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Services
Trademark Registration Services
NGO/Trust/Society Registration
Fssai Registration and Licensing
GST Registration Services
GST Consultancy Services
GST Audit Services
GST Refund Services
GST Litigation Services
GST Return Services
GST Compliance Services
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80G & 12A Registration
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Tax Audit Services
Statutory Audit Services
Internal Audit Services
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Trademark Registration Services
MSME Registration Services
NGO/Trust/Society Services
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Fssai Registration and Licensing
Hallmark Registration Services
Import Export Code
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Company Registration Services
Company Annual Compliances
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Payroll Management Services
TDS and TCS Return Filings
NRI Taxation
Transfer Pricing
Double Taxation Avoidance Agreement
Taxation of Expats
Filing of Forms 15CA-15CB
Residential Status for NRIs
IntroductionAnnual compliances in India are a crucial aspect of running a company in India. It is a legal requirement that every company, whether it is a private limited company, a public limited company, or a one-person company (OPC), must adhere to. Failure to comply with annual compliance in India requirements can result in heavy penalties and fines, which can significantly impact the financial health of the company. In this article, we’ll take a deeper dig into the topic to understand the process of annual compliances in India and the services offered by SV Associates for company annual compliances in India.
The process of annual compliances in India involves fulfilling various legal requirements that are mandated by the Companies Act, 2013. The following are the primary annual compliances in India that all companies must adhere to:
Annual General Meeting (AGM) For annual compliance in India, every company is required to conduct an AGM every year. The purpose of the AGM is to approve the company's financial statements, appoint or re-appoint directors, and to conduct any other business that is necessary. The AGM must be held within six months from the end of the financial year.
Financial Statements For annual compliance in India, every company must prepare its financial statements at the end of each financial year. The financial statements must include a balance sheet, profit and loss account, and a cash flow statement. These financial statements must be audited by a chartered accountant and submitted to the Registrar of Companies (ROC) within 30 days from the AGM.
Annual Return Every company in India must file its annual return with the ROC. The annual return contains information about the company's directors, shareholders, capital structure, and other relevant details. The annual return must be filed within 60 days from the AGM. This is one of the most important step towards company’s annual compliance.
Director's Report Every company in India must prepare a director's report, which provides an overview of the company's operations and financial performance during the financial year. The director's report must be approved by the board of directors and included in the annual report. The annual report must be filed with the ROC within 30 days from the AGM.
Income Tax Returns As a part of the annual compliance process, every company in India must file its income tax returns (ITR) on or before the due date, which is usually 30th September of the assessment year. The ITR must include details of the company's income, expenses, and tax liability.
Goods and Services Tax (GST) Returns If a company is registered under the GST, it must file its GST returns on a monthly or quarterly basis, depending on the turnover of the company.
Statutory Audit Every company in India must undergo a statutory audit conducted by a chartered accountant. The auditor examines the company's financial statements and provides an opinion on whether they are accurate and comply with the relevant accounting standards.
Secretarial Audit In addition to a statutory audit, some companies in India are also required to undergo a secretarial audit. A secretarial audit examines the company's compliance with various laws and regulations, including the Companies Act, 2013, and the rules and regulations made thereunder.
Due to the complex and time-consuming nature of annual compliances, many companies in India opt to outsource their annual compliance requirements to companies like us. Our company provides a wide range of services to help companies meet their annual compliance obligations. The following are the primary services offered by us for company annual compliances in India:
Annual Compliance Management SV Associates offer comprehensive annual compliance management services to help companies stay compliant with all the relevant laws and regulations. These services include preparing and filing the company's financial statements, annual returns, and other necessary documents.
Secretarial Services We also provide secretarial services to help companies comply with various legal requirements. These services include maintaining statutory registers, preparing board meeting minutes, and filing various forms with the ROC.
Taxation Services We are also equipped to offer taxation services to help companies comply with their income tax and GST requirements. These services include preparing and filing the company's income tax and GST returns, as well as providing advice on tax planning and compliance.
Audit and Assurance Services We also provide audit and assurance services to help companies comply with their statutory and secretarial audit requirements. These services include conducting audits, preparing audit reports, and providing recommendations for improving the company's financial reporting processes.
Legal and Compliance Services Our experts also offer legal and compliance services to help companies stay up to date with the latest legal and regulatory developments. These services include providing advice on various legal and compliance matters, conducting legal due diligence, and preparing legal documentation.
Annual compliances are a crucial aspect of running a company in India. Every company, whether it is a private limited company, a public limited company, or a one-person company (OPC), must comply with the annual compliance requirements mandated by the Companies Act, 2013. Annual compliances play a crucial role in ensuring that companies in India operate in a transparent and accountable manner. The following are some of the primary reasons why annual compliances are important.
Compliance with Laws and Regulations Annual compliances ensure that companies comply with the various laws and regulations that govern their operations. This includes the Companies Act, 2013, the Income Tax Act, 1961, the Goods and Services Tax (GST) Act, 2017, and various other laws and regulations.
Transparency and Accountability Annual compliances help promote transparency and accountability in a company's operations. By preparing and filing financial statements, annual returns, and other necessary documents, companies provide stakeholders with a clear and accurate picture of their financial performance.
Protection of Stakeholder Interests Annual compliances help protect the interests of a company's stakeholders, including its shareholders, creditors, and employees. By complying with the various legal requirements, companies ensure that their stakeholders are well-informed about the company's financial performance and that their rights are protected.
Audit and Assurance Services We also provide audit and assurance services to help companies comply with their statutory and secretarial audit requirements. These services include conducting audits, preparing audit reports, and providing recommendations for improving the company's financial reporting processes.
Legal and Compliance Services Our experts also offer legal and compliance services to help companies stay up to date with the latest legal and regulatory developments. These services include providing advice on various legal and compliance matters, conducting legal due diligence, and preparing legal documentation.
Expertise and Experience: Our team has the necessary expertise and experience to navigate thetrademark registration process effectively. They can provide valuable guidance and advice on trademark search, application filing, and other aspects of the process.
Time and Cost SavingsTrademark registration can be a time-consuming and expensive process, especially for businesses that are unfamiliar with the process. We help businesses save time and money by handling the process on their behalf.
Reduced Risk of Errors: Filing a trademark application can be complex, and errors can lead to delays or rejection of the application. We have a thorough understanding of the requirements and can ensure that the application is accurate and complete.
Increased Protection: Using our expertise for trademark registration, we can help businesses ensure that their trademark is adequately protected and that they have taken all necessary steps to prevent infringement or misuse.
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