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Contact
- 3111 West Allegheny Avenue Pennsylvania 19132
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1-982-782-5297
1-982-125-6378 - support@consultio.com
Brochures
View our 2020 Medical prospectus of
brochure for an easy to read guide on
all of the services offer.
Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
Our most honorable clients
Get answers to all your queries
- Insurance is a financial arrangement where an individual or business pays premiums to an insurance company in exchange for financial protection against specific risks such as accidents, illness, or property damage.
- Insurance helps: ✅ Protect against financial losses ✅ Provide security for families and businesses ✅ Cover medical expenses and liabilities ✅ Ensure financial stability in unforeseen situations
- The major types include: ✅ Life Insurance – Provides financial support to dependents after the policyholder's death ✅ Health Insurance – Covers medical expenses ✅ Motor Insurance – Covers vehicles against damage and accidents ✅ Home Insurance – Protects homes from damage or theft ✅ Business Insurance – Covers risks related to businesses
- A premium is the amount paid periodically (monthly, quarterly, annually) to an insurance company to keep the policy active.
- There exists no bar on turnover or capital in private Limited Company unlike One person Company.
- Common life insurance policies include: ✅ Term Life Insurance – Pure risk coverage for a fixed term with no maturity benefits ✅ Whole Life Insurance – Provides coverage for the policyholder’s lifetime ✅ Endowment Plans – Offers both life coverage and savings benefits ✅ Unit Linked Insurance Plans (ULIPs) – Combines insurance and investment benefits
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
