Annual Compliance for Startups an Overview

The Private Limited Company is one of the most preferred forms of the startup. Apart from Private Limited Company, One Person Company, limited company, and section 8 company must file the MCA annual return and income tax return each year. According to a CA firm it is believed that a company always needs to comply with the monthly compliances on time. 

Compliances are here to run a business smoothly by following the requirements, standards, and regulations. It is one of the acts of complying with a command, desire, order, wish, or rule. 

A company with all the good compliances helps in higher growth productivity with all the impoverished operations and safety. Errors are the most common part of any organization, but the fact is that the compliances only help one to prevent the unforced errors.

All the above-mentioned services are provided to adhere to the regulations related to the Annual Compliance for Startups. We at Alonika- CA firm are committed to help you to grow your business within your special startup package. 

Accounting 

To ensure that the financial reporting is accurate and it's way too important to look for Annual Compliance. A clear procedure for recording and verifying revenues, assets, expenses, and liabilities. Annual Compliance for Startup Company in accounting means making sure that the financial matters have been taken care of with the laws and regulations. Be it the maintenance of invoices of clients, reconciliation of statements, recording of expenses or cash receipts, recording of inventory receipts, etc. 

TAX DEDUCTION AT SOURCE POINT 

 Employee 

When a Private Limited Company is paying a salary that is more than the basic exemption limit then tax is applicable, and TDS is deducted. And it is done on the monthly basis. 

Vendor 

TDS can be deducted in the purchase order, invoice received, or say in the advance payment made to the vendor. It has to be deducted at the time credit of the amount to the vendor account or at the payment via cheque or cash of any mode. The TDS rates may vary on the vendor or service. 

 GST 

In Annual Compliance for Startup Company, GST Goods and Services Tax (GST) is based on the turnover of the running business. When a Private Limited Company is registered under GST, it is compulsory to file a GST return. The GSTR-1 is a monthly or quarterly return that lists all outgoing supplies, or turnover, in detail. 

Whether, a return should be filed monthly or quarterly is determined by the business's turnover. The eleventh day of the following month is when GSTR-1 filings are due for a given month. The taxpayer has the option to file GSTR-1 on a quarterly basis if the turnover is less than Rs. 1.50 crore.

The GSTR-3B is a self-assessment report that the dealer files in which the specifics of the outbound and inbound supplies, or purchases and expenses, are listed. Regardless of the turnover, this return must be filed on a monthly basis. The 20th of the next month is the deadline for submitting GSTR-3B.

Note:

Annual Compliance for Startups are to be maintained by the business owners by the hired Chartered Accountant in Jaipur. The Professionals CA will make your work way too easy to focus on all the other things.