TAX & COMPLIANCE
Tax & Compliance
The account is the systematized process of recording, analyzing, and clarifying financial deals. It’s the responsibility of every business – whether large or small to provide their account records to the Income Tax Department. Generally, startups neglect these issues and, after many times, they’re forced to deal with them, plus interest. It’s always a good idea to keep track of your finances and give information to government associations to avoid difficulties like raids and penalties. Companies are needed to streamline the yearly returns regularly.
Benefits of Accounting & Business Compliances to a Business
Budgeting It assists institutes in efficiently controlling the company’s income and expenditure while monitoring administrative procedures and aims.
Appraising the Business’s Performance Helps in measuring the performance of the business in terms of vital measures similar as net profit, deals growth, and so on.
Managing Cash Flow Keeping track of the money that comes into the business on a regular base helps in projecting patterns, paying workers and suppliers, repaying debts, etc.
Financial Information to Investors and Stakeholders Investors will gain a better understanding of the business’s financial health, including its solvency, creditworthiness, liquidity, stock, and bond issuers.
Compulsory by law In India, the Registrar of Companies requires a strict record of income duty payments at the end of the time, failing which companies may face fresh taxes or penalties.
Documents needed
The documents needed will vary depending on the service you claim. Our professionals will convey the same to you grounded on your conditions.
Process of Filing Annual Compliance
The compulsory compliance that most businesses must meet is as follows. At SIFBI, our good chartered accountants, account and taxation professionals, and company registers will handle all of your compliance needs. We offer the best-in-class legal discussion for your company. Our team will cover the following compliance conditions as commanded by the Ministry of Corporate Affairs.
Facilitation of meetings of the board of directors
The first meeting has to be conducted within 30 days of incorporating a business after which four meetings shall be held every quarter in a timetable time. There shouldn’t be further than 120 days between two successive meetings.
Preparation of the moments of proceedings of a meeting
Every company needs to file its moments of the meetings and they shall be saved permanently to add value in case of any disagreement. The meeting moments are to be maintained at the listing office.
Allocation of share documents
The company is needed to issue a shared document to the subscribers of the memorandum within 60 days of externalization.
Form of exposures of directors ’ interests and claims of disqualification
In the first board meeting, all the directors are needed to make exposures about their interests in other business realities.
Form affirmations of inception of business with the RoC
This has to be done upon the registry of the company. Form INC 20A mandatorily needs to be filed within 180 days of externalization.
Facilitation of yearly general meetings
A company shall conduct at least one AGM each year. The first AGM shall be held within nine months from the end of the first financial year of the company. In other cases, it shall be within six months from the end of the financial year.
Yearly company returns need to be filed with the RoC within 60 days of the conclusion of the AGM.
Daily compliance
Every company has to hold a minimum of four meetings of its board of directors, that is, at least one board meeting every quarter of the scheduled year.
Statutory registries
All statutory registries like GST, PF, ESI, IEC, etc. must be completed.
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