Once an investor sets-up a business in India, whether it is a proprietor, Firm, LLP( Limited
or company, that business needs to comply with Indian regulations. There are many recurring compliances that depend on composition of business. For even closure of business we need to comply with lot of rules & regulations.
a. Proprietorship Compliance
Proprietorship firms are required to maintain least compliance in India. Proprietorship firm compliance mainly includes filing of income tax return, In addition to the basic compliance, proprietorship firms may also be required to comply with TDS regulations, GST regulations, ESI regulations PF regulations and others.
ACCPL is business support partner in India, offering a variety of services for proprietorship compliance.
b. Partnership Compliance
Partnership firms are required to maintain much compliance in India. Partnership firm compliance mainly includes filing of income tax return, Partnership firms having annual turnover of over Rs.100 lakhs are also required to obtain a tax audit report from Practising Chartered Accountant.
In addition to the basic compliance, partnership firms may also be required to comply with TDS regulations, GST regulations, PF regulations, ESI regulations and others.
ACCPL is the business support partner in India, offering a variety of services for partnership firm compliance.
c. Compliance for LLP
Limited Liability Partnership (LLP) is a type of business entity having features of a partnership firm and a company. As the name suggesting it a firm having limited liability for their partners. LLP’s are governance by the Registrar of Companies(ROC), Ministry of Corporate Affairs(MCA). LLP is a legal entity, separate from its partners and it has perpetual succession. All LLPs are required to maintain compliance such as maintain proper books of accounts and periodical filing of certain statutory returns or documents.
ACCPL is the business support partner in India, offering a variety of services for LLP compliance.
d. Private Limited Company Compliances
All companies registered in India like private limited company, one Person Company, limited company, and section 8 companies must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year.
In addition to MCA annual return, companies must also file income tax return irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file income tax return each year. Private limited companies, limited companies and one person companies would be required to file Form ITR -6. The due date for filing income tax return for a company is on or before the 30th of September.
ACCPL provides a comprehensive compliance management service for small, medium large sized business. Our compliance service includes financial statement preparation, secretarial services, income tax return filing and MCA annual return filing. Based on requirement as your business scales, we can also provide GST return filing services, TDS return filing services, advance tax computation and payroll processing.