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Tag: what is compliance in a company

Compliance for Company | Private Limited | LLP | OPC
Compliance for Company | Private Limited | LLP | OPC

Compliance For Company would require a keen ability to understand some complex and some not so complex realities associated with this country (bearing in mind the evolving policies of the Government, amendments to the existing statutes, and new laws enacted in recent times). It covered statutory and legal compliances to avoid penalties for any violation of the law. For corporate companies, compliance needs to maintain under The Companies Act, 2013. Non-compliance could lead to fines and penalties on the Directors and the Company. Hence, it is essential for a corporate company to be aware of the post-incorporation compliance requirements of a company.

Compliance for Company Services are:

Compliance for Company includes various services as defined below:

Compliance for Company Servicesa are Following:

Accounting and bookkeeping service:

Accounting or Bookkeeping Services can be interchangeable. However, in an actual sense, Bookkeeping and Accounting perform different functions. The recording is a part of the accounting procedure that records all the financial transactions and has disparities with accounting. It helps in organizing the financial records that help the management to analyze the business performance. Helps the organization in providing a reliable measure of its performance.

The recording is the primary step in the accounting process. It is a procedure that deals with the undertaking related to the categorization and recording of financial data in an organized way and record-keeping that helps in the accounting process. Additionally, helps in providing the financial statement of business at the end of every financial year.

Advance tax due dates:

The advance tax works on the ‘Pay as you earn’ principle. If your tax liability in a financial year exceeds Rs 10,000, then the government gets very excited and can’t wait till year-end to collect tax. It asks you to pay tax in advance. Its receipts help the government to get a constant flow of income throughout the year so that expenses can be incurred rather than receiving all tax payments at the end of the year.

For instance: if your advance tax liability for the financial year 2011-12 has exceeded Rs. 10,000, you are expected to pay it in FY11-12 itself.

Tax Audit:

The government of India conducts various audits under different laws such as company audit/statutory audit carried out under company law provisions, cost audit, stock audit, etc. Likewise, Income Tax law has made ‘Tax Audit’ compulsory and In tax audits, business accounts, any profession reviewed which makes the process of income computation for filing of return of income easier. Also, Income Tax Act has made compulsory on the annual gross turnover/receipts if the amount exceeds a specified limit. Chartered Accountant conducts the audit as defined in Section 44AB of the Income T. Act, 1961.

Statutory Audit:

An audit is an examination of records held by an organization, business, government entity, or individual, which involves the analysis of financial records or other areas and Additionally, a statutory audit is a legally required review of the accuracy of a company’s or government’s financial statements and records.

ROC Compliance:

ROC Compliance For Company stands for Registrar of Companies which is an office under the Indian Ministry of corporate affairs that deals with the administration of the Companies Act, 2013 and Compliance appointed under section 609 of the companies act covering the various States and Union Territories vested with the primary duty of registering companies and LLPs float with respective states, the Union Territories as well as ensure such companies, LLPs comply with statutory requirements under the act.

DIR 3KYC:

DIN- unique identification number is given to a person wanting to be a director. Also, an existing director of a company, In this digitized era, application in eForm DIR 3KYC was sufficient to obtain DIN and This was a one-time process for any person who wants to be a director in one or more companies. However, now with the move of the Ministry of Corporate Affairs (MCA) to update its Registry, all directors with a DIN will have to submit their KYC details annually in eForm DIR-3 KYC.

Appointment and Resignation of Director:

Directors are the brain of the company. They are the managerial staff who control and administer the Company’s Services, The revolution of directors takes place in one, another way – either by the selection of a new director or withdrawal of existing and The endeavor to carry out the change of directors is always to guarantee an optimum blend of experts on board for the interest of the company. It approves the resignation of the director lies with BoD, whereas the appointment must be made through the consent of shareholders. Whether it is an Appointment, removal, or resignation,

If you are looking for your Compliance For Company, you can reach out to Chartered Accountants listed on CA in Delhi ‘s homepage.