline — avoiding the 0.5% penalty on turnover for non-compliance.
Applicable where turnover exceeds ₹1 crore (business) or ₹50 lakh (profession). Mandatory before filing ITR.
Clause-wise reporting covering partner remuneration, interest, TDS compliance, cash transactions, and related-party disclosures.
Assessment of eligibility under Section 44AD / 44ADA to determine whether presumptive taxation is more beneficial than regular audit.
Tax Audit Report must be submitted before 30 September of the assessment year. Late filing attracts a penalty of 0.5% of turnover (max ₹1.5 lakh).
Audit mandatory under Section 44AB. Extended to ₹10 crore if cash receipts & payments are each below 5% of total receipts / payments (digital transactions only).
Audit mandatory under Section 44AB for professionals — doctors, lawyers, CAs, architects, consultants — where gross receipts exceed ₹50 lakh in any financial year.
Even firms below the audit threshold benefit from an internal financial review before ITR filing — to catch mismatches, optimise deductions, and ensure clean books that won't trigger scrutiny.
Key deadlines we track and manage for your firm — every year, without reminders from you.
First instalment of advance tax — 15% of estimated annual tax liability.
Form 3CB & 3CD submission where turnover exceeds threshold.
31 July (non-audit) or 31 October (audit cases) income tax return filing.
Annual GST return for registered partnership firms where applicable.
Form 24Q / 26Q due: 31 July, 31 October, 31 January, 31 May — for each quarter of the financial year.
GSTR-1 & GSTR-3B filed monthly (turnover > ₹5 cr) or quarterly under QRMP scheme — every month throughout the year.
Every return, every year, filed on time. Proactive reminders — no penalties, ever.
We don't just file — we review every deduction, remuneration structure, and exemption to minimise your tax outgo legally.
From books to balance sheet to ITR to audit report — one team, one engagement, full continuity of knowledge.
We flag mismatches in AIS / 26AS before they become notices, and alert you to advance tax deadlines well in advance.
Let our team take ownership of your books, returns, and advisory — so you can focus on growing the business. Get in touch for a no-obligation compliance review.
4th Floor, Solitaire 1, New Link Rd, Malad West, Mumbai 400064.
+91-8169820387 | 022-46022657