Ÿ |
Tax Deduction Account Number ( TAN ) |
Other compliances : |
Ÿ |
Service Tax |
( http :// www . mca . gov . in / MCA21 / CARFiling . html ). |
Q . 22 What are the other auditing and annual reporting requirements to |
Transfer pricing report : November 30 ; |
be followed in case of companies & BO / PO / LO operating in India ? |
TDS returns : Quarterly ; |
We list the most essential compliances below : |
Other reports , submissions , payments like excise , service tax |
Accounting : All businesses in India need to maintain |
returns etc : monthly |
accounting records , which meet the generally-accepted |
The filling requirements under the Companies Act can be seen |
accounting principles . In India , a business entity is free to |
from the following linkchoose |
its accounting year . However , under income tax laws , it |
( http :// www . mca . gov . in / MCA21 / CARFiling . html ) |
is mandatory to close books of accounts on a financial year basis from April 1 to March 31 of next year . |
The reporting requirements of BO / PO / LO can be seen from the following link- |
Employment Payroll : Business is needed to draft appropriate |
( http :// www . rbi . org . in / scripts / BS _ CircularIndexDisplay . aspx ? Id |
employment contracts keeping in view the income tax laws |
= 7312 ) |
and employment regulations . |
The reporting , auditing requirements of Limited Liability |
Tax Audit : LO is not required to do a tax audit . Companies are |
Partnerships can be seen from the following FAQ available on |
also required to undergo a VAT audit . |
the following link- |
Annual return on Foreign Liabilities and Assets-Refer to Page |
( http :// www . mca . gov . in / LLP / faq _ llp _ basic _ concept . html ) |
Nos . 103 to 110 of the following link- | |
( http :// dipp . nic . in / English / Policies / FDI _ Circular _ 01 _ 2013 . pdf ) |
2 . Setting up requirements |
Prior approval of RBI required |
Prior approval of RBI required for BO ( other than undertaking manufacturing and service activities in SEZ ' s ), Prior approval not required to set up PO if certain conditions are fulfilled |
If activities / sector fall under the ambit of the automatic route , no prior approval required but only post-facto filings to be undertaken with the RBI . In other cases , GoI / FIPB approval required and thereafter post-facto filings required to be undertaken with RBI |
Foreign investments allowed in sectors , which are under 100 % automatic route with prior GOI / FIPB approval . The sectors should also not be subject to performance linked conditions |