Annual Compliance Checklist for Startups
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A startup that runs as a private limited company has to follow numbers of compliance as set aside by various laws and other regulatory bodies. These comprise of but is not limited to the periodical filing of tax and other returns, holding the meetings, preparing statutory books and accounts etc.
Exports would be zero-rated.
Tax is divided between the Central and State Government.
Given below is a brief overview of the documentation and rules to be observed and become tax and law obedient.
Non-compliance can bring in penalties and also can end the business in extreme cases.
The compliances can be categorized as below:
- Registrar related Compliance
- Non-Registrar compliance
B. Non-Registrar compliance
Return of periodic dues (TDS, GST Liability & TCS payment)
Filing of periodic returns – (Monthly, quarterly, annual returns- GST, TDS, etc)Monthly/Quarterly GST Returns
TDS Returns on a quarterly basis
Evaluation of advance tax liability and payment of advance tax annually
Filing of Income Tax Returns (Tax that is payable at a flat rate of 30% plus Education Cess)
Filing of Tax Audit Report
Regulatory Evaluation of business under various acts of law (Eg. Environment and Protection Act, Money Laundering Act, the Competition Act, Factory Act etc.)
Often entrepreneurs get confused by the number of compliances and in the inadequacy of professional guidance they end up paying interest and penalties.