Basic Compliances
Accounting & Bookkeeping
It is necessary to track each and every transaction in a business even if it is an income of ten rupees or an expense of one rupee. Recording of all transaction in a prescribed order ensures transparent business operations by tallied account. With a tailor made Accounting and Book Keeping Service, ‘BookMyTM’ ensures the proper maintenance and updating of the accounts book, which helps the businesses tracking every single transaction undertaken in past so that they can plan much wise to overcome any mistakes in future.
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ESI Registration
Employee’s State Insurance (ESI) is a scheme designed to provide the socio-economic protection to employees working in a company. ESI scheme runs under an independent authority, Employee State Insurance Corporation which falls under the jurisdiction and management of Ministry of Labour and Employment.
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Provident Fund (PF) Registration
A provident fund is a mandatory retirement saving scheme introduced and managed by Government of India for benefiting the employees on retirement. An employee gives a portion of his/her salary to provident fund and the employer should make a contribution from their side. The money in the fund is kept and handled by Government and a retiree or their surviving family (nominee in case of diseased employee) withdraws the fund.
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TAN (Tax Account Number) Application
A Tax Account Number (TAN) is an unique 10 digit alpha numeric code allotted by Income Tax Department of India to a person or an entity responsible for deduction or collection of tax at source (TDS or TCS). Commonly referred as Tax Deduction Account Number or Tax Collection Account Number, or simply TAN. Business/Employer, while deducting tax from salaries of employs must obtain and mention the TAN.
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PAN Application
A PAN card is a unique identification mark allotted by the IT department to all taxpayers in India. A PAN card displays the PAN number, a ten-digit alphanumeric code that helps the authorities keep a record of the financial activities of an individual across all platforms. In India, PAN is an important identity proof.
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GST Return Filing
A vendor having registration under Goods and Service Tax in India needs to fulfill the compliances requirements regularly based on the turn over and activities, the requirements and period of filing returns are prescribed under law. With the filing of GST return, the tax payer intimates the GST department about the inflow and outflow of supplies including the amount of tax paid and collected.
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INC - 20A Filing
INC – 20 A is a mandatory form that has to be filed by any company that incorporated on or after 02/11/2018 with Ministry of Corporate Affairs, which is also known as ‘Declaration of Commencement of Business’. The directors of the company are liable to file INC – 20 A within 180 days from date of incorporation of the firm, which having a share capital.
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DIR -3 KYC Filing
Filing of DIR – 3 KYC is a part of KYC held by Ministry of Corporate Affairs. With effect from 10th July 2018, Ministry of Corporate Affairs has announced mandatory annual KYC for all DIN holders by attaching Rule 12A (deals with Appointment and Qualification of Directors) to Companies Rule, 2014. This compliance is applicable for anyone having a DIN with ‘Approved’ status and also to those who are disqualified. Being an annual requirement, DIN holders has to fulfill the compliance with respect to every financial year.
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Annual Compliance for Limited Liability Partnership (LLP)
Being an entity with separate legal existence, a Limited Liability Partnership (LLP) needs to maintain its active status by regularly filing with Ministry of Corporate Affairs (MCA). Whether having business in crores or no business, annual compliance filing is mandatory for LLP. Legal compliance of LLP needed to file two separate forms, one of which for annual return, where as another one is for Statement of Accounts and Solvency.
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Annual Compliance for Private Limited Company
A private limited company has a separate legal existence and identity, which requires maintaining its active status through regular filings with Ministry of Corporate Affairs. It’s a must for all companies to to file an annual returns and audited financial statements with Ministry of Corporate Affairs every financial year. RoC (Registrar of Companies) filing is also mandatory irrespective of the turnover, whether it is in crores or zero.
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