Business Compliance refers to the regulations which require companies to be vigilant about maintaining a full understanding of their regulatory requirements. Today regulations and other guidelines are increasingly becoming a concern of corporate management firms, which is why companies are turning more frequently to specialized compliance software and IT compliance consultancies.
Business Compliance could be in form of Corporate Compliance or Income Tax Compliance. We provide you with all sorts of business compliance services and work as a business compliance specialist for you. Proper Business Compliance Strategy plays a very important role in determining business compliance services.
Due to increasing need of operational transparency, more and more organizations are adopting to these compliances. This approach is used in order to ensure that all necessary governance requirements can be met without unnecessary duplication of effort and resources. Business compliance ensures that any business or action conducted by a company is within the legal parameters.
- Corporate Compliance
- Corporate compliance means having internal policies and procedures within the organization to prevent and detect violations of applicable law, regulations, rules and ethical standards by employees, agents, staff and others. Complying with the compliances has an added advantage in maintaining the company’s good position in the eyes of others. Hence Corporate Compliance Management serves as the most prominent aspect of operating a business.
- Besides this one also needs to follow income tax compliance.
- Corporate Compliance in India
- India is a common law country with a written constitution which guarantees individual and property rights. When it comes to Indian Companies or Subsidiaries of Foreign Companies in India, there’s a certain set of regulations that those Companies need to follow. Earlier it was Companies Act 1956 which guided the companies towards various regulations to be followed. But now, all companies existing in India have to follow the compliances mentioned in Companies act 2013.
- Before even implementing these compliances, the basic question arises is which laws need to be applied and what sort of compliances does my company needs to follow. For this however there are several compliances including Maintenance of Minutes books and statutory registers, Annual Returns Filing, Registered Office change, Change of Directors, Increase in Authorized Capital etc. We can provide you with best Corporate Compliance Services.
- Importance of Corporate Compliance Certificate
- 1. Helping in understanding the complex structure of the organization such as change in directors becomes a really complex procedure in a company if the compliances are not followed.
- 2. Maintaining a transparent environment within the organization
- 3. Complying with certain corporate compliances also helps in providing additional benefits to employees and other workers, such as those under ESI Registration & Provident Fund Registration
- 4. Improves the image of the company in the eyes of its respective users
- Forms of Corporate Compliance
- 1. Maintenance of Minutes books and statutory registers
- 2. Annual Return fillings
- 3. Registered Office Change
- 4. Change of Directors
- 5. Increase in Authorized Capital
- 6. Share transfer
- Income Tax Compliance
- Income Tax Compliance refers to the degree to which a taxpayer complies (or fails to comply) with the tax rules of his country. In Delhi and other cities in India there are certain income tax compliances that need to be followed. Along with Income Tax Compliances, we also have some other Business Compliances that one needs to comply with.
- However any failure in following these compliances can lead to legal obligations as well. Also there are other advantages as well for complying with the compliances. This includes a smooth way on getting the loans because you already have maintained a good position in the eyes of financial institutions such as banks due to the income tax compliances.
- Income tax in India
- Income tax refers to that percentage of your income that you pay to the government in order to fund infrastructural development, pay the salaries of those employed by the state or central governments, etc. However all these taxes are levied on the basis of passing of a law, and the law that governs provisions for income tax is the Income Tax Act, 1961.
- Taxes are calculated on the annual income of a person, and an annual cycle (year) in the eyes of the Income Tax law, India starts on the 1st of April and ends on the 31st of March of the next calendar year. The law recognizes and classifies the year as “Previous Year” and “Assessment Year”.
- The year in which income is earned is called the previous year and the year in which it is charged to tax is called the assessment year.
- Other Business Compliance
- Other Compliances that are important for a business include Service Tax Return, VAT-TIN Return, PF & ESI Return and Winding up a Company. Compliances play a very major role in proper running of a company. They need to be followed at each and every stage to make your business successful. However any failure in following these compliances can lead to legal obligations as well. We are your one step solution for tax return services in India.