Business Compliance- Startup’s Backbone

There are different kinds of business structure, and each type has different compliance. The foremost and pretty crucial thing after the incorporation of a business entity is to follow up with its compliances.

Maintaining Statutory Registers
Every Organisation need to maintain certain records and registers such records helps in ensuring that the operations of an organization are systematic. Statutory Register refers to specific records about a company’s shareholders, directors, and the meetings held, charges and details of share transfer etc. The Companies Act, 2013 requires every company to furnish these records before ROC (registrar of companies) within specific time limits together with prescribed fees.

Maintaining Books of Accounts
Books of account are the records of transactions or financial information of a business. It is maintained by business entity within the framework of the rules of accountancy: like Journal, Ledger, Cash Book, Trial Balance, Profit and Loss Account & Balance Sheet. As per company law books of accounts need to be maintained for 8 years.

Auditing of Accounts
Auditing is a part of the accounting world. It is an examination of accounting and financial records that is undertaken independently. This is done to determine if the company or the business undertaking has confirmed its operations to the laws and to know the financial position of the company. Any person carrying on business is required to get his book of accounts audited by the chartered Accountant.

GST Filing
A return is a document containing details of income which a taxpayer is required to file with the tax administrative authorities. A registered dealer has to file GST returns monthly and quarterly. Return filing is mandatory under GST. Even if there is no transaction, you must file a nil return.

Income Tax Return
A return is a form(s) filed with a taxing authority that reports income, expenses and other pertinent tax information. Before ascertainment of tax, books, accounts, statutory records, documents and vouchers of an organization must be audited to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern.

Every Company is liable to get his accounts audited by the professional, the details of such audit report, need to be furnishing it to the department electronically in ITR-6 on or before due date.

ROC Compliance
Every Company are required to file its Annual Accounts and Returns disclosing details of its shareholders, directors etc to the Registrar of Companies. Such compliances are required to be made in AOC-4 and MGT-7 once in a year. It is important to comply with all compliances applicable to the company that conforming to the laws, regulations, rules and policies is the part of business operations often referred to as "corporate compliance.