Other Compliances · Panaji, Goa
Complete partnership firm compliance in Goa — the firm's income-tax return (ITR-5), GST returns, TDS (including the new Section 194T on partner payments), tax audit where applicable, and partnership deed and Registrar of Firms updates — managed end to end.
Overview
A partnership firm is taxed as a separate assessee, filing its return in ITR-5 and paying tax at the firm rate, with partners' remuneration and interest deductible within the Section 40(b) limits. It also meets GST and TDS obligations and a tax audit under Section 44AB where turnover crosses the limits.
A significant recent change: from FY 2025-26, Section 194T requires a firm to deduct TDS on remuneration, interest, commission or bonus paid to partners beyond the threshold. We manage the firm's full compliance — direct tax, GST, TDS and deed changes — and any updates with the Registrar of Firms, alongside statutory registrations.
What's covered
The firm's full compliance, including 194T.
Get a fixed-fee quote →Filing ITR-5 and computing tax with 40(b) limits.
Deducting TDS on partner remuneration and interest.
GST filing where the firm is registered.
Section 44AB audit when turnover crosses the limits.
Amending the partnership deed and partner changes.
Updating the firm's registration on changes.
Our process
We set out the firm's compliance calendar.
We manage 194T TDS and GST filings.
We file the firm's return and any audit.
We handle deed and Registrar changes.
Frequently asked questions
A partnership firm is a separate assessee that files its income-tax return in ITR-5 and pays tax at the firm rate, with partners' remuneration and interest allowed as a deduction within the limits of Section 40(b). The partners are then taxed on their share as provided. We compute and file this correctly.
Section 194T, effective from FY 2025-26, requires a partnership firm to deduct TDS on payments of remuneration, interest, commission or bonus to its partners once the aggregate crosses the prescribed threshold in a year. It is a new compliance for firms, and we set up the deduction and filing for you.
A tax audit under Section 44AB applies when the firm's turnover or gross receipts exceed the prescribed limits, or in certain presumptive scenarios. We assess applicability and conduct the audit where required, feeding into the firm's return.
A registered partnership firm files the periodic GST returns such as GSTR-1 and GSTR-3B, the annual return where applicable, and the related reconciliations. We manage these filings so the firm's GST stays compliant.
Registration of a partnership firm with the Registrar of Firms is not strictly mandatory but is strongly advisable, as an unregistered firm faces limitations in enforcing its rights in court. We handle registration and update it when partners or terms change.
Changes such as admitting or retiring a partner, or altering profit-sharing or terms, require amending the partnership deed and, for a registered firm, intimating the Registrar of Firms. We draft the amended deed and handle the updates.
Book a free consultation and share your firm's details. We manage the income tax, 194T TDS, GST and deed compliance, on a transparent fee.
Related services
Book a free consultation with a qualified Chartered Accountant in Goa. We'll manage your firm's tax, 194T and compliance — no obligation.