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ESDM & FDI QUERIES
Section III

Queries relating to business compliances

Q . 21 What are other main registrations required by a company or the ROC : BO / PO / LO in India ? Ÿ Annual Return
The following registrations need to be obtained : Ÿ Balance Sheet Ÿ Permanent Account Number ( PAN ) Ÿ Compliance Certificate
Ÿ
Tax Deduction Account Number ( TAN )
Other compliances :
Ÿ
Service Tax
( http :// www . mca . gov . in / MCA21 / CARFiling . html ).
Ÿ Value Added Tax Board meeting : Quarterly
Ÿ Excise Registration Annual general meeting : Within 180 days of start of financial year
Ÿ Foreign Regional Registration Officer ( if required ) Annual return with ROC : Within 60 days of holding the AGM
Ÿ Import Export Code ( if required ) Corporate tax return : September 30 and November 30 ;
Ÿ Shops and Commercial Establishment Act ( if required ) Tax audit report : September 30 and November 30 ;
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 )
Every company is required to file the following documents with

Comparative summary of entry operations in India :

S . No . Particulars Liaison Office
1 .
FAQs on various aspects related to Foreign Direct Investment in ESDM sector
Legal status
Represents the parent company
Project Office / Branch Office
Extension of parent company
Company
Independent legal status
Limited Liability Partnership
Independent legal status
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
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