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 

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