LIST OF STATUTORY COMPLIANCES FOR COMPANIES IN INDIA

A set of Statutory compliances are needed to be followed by the established companies in India.

The non-compliance on national and state levels increased the legal complications in the form of heavy penalties and fees. Plenty of time and resources are invested to ensure statutory compliances for companies in India.

Statutory compliance makes sure that following the laws or regulations related to a particular form of business are effectively followed as stated by the government.The interests of both the firm and employees are protected to ensure effective functioning. A legal action is taken in case of any neglection of these compliances by the organization.

India has a complicated network of laws in various sectors. Adherence to laws and regulations ensures effective functioning of every business.There are several rules and regulations in the form of Acts in our country such as Companies Act, Income Tax, Partnership Act and Value Added Tax, Service Tax. 

Some of the mandatory rules and regulations which require statutory compliance are-

• The Companies Act 2013

• The Income Tax Act

• Provident Fund

• Employees' State Insurance Act, 1948

• Service Tax

List of Statutory compliances

A consistent process of following these compliances ensures effective contribution of all the participants. Here is a list of effective and operative statutory compliances that should be followed in India.

• Scheduling board meetings

• Appointment of an auditor

• Organizing Annual general meetings

• Issuing a share certificate

• Recording the minutes of meetings

• Maintaining proper book of accounts

• Appointing CA for auditing books of accounts

• Preparation of financial reports

• Filing forms with the ROC

• Maintaining statutory records

As the company’s size increases, a wide range of statutory compliances are needed to be followed.

A private limited company requires a lot of time and effort. Many financial and regulatory technicalities should be taken care of. If all the compliances are used the right way, the company can achieve a high return on investments. This list is essential as it gives fair treatment to everyone. It prevents any exploitation and any inhuman behavior. Consideration of all the laws is quite important for the better running of the company. All the compliances are beneficial for both the government and the company for the collection of revenue and to organize the finances.