Image

Statutory Compliance required once you establish your business

As soon as business is established

What licenses should I take to make my business operational?

The licenses are issued both by the State Government as well as the Central Government. Some of the basic licenses are as follows

  • Permanent Account Number
  • Tax Deductor / Collector Account Number
  • Registration under Karnataka Shops & Establishments Act
  • If you trade in goods, Taxpayer Identification Number (TIN) under Karnataka VAT and CST, Professional Tax
  • If you provide services, Service Tax Code under the Service tax regime
  • Professional Tax under Karnataka Tax on Professions, Trades, Callings and Employments Act, 1976
  • If you trade import and export of goods, Import Export Code.
  • If you are a small ad medium enterprises, MSME Registration
  • If you employed more than 10/20 employees, ESI/PF registration

On a periodic basis, throughout the year

After obtaining the licenses, should I do anything else?

You are statutorily bound to comply with the various laws under which your business is registered.

Compliance generally covers the following

  • Maintaining certain registers prescribed, under law giving the information required,
  • Displaying statutorily prescribed information in the premises,
  • Collecting and paying taxes to the government within the scheduled due date,
  • Filing periodic returns with the government agency, informing them of the amount of tax deducted and how such tax has been computed
  • Addressing issues raised by tax officers during their visit to your premises

At the end of the year

Is there anything to be done at the end of the financial year?

At the end of the financial year (i.e. April to March), you are required to

  • Compile the financial statements for presentation to stakeholders. In the case of a PLC, the financial statements must comply with the format prescribed
  • If an audit is mandated by law, present the books and financial statements for audit and obtain audit report from the CA
  • File the tax return with the income tax department together with audit reports, if required,
  • File the annual returns with the Ministry of Corporate affairs within the due dates prescribed.

Want to consult us?

  • Ph: 9845721255 / 9448080886,
  • Email: prasad@balakrishnaandco.com,
  • Balakrishna & Co|Chartered Accountants,
  • # 24,3rd Floor, Above State Bank of India,
  • 10th Cross, Wilson Garden, Bangalore - 27.

Want to consult us?

© Copyright 2018 www.balakrishaandco.com. All Rights Reserved.

Powered By Inventive Networks