Registration and Changes:

• Partnership Deed Registration: While not mandatory in all states, registering the partnership deed with the Registrar of Firms (RoF) is advisable for legal recognition and dispute resolution.
• Intimation of Changes: Any changes to the partnership deed (e.g., new partners, profit-sharing ratios) should be intimated to the RoF within a specific timeframe (varies by state).

Tax Filings:

• Income Tax Return (ITR): Partnership firms file ITR-5, reporting their total income and paying tax at the applicable partnership firm tax rate (currently 30%).
• Tax Audit (if applicable): If the partnership firm’s total income exceeds Rs. 40 lakh in a financial year, a tax audit by a chartered accountant is mandatory.

Other Compliances (may be applicable depending on the situation):

• GST Registration and Filing (if applicable): Similar to companies, partnership firms with a turnover exceeding Rs. 40 lakh per year must register for GST and file regular GST returns.
• TDS (Tax Deducted at Source) Filing: If the partnership firm deducts tax at source (TDS) on specific payments exceeding prescribed limits (e.g., rent, professional fees), they need to file TDS returns.
• Maintaining Books of Accounts: While not mandated by law, it’s highly recommended for partnership firms to maintain proper books of accounts for their financial records and tax purposes.

Additional Considerations:

• PAN Card: Obtaining a Permanent Account Number (PAN) is necessary for the partnership firm to file tax returns and conduct certain financial transactions.
• Bank Account: Having a dedicated bank account for the partnership firm’s business transactions is advisable for better record-keeping and financial management.

Consequences of Non-Compliance:

Failing to meet these compliances can lead to penalties imposed by the Income Tax Department or the GST authorities. These penalties can be monetary and may also lead to delays in processing future filings.