Compliance
* Accounting and Bookkeeping-
- Passing of
journal entries.
- Maintenance
of party ledgers.
- Preparation
of Bank reconciliation statement.
- Finalization of Accounts.
* GST Filing / Audit.
- Monthly
return - GSTR-1 / GSTR3B.
- Quarterly
return - GSTR-4
- Annual
return - GSTR-9 / 9C.
* Advance Tax.
-
Quarterly payment of advance tax
-
15th of Jun
- 15th of
Sep
- 15th of
Dec
- 15th of
Mar
* Income Tax Return Filing /
Audit.
-
ITR-1 - for Individual having salary incomes.
- ITR-2
- for Individual having salary / capital gains incomes.
-
ITR-3 - for Individual having salary / capital gains / business incomes.
-
ITR-4 - for Individual having business / profession incomes.
-
ITR-5 - for LLP/AOI/BOI
-
ITR-6 - for companies
-
ITR-7 - for Trusts
Due dates:-
- For Non-Audit cases 31st Jul of Every Year.
- For Audit cases 30st Sep of Every Year.
Consequences: -
- Penalty Rs.5,000/- if total income is more than 5Lakh
- Payment of Interest: If you do not file income tax returns on or before the due date, you would be required to pay interest.
- Loss of Refunds: Filing ITR is not only about paying taxes but also about claiming any eligible tax refunds. For instance, if you are eligible for a refund due to excess tax deductions or advanced tax payments, not filing ITR can lead to the loss of your rightful refund. In such cases, the taxpayer not only misses out on the refund amount but also loses the opportunity to invest or save that money.
- No Carry Forward of Losses. Fourthly, one cannot carry forward losses if the ITR is filed after the deadline.
* PT Registration / Return filing
I. PT Registration for Employees
-
Monthly Return - Due for payment and return on or before 20th of every month.
II. PT Enrollment for Employer
-
Annual return - Due date for payment and return on or before 30th of every Year.
* TDS Payment and e-TDS
Filing.
- Issue of Form
16/16A.
- Reply to default notices.
* Labour Law Compliance
-
- Payroll
Processing and Management.
- Labour Annual
Returns.
- Renewal.
- Closure
* Director KYC-
- KYC has to be
done by fioing DIR-3 on or before 30th of every September of succeeding year.
Consequences: -
- Penalty Rs.
5,000/-
- Disqualification of Director.
* PAN / TAN Registration-
- Penalty
for non-quoting of PAN.
- Mandatory
requirement of filing ITR/Opening Bank Account / Deposits / depositing more
than Rs.50,000/-
Consequences: -
- Penalty
for non-linking of PAN to Aadhaar - Rs.1,000/-
- PAN Become
INOPERATIVE.
- TDS to be
deducted at higher rate i.e.20%.
- Penalty
for failure to quote of TAN in e-TDS returns.
* Digital Signature Certificate-
- Uses of DSC - GST, Income Tax, ROC filing with
MCA, etc
* RoC Annual Filing-
- ADT-1: Appointment of First Auditor
Penalty on Delayed Filing of Form ADT-1
The due date and filing penalty of the Form ADT 1 will lead to the imposition of the following penalties:
| Sl.No | Delay in Filing (in number of days) | Penalty Leviable |
|---|---|---|
| 1 | Up to 30 days | Two times of Normal Fees |
| 2 | More than 30 days and upto 60 days | Four times of Normal Fees |
| 3 | More than 60 days and upto 90 days | Six times of Normal Fees |
| 4 | More than 90 days and upto 180 days | Ten times of Normal Fees |
| 5 | More than 180 days | 12 times of Normal Fees |
- AOC-4: As the Act instructs, every company must file a copy of financial statements, including the consolidated financial statements, with an attachment of necessary documents and pay fees within 30 days of the Annual General Meeting.
In case of failing to file, a company and the directors are subjected to a penalty of Rs.1000 per day to the maximum of Rs. 10,00,000. The CEO of the company managing director or the director who is responsible, in the absence of them, or in case there is no director as such, all directors need to pay a charge of Rs. 1,00,000.
- MGT-7: When filing an Annual ROC, companies must file Form MG-T. As clearly stated in Section 92(4) of the Companies Act 2013, companies are required to file a copy of Annual returns through Form MGT-7 and pay the nominal fees to the Registrar of Companies within 60 days from the date of the Annual General Meeting. If the companies fail to file the form, they can still file after 60 days, but with an additional fee of Rs.100 per day.
In case of non-filing the form, both the company and all the directors are liable to penalty. The penalty will be the company, and all the directors are liable to pay Rs. 50,000. If there is a continuing failure, the further penalty will be Rs.100 each day as such failure continues, goes to the maximum of Rs. 5,00,000.
Consequences for Default – For Directors
The Directors of a company are responsible for ensuring that the company complies with all applicable rules and regulations. When a company defaults on compliance or dues payable, the Directors are held responsible for the default. The following are penal consequences for a Director of a company that has not filed its annual return.
Director Disqualification
In case a company has not filed its Annual Return for three continuous financial years, then every person who has been a director or is currently the director of the specific company could be disqualified under the Companies Act, 2013 (Know more about Director Disqualification). If a Director is disqualified, his/her DIN will become inactive, and the person will not be eligible to be appointed as a Director of any company for a period of five years from the date of disqualification. Further, disqualified Directors would also not be allowed to incorporate another company for a period of five years.
Fine & Imprisonment
A director of the company can be punished if the company has not been filed even after 270 days from the date when the company should have originally filed with an additional penalty. Any Director who has defaulted in the filing of the annual return of a company can also be penalized with imprisonment of a term extended up to six months or with a fine of an amount not lesser than fifty thousand rupees, and it might extend up to five lakh rupees, or with both imprisonment and fine. However, these provisions provided under the Companies Act 2013 are rarely used.
In addition, if any information filed by a Director or any other person in the annual return is false by any nature or if he/she fails to mention any fact or material that is true can be punished with imprisonment for a term which is not lesser than six months and which could extend up to 10 years. Further, he/she can also be liable for payment of a fine which is not lesser than the amount subject to the fraud involved, and it may extend to an amount three times the sum concerned with the fraud.
Strike-Off
In case the Company has not filed its Annual Return for the last two financial years continuously, then such a company would be termed as an “inactive company”. On such a classification, the bank account of the company could be frozen. Further, the Registrar could also issue a notice to the Company and initiate a strike-off of the company from the MCA records.
* Change of constitution (Name, Address, etc)-
- Conversion of
Pvt Ltd company to Public Company visa versa.
- LLP to Pvt /
Public Ltd company visa versa.
