Ensuring statutory compliance is one of the most
critical responsibilities for any business operating in India. Whether you are
a private limited company, LLP, or partnership firm, complying with the
applicable laws and regulations helps avoid legal issues, financial penalties,
and reputational damage.
Statutory compliance includes adherence to rules
and regulations under various legislations such as the Companies Act, Income
Tax Act, GST laws, Labour Laws, FEMA, and more. This article provides a
complete statutory compliance checklist for companies to help streamline
your business operations and stay legally compliant throughout the financial
year.
1. Company Law Compliances (Under
Companies Act, 2013)
Private limited companies and other registered
entities must comply with several provisions under the Companies Act,
including:
within 30 and 60 days from
the Annual General Meeting (AGM) respectively.
Holding
Board Meetings and AGM
as per prescribed timelines (at least 4 Board
Meetings per year and 1 AGM).
Maintenance
of Statutory Registers
like Register of Members, Directors,
Shareholding, Loans, etc.
Director
KYC Filing (DIR-3 KYC)
annually for each Director with a DIN.
Disclosure
of Interest by Directors (MBP-1)
to be filed annually and whenever interest
arises.
Filing
of Resolutions (MGT-14)
for board decisions requiring ROC approval.
Updation
of MCA Records
in
case of change in registered office, directors, auditors, or capital
structure.
2. Income Tax Compliance
All companies are required to meet income tax
compliance standards under the Income Tax Act, 1961:
3. Goods and Services Tax (GST)
Compliance
GST-registered companies must strictly follow
GST
regulations to avoid penalties:
Monthly/Quarterly
GST Return Filing
(GSTR-1, GSTR-3B, GSTR-9).
Reconciliation
of GST Input and Output Tax
regularly.
Maintenance
of GST Invoices
in
the prescribed format.
E-Invoicing
and E-Way Bill
generation (applicable to certain companies based on turnover).
GST
Registration Amendments
, if there is a change in business details.
4. Labour Law Compliances
Companies employing staff are bound by a number of
labour law regulations. Some key labour law compliances include:
Monthly PF contributions and filing of ECR.
Contributions and filings for employees
earning up to ₹21,000/month.
(where applicable).
Payment
of Bonus Act, Gratuity Act, and Maternity Benefit Act
compliances.
Shops
and Establishment License
as per the state where the office operates.
Maintenance
of Employee Registers, Salary Slips, and Attendance Records.
5. FEMA & RBI Compliances
(Applicable to Foreign Investment)
If your company receives FDI or has international
dealings, ensure compliance with FEMA and RBI guidelines:
6. Other Business-Specific
Licenses
Depending on your sector, there may be other
mandatory licenses to maintain:
7. Auditor Appointment &
Reporting
8. Cybersecurity & Data
Protection (Emerging Compliance)
As data protection norms strengthen in India (with
the upcoming Digital Personal Data Protection Act), businesses handling
consumer data should:
Implement
data processing and privacy policies.
Secure
customer and vendor databases.
Report
data breaches to relevant authorities.
Conclusion
Staying on top of your statutory compliance
requirements is essential for smooth business operations and corporate
governance. Non-compliance can lead to hefty penalties, legal challenges, and
disqualification of directors.
To simplify this process, it’s advisable to
maintain a compliance calendar and work with professional consultants
for ROC filings, tax returns, labour law updates, and audits.
At TAXAJ, we provide end-to-end compliance
services tailored to your business — ensuring you stay 100% compliant, always.
Created &
Posted by
PoojaIncome Tax Expert
at TAXAJ
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