Compliances

If you are running a business in India, it is important to adhere to compliance regulations.

Non-adherence could lead to penalties, interest payments and other complications. Business owners need reliable compliance consultancy services for running their businesses smoothly.

GST Compliances

The Goods and Service Tax Rules demand every taxpayer file the GST returns and prescribed forms under the GST law to avoid incurring any interest or late fee. GST compliances include GST registration, invoicing compliances, Eway Bills, correct entry of invoices, filing GST returns etc. GST returns may be filed monthly or in some cases quarterly IN GSTR 1 and GSTR 3. You can depend on our team of specialists who provide GST compliance consulting.

TDS Compliances

TDS or Tax Deducted at Source is deducted from payments made by a deductor to a receiver. A deductor has to pay TDS every month and also needs to file quarterly returns showing details of the tax amount that has been deducted and paid.

Profession Tax Compliances

Profession Tax is levied by the State Governments of each state of India. It is levied on a slab-based system and each state levies a different amount of Profession Tax. This amount paid is deductible from Taxable Income. Employers have to deduct the Profession Tax for their employees and also pay for themselves. They have to get registered to be able to deduct and pay the profession tax to the Government. Separate registrations may be required for different states in which they have business. Returns relating to profession also have to be filed depending on the requirement of the State in question – as the rules, rates and exemptions vary from State to State. We can manage all this for your firm as a part of our statutory compliance services.

ROC Compliances

The Registrar of Companies requires various compliances by Companies and LLPs. These are done at specified times or on specific events happening or actions being taken. Companies and LLPs should take care and adhere to the compliances within the specified due dates else a heavy penalty is imposed on them. Some of the mandatory ROC compliances include Form 11 - Annual returns of an LLP, Form 8 – Financial Reports of an LLP, PAS-6 – Reconciliation of Share Capital - Filed half-yearly, DPT 3 – by a Company on return of Deposits , DIR 3 KYC – The director KYC submission for DIN holders, Form ADT 1- For the appointment of Company’s auditors, Form AOC 4 – the filing of annual accounts of a Company, MGT 7 – The filing of annual returns of a Company, MGT 14 – for the filing of resolutions taken by the Company and Form MSME – for outstanding payments to micro and small enterprises. Not adhering to these compliances can result in your company being struck off and your DIN being deactivated. You can depend on our compliance consultancy services to ensure that all ROC filings are done as per schedule.

Income Tax Compliances

Income Tax returns have to be filed on a yearly basis, within the due date and with accurate details. The assessee also needs to pay advance tax on a quarterly basis based on estimated income. This advance tax is adjusted against the final tax payable calculated. Companies which fall above the specified turnover must get a yearly tax audit conducted and the Audit report must be filed with the Tax return.

LLP Compliances

LLP or Limited Liability Partnerships are subject to many compliances by the Registrar of Companies, Ministry of Corporate Affairs, LLP Act, 2008, Income Tax Act as well as Tax Audit provisions. An LLP must mandatorily file an Annual Return in Form 11 and a statement of Accounts & Solvency in Form 8 on a yearly basis. LLP’s exceeding a certain cut off mark must have their accounts audited. They must also File their return of Income under Income Tax on a yearly basis.

Private Limited Company Support

Private Limited Companies have to adhere to multiple compliances under various Acts. These compliances range from the number of board meetings to be held (quarterly), to the period of time that can be there between the meetings (maximum 120 days), to recording and filing the minutes of the meetings, the directors’ declarations of interests, all the ROC filings, statutory registrations, filing of returns, audits and audit report and many others. As a compliance consulting firm, we can handle all these mandatory compliances as we have thorough understanding of rules and timelines to execute them.

Startups Company Support

A Startup Company – has to adhere to multiple compliances with various regulatory bodies. These include bookkeeping such as maintaining proper books of accounts, getting them audited if required, then filing returns of income and statements of income for Income Tax and other returns with various authorities that they may be covered under depending on their business, turnover and other criteria. They also have the Registrar of Company filings – such as Annual report, Directors reports, Minutes of board meeting filing, directors’ declarations etc. You can avail of our compliance consultancy services to manage these activities and focus on running your business

Event Compliances

There are various compliances that are event based i.e., when something happens that necessitates a compliance. These compliances are numerous but some examples of events for which a compliance must be made are: Any change to AOA articles of association) or MOA (memorandum of Association) of the Company, Declaration from Director, transferring of shares, giving loans to directors, appointment of auditors, Special Resolutions being passed and many other such events. We provide statutory compliance services to handle such event-based compliances for a plethora of firms.

NGO Compliances

NGO Darpan is done to be eligible for new government schemes and grants and it grants credibility and strength to an NGO. Since NGOs primarily rely on donations to support their functioning, they also have to register under Section 80G and Section 12A of the Income Tax Act, which cannot be obtained without Darpan registration 80G registration allows an NGO to give tax deduction certificates to their donors and the Section 12A registration exempts your NGO's excess income over expenditure from income tax purview. This registration has to be revalidated every 5 years. CSR-1 Registration – for obtaining CSR funding - it is mandatory to register with the MCA by filing Form CRS-1 which is for the ‘Registration of Entities for Undertaking CSR Activities’. For Section 8 companies whose objectives are to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives and do not pay any dividend to their members but apply their profits to further their objectives. They also need to perform the normal compliances of a company such as appointment of an auditor, maintenance of a register, convening statutory meetings, report by directors, making and filing financial statements of the company, making and filing the tax returns and such. NGOs across India are free to reach out to us for availing our statutory compliance services.

Regulatory Requirement As Per Different Acts Of Law

There are various Regulatory requirements depending on the Company’s work profile, turnover, sector of product, scale of production etc. The company may come under the purview of many other mandatory regulations such as The Environment and Protection Act, Money Laundering Act, Competition Act, Factory Act etc. If they fall under the purview of any of the Acts – each Act will have their own set of rules, documentation and compliances have to be carried out.

FAQs

This will depend on the type of firm that you are running. A sole proprietorship would not be subject to multiple compliances whereas a private limited firm would have to comply with several compliances. We offer comprehensive compliance consultancy services and can help you manage your firm’s compliances. To get more clarity, you can reach out to us by clicking here and we will help you out.

We have a team of experienced and skilled professionals who are well-versed with the nitty-gritties of all these compliances. Irrespective of the type of firm that you are running, we can ensure that your organisation complies with all necessary compliances.

Yes, if you wish to avail of our services only for compliance management, you are welcome to outsource this activity to our Tax Consulting or Compliance Consulting team.

However, we do provide end-to-end Accounting services so you can check our entire offerings and connect with us for additional services requirement.

Compliance & Tax consulting firms help businesses efficiently manage compliance requirements like GST, TDS, Profession Tax, PF & ESIC Compliances and many more. As an entrepreneur, you want to run your business without any hiccups and professionals to manage your compliances with proactive approach to avoid late fees, penalties or scrutiny and litigations.

infinzi offer flexible & affordable accounting service packages based on volume & scope of work. Please consult our financial experts and bookkeeping team who will first assess your accounting needs and will determine the right package for maximum productivity.

Business is no longer simply about minting money, but owners have to consider the legal, social and economic complexities that come with the operations. Thus, they consult the statutory compliance management to focus on the evolving regulatory environment. Over time, they have gained a deeper understanding of the system and provide specialized services to the agencies, such as payments, filing reports, registers and maintaining forms.

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