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Compliance in India

Tax Rupees helps in filing income tax return for sole proprietorship, partnership firm, One person company (OPC), LLP, and private limited company at an affordable cost

Annual Compliance - Proprietorship

Annual Compliance - Proprietorship

File proprietorship income tax return online with Tax Rupees @Rs5599. Proprietorship firms are required to file tax return each financial year if taxable income exceed Rs.2.5 lakhs


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Annual Compliance - Partnership

Annual Compliance - Partnership

File income tax return for partnership firm online with Accountant support with Tax Rupees @Rs7599. Partnership firms are required to file tax return in form ITR-5 each financial year.


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Annual Compliance - Company

Annual Compliance - Company

File annual compliance of private limited company with Tax Rupees @ Rs19499. Private limited companies must file their annual return (MGT-7 and AOC-4), income tax return, INC-22A and DIN eKYC for the Directors.


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Annual Compliance - LLP

Annual Compliance - LLP

LLPs in India must file MCA annual return and income tax return each year with Tax Rupees @9499. Failure to file MCA or tax return to lead to penalty and disqualification of Partners.


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What is Annual Compliance?

The term “annual compliance” refers to the various requirements that businesses in India must meet on an annual basis in order to remain compliant with the law. This can include filing annual returns, maintaining corporate records, holding shareholder meetings, and more. Depending on the type of business entity, there may be different annual compliance requirements.

It means meeting the legal or regulatory requirements. This means making the necessary payments of taxes, penalties, and interest in a timely manner, and getting the necessary business registration. Keeping records that are good enough to satisfy an audit is also part of compliance.

Being compliant with both internal and external policies is very important. An organization must ensure that all of their employees follow internal policies. At the same time they must ensure that the entity itself follows external laws and regulations pertaining to their industry as laid down by the Act.

As the business and the company grows in size, their compliance requirement also vary accordingly. The needs to abide by the legal laws and the company policies also differ from business to business.

Why is it important for businesses in India to comply with annual requirements?

  • Hold onto your business records: Businesses in India are required to maintain certain corporate records, such as minutes of shareholder meetings and financial statements. These records can be used to show that your business is complying with the law and can be helpful in the event of an audit.
  • Avoid penalties: If you don't comply with annual requirements, you may face penalties from the government, including fines and jail time.
  • Maintain good standing: By complying with annual requirements, you can maintain good standing with the government and avoid having your business license revoked.
  • Protect your business: Complying with annual requirements can help protect your business from legal liability.
 
There are a number of reasons why it is important for businesses in India to comply with annual requirements. First, compliance helps to ensure that businesses are operating legally and can be helpful in the event of an audit. Second, non-compliance can result in penalties from the government, including fines and jail time. Third, compliance helps businesses maintain good standing with the government and avoid having their business licenses revoked. Finally, compliance can help protect businesses from legal liability.

What are the different types of annual compliance for business entities in India?

When it comes to annual compliance, there are different requirements for different types of business entities in India. Let's take a look at the requirements for each type of entity:
  • Proprietorship: Proprietorships in India are required to file an annual return with the Registrar of Companies (ROC). They must also maintain corporate records, including minutes of shareholder meetings and financial statements.
  • Partnership: Partnerships in India are required to file an annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. In addition, partnerships are required to hold an annual meeting of partners to discuss the business' affairs.
  • Company: Companies in India are required to file their annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, companies must hold an Annual General Meeting (AGM) of shareholders to discuss the business' affairs.
  • LLP: Limited Liability Partnerships (LLPs) in India are required to file an annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. In addition, LLPs are required to hold an annual meeting of partners to discuss the business' affairs.
  • Foreign companies: Foreign companies registered in India are required to file their annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, foreign companies must hold an AGM of shareholders to discuss the business' affairs.

How to ensure annual compliance for a proprietorship business in India?

  • Required filings: Proprietorships in India are required to file an annual return with the Registrar of Companies (ROC).
  • Maintain records: Proprietorships must also maintain corporate records, including minutes of shareholder meetings and financial statements.
  • Pay taxes: Proprietorships are required to pay corporate income tax at the standard rate of 30%.
  • Comply with labour laws: Proprietorships must comply with all applicable labour laws, including those relating to minimum wage, hours of work, and occupational safety and health.
  • Register for GST: Proprietorships must register for Goods and Services Tax (GST) if their annual turnover exceeds Rs 20 lakh.
 

How to ensure annual compliance for a partnership business in India?

  • Required filings: Partnerships in India are required to file an annual return with the Registrar of Companies (ROC).
  • Maintain records: Partnerships must also maintain corporate records, including minutes of shareholder meetings and financial statements.
  • Hold annual meeting: Partnerships are required to hold an annual meeting of partners to discuss the business' affairs.
  • File taxes: Partnerships are required to file income tax returns on a yearly basis.
  • Comply with regulations: Partnerships must comply with all applicable laws and regulations.
 

How to ensure annual compliance for a company business in India?

  • Public limited companies: Public limited companies in India are required to file their annual return with the Registrar of Companies (ROC). They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, public companies must hold an Annual General Meeting (AGM) of shareholders to discuss the business' affairs.
  • Private limited companies: Private limited companies in India are required to file their annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, private companies must hold an AGM of shareholders to discuss the business' affairs.
  • One Person Companies (OPCs): OPCs in India are required to file their annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, OPCs must hold an AGM of shareholders to discuss the business' affairs.
  • Limited Liability Partnerships (LLPs): LLPs in India are required to file their annual return with the ROC. They must also maintain corporate records, including minutes of shareholder meetings and financial statements. Additionally, LLPs must hold an AGM of shareholders to discuss the business' affairs.
 

How to ensure annual compliance for a LLP business in India?

  • Ensure timely filings: LLPs in India are required to file their annual return with the Registrar of Companies (ROC) within 60 days of the end of the financial year.
  • Maintain records: LLPs must also maintain corporate records, including minutes of shareholder meetings and financial statements.
  • Hold annual meeting: LLPs are required to hold an annual meeting of partners to discuss the business' affairs.
  • Comply with regulations: LLPs must comply with all applicable laws and regulations.
  • Penalties for non-compliance: LLPs that fail to comply with these requirements may be subject to penalties, including fines and dissolution.
  • The best way to ensure annual compliance for a LLP business in India is to hire a professional service provider who can help with the filings and paperwork.

Annual compliance is a necessary part of doing business in India. By understanding the requirements and taking steps to ensure compliance, businesses can avoid penalties and protect themselves from legal liability.
The Indian government has made it easier for businesses to comply with annual filing requirements by creating an online portal, the MCA21 website. Businesses can use the website to file their annual reports and documents, and to make payments.
Despite these efforts, compliance remains a challenge for many businesses in India. The cost of compliance is high, and the process can be complicated. Businesses that are not familiar with the requirements may struggle to meet them.
There are a number of resources available to help businesses understand and comply with the annual filing requirements in India. These include books, websites, and professional services firms that specialize in compliance. By taking advantage of these resources, businesses can improve their chances of staying compliant and avoiding penalties.

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