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Statutory Compliances



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What are Annual Compliances?

All the benefits of a private limited company, such as the ability to raise capital easily and accommodate shareholders, come at the cost of increased compliance.

While the majority of small businesses do not fulfill their compliance requirements in their opening years, they end up paying heavy penalties (up to Rs. 1 lakh a year) for failing to do so. In the worst scenario, such companies and their directors are even blacklisted for a short period of time.

What are Annual Filings?

Limited liability partnerships (LLPs) have very few compliances to fulfill, in comparison to private limited companies. LLPs need only file information related to statement of accounts and annual returns on an annual basis. Penalties, however, are huge for failure to comply. Entities that don't end up doing so could be fined heavily, with penalties going up to Rs. 5 lakh in some cases.

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What is a GST Return?

A GST Return is a document that is required to be filed as per the law with the tax authorities. Under the GST law, a taxpayer has to submit three returns on a monthly basis and one such return annually. All returns have to be filed online. Please note that there is no provision for revising the returns. All invoices of the previous tax period that went unreported must be included in the current month.

What is TDS return?

As per the government’s TDS Scheme, tax has to be deducted at the time of making payment. Person who makes the payment – deducts & deposits TDS with the government.TDS deducted is usually deposited to the government by submitting an ‘income tax challan’ along with the payment. Besides depositing tax, as a deductor, you must also file a TDS Return.

A TDS Return is a quarterly statement which has to be submitted to the income tax department. Submitting TDS Return is mandatory if you are a deductor. It has details of TDS deducted and deposited by you. TDS Returns include details of PAN of the deductor and deductees, particulars of tax paid to the government, TDS challan information and other details as required in the forms.

What is Provident Fund?

Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs pension funds, which have elements of both lump sum as well as monthly pension payments. As far differences between gratuity and provident funds are concerned, although both types involve lump sum payments at the end of employment, the former operates as a defined contribution plan, while the latter is a defined benefit plan

What is Employee State Insurance?

Employees' State Insurance (abbreviated as ESI) is a self-financing social security and health insurance scheme for Indian workers. This fund is managed by the Employees' State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948. ESIC is an autonomous corporation by a statutory creation under Ministry of Labour and Employment, Government of India.


Documents Required:

There will be specific requirement depending upon the nature of business and type of compliance, The details will be shared once the service is booked.