Checklist for Start-up Company Annual Compliance

#1 Income tax filing 

The very first Annual Compliance for start-ups is the Income Tax Filing. Here, the financial year in India is from 1st April to 31st March and after this year ends every company and entrepreneur as per the Income-tax slab of the particular year is needed to file the Income-tax and file an ITR too. 

Note: The Start-ups are mandated to file for an Income tax even if they have not made any profit for the financial year. 

To make financial statements, prepare income tax returns, and file income tax returns, you must gather all of the bills, vouchers, and other papers that show financial transactions as soon as the fiscal year closes. Then, you must contact a Ca, Cs, and ICWA firm. In any case, if you missed filing the Income-tax Return, then you may have to pay a high non-filing or even late filing fees, and if delay then legal action can be taken against your start-up company.

#2 Renewal of licenses

When starting a business in India then it is important to get the required license within 30 days of business commencement. CA firms think that this is also one of the Annual Compliance for Companies. So, far if you have not got a business license then one must then you must have ONE and get all the required licenses. And in case you already have it then do renew it. 

Annual Compliance for Companies


#3 GST Return Filing 

Every business or person selling goods or services in India is required by law to register for GST and file GST returns. No wonder they have no sales for the month or the entire year. If your business is just starting and you plan to sell products and services in India, you must be sure to register for GST. If you already have a GST registration, you must complete GST returns on a monthly and annual basis. GST is said to be one of the important Company Annual Compliance. 

#4 Business Equipment Annual Compliance 

For instance, if you are a food business start-up, medical business, transport, construction business, or any other for the matter of fact. By saying that we imply, that if you are using any equipment then it is your responsibility to check and maintain monthly, quarterly, or annually to make sure that the 'equipment' is in good condition and also in some running business. In Company Annual Compliance it becomes mandatory to check and maintain equipment. 

#4 Internal Company Compliance 

Your Chartered Accountant firm needs to carry out a monthly and annual audit starting from:

  • Holding on Annual General Meetings
  • Discuss Findings of analysis with coco
  • Carry out business analysis 
  • Managers and Company staff 
  • Update and Check Company policies 
  • Follow-up and stay updated 
  • Cybersecurity Update
  • and data Protection Law 

 

Conclusion: 

The Annual Compliance for Companies, therefore, includes all these above-mentioned points. We hope that this helps in every way possible to understand the Company's Annual Compliance and if you have any queries then reach us at https://www.alonika.in 

Comments

Post a Comment

Popular posts from this blog

Benefits from Trademark registration Agra

Image
Anyone, whether legal or not, is able to obtain the trademark registered at New Delhi. Foreign companies or individuals may fill out an  online application for trademark registration in New Delhi. What is the meaning and Meaning Trademark Registration: The Trade Marks Act of 1999 established the legal procedure called trademark registration. You can secure your brand's name or logo by preventing others from using it, by registration as a trademark which is also known as trademark registration or logo registration. If you register a trademark you are granted ownership of the name, brand and logo. Here are some benefits of trademark the registration of a trademark in Agra Legal protection of your logo or brand:  Legal protection against the duplication or use of the registered trademark or name is offered through  trademark registration in Agra . The trademark owner has legal rights to the trademark in addition to protection from any unauthorized us...
Read more

Discover the 7 Types of Company Registration in India’s Cities

Image
Registering a company in India is crucial for entrepreneurs and businesses looking to establish their presence there. The Ministry of Corporate Affairs (MCA) oversees the registration process, which varies depending on the location and type of company. This blog will explore the seven types of company registration in Kolkata, Lucknow, and Patna. We will highlight each class's requirements, benefits, and procedures. 7 Types of Company Registrations in India Sole Proprietorship The sole proprietorship is the simplest business registration form and is ideal for small businesses and individual entrepreneurs. Sole proprietorship Company Registration in Kolkata , Lucknow, and Patna involves minimal legal formalities. The proprietor is responsible for all business liabilities, debts, and obligations. While no separate registration is required for a sole proprietorship, obtaining relevant licenses and permits is essential based on the nature of the business. Partnership Firm Par...
Read more

How to apply for a Private Limited Company Registration in Pune?

Image
There are several procedures to follow to create a corporation in Pune. Certain documents are required to be provided, and the appropriate forms have to be provided before the MCA. If there is no issue there are no issues, the RoC reviews the documents and grants a Certificate of Incorporation. Pune is the heart of IT as well as other service sectors. It is a great location to start a new business, and is the ideal location for entrepreneurs to begin their new ventures. In the end, many  Company Registration in Pune  occurs each day. There are numerous types of corporate entities private limited companies are the ones most often registered. What's the significance of a Private Limited company? Private limited companies are a type of privately owned small corporate company in which the responsibility of the owners is limited to the amount of their shares. The company is only allowed to have 200 or less shareholders and shares can't be traded in a ...
Read more