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Monday, October 23, 2017
You are here : Compliances

Compliances

compliance
  • a. Private/Public Company
  • b. Limited Liability Partnership
  • c. GST Return
  • e. Tds Return

PRIVATE COMPANY

Overview

Companies in India must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meeting should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company’s annual return would be on September 30th.

Annual return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.

Filing

We can help you to file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

1. Annual Return Preparation

We will prepare the Annual Return for your Company based on the financials and performance during the previous financial year and file necessary forms which are required for all the compliance’s

LIMITED LIABILITY PARTNERSHIP

Overview

LLPs in India must file its Annual Return within 60 days from the end of close of financial year and Statement of Account & Solvency within 30 days from end of six months of close of financial year. LLPs mandatorily have to maintain their financial year, as April 1st to March 31st. Therefore, LLP annual return is due on May 30th and the Statement of Account & Solvency is due on October 30th of each financial year. However, in case the LLP was incorporated on or after 1st of October of a financial year, then the LLP can close its first financial year either on the coming or next 31st March, thereby filing its annual return after 18 months.
LLPs are separate legal entities; therefore, it is the responsibility of the Designated Partners to maintain proper book of accounts and file annual return with the MCA each financial year. LLPs are not required to audit its accounts unless the annual turnover exceeds Rs.40 lakhs or if the contribution exceeds Rs.25 lakhs. Therefore, LLP who do not have to get the accounts audited if it satisfies the above condition, making the annual filing process a simple and easy one.

Filing

We can help you to file the mandatory annual return for your Company and maintain annual compliance with the Ministry of Corporate Affairs.

1. Annual Return Preparations

We will prepare the Annual Return for your Company based on the financials and performance during the previous financial year and file necessary forms which are required for all the compliance along with the requisite attachments.

GST RETURN

Filing

GST filing for a regular dealer involves the filing of three main returns per month and an aggregate return at the year end, thereby making a total of 37 returns to be filed in a financial year.
The three returns to be filed per month are:

GSTR 1:

This is the return to be filed by the 10th of every month consisting of the sales invoices being issued in the previous month.

GSTR 2:

This is the return to be filed by the 15th of every month consisting of the details of the purchases being made in the previous month.

GSTR 3:

This is the summary return to filed by the 20th of every month determining, adjustment & payment of the tax liability of the previous month taking into account the liability & inputs as provided in the GSTR 1 & 2 filed earlier.
In addition, there is a summary return GSTR 3B to be filed every month for the period July to December 2017, as per the latest notification. This is a summary return of transactions carried out in the previous month. This return is to be filed to discharge your GST liability and needs to be submitted by the 20th of the subsequent month.
A dealer getting registration under Composition scheme has to file the returns quarterly under GSTR 4, to be filed by the 18th of the month succeeding the quarter and the annual return at the year-end.
The two approaches that can be followed to file a return is direct feeding of details on the portal or use of the GST offline utility provided by the government for the process.

Non compliance

Return filing is a mandatory process under GST regime. Even if there exists no transaction for a period, a NIL return is to be filed.
The non-filing of return, late-filing of return or the non-payment of taxes attracts interest & penalty, as notified.

TDS RETURN

Overview

TAN or Tax Deduction and Collection Number (TAN) is mandatory 10 digit alpha numeric number required to be obtained by all persons who are responsible for Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) on behalf of the Government. Tax deducted at source (TDS) ensures that the Government’s collection of tax is preponed and the responsibility for paying tax is diversified. The person deducting the tax at source is required to deposit the tax deducted to the credit of Central Government – quoting the TAN number. Individuals who are salaried are not required to obtain TAN or deduct tax at source. However, a proprietorship business and other entities (i.e., Private Limited Company, LLP, etc.,) must deduct tax at source while making certain payments like salary, payments to contractor or sub-contractors, payment of rent etc, exceeding certain specified limits on annual basis or individual payments basis. We can help obtain TAN Registration.

Those entities having TAN Registration must file TDS returns. TDS returns are due on quarterly basis. We can help you e-file your TDS returns. Our TDS experts can help you compute your TDS payments and e-file the TDS return and keep you in compliant with TDS regulations.

Filing

We will prepare the tds return on the basis of data provided by you. Different forms have been prescribed on the purpose of deduction of TDS. The various TDS forms are as follows-:

  • Form No.
  • Particulars
  • Form 24Q
  • Statement for Tax deducted at source from salary
  • Form 26Q
  • Statement for Tax deducted at source on all payment except salary
  • Form 27Q
  • Statement for dedeuction at tax from interest, dividend, or any other sum payable to non-resident
  • Form 27EQ
  • Statement of collection of tax at source

We will prepare the quarterly return and it should be accompanied by a signed verification in Form 27A.

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