Annual Compliance Package

Every business entity in India has to comply with various statutory and regulatory requirements to operate legally and smoothly. These requirements include filing of returns, reports, statements, and other documents with the relevant authorities on a periodic basis. Failing to do so may result in penalties, fines, or even cancellation of registration.

Some of the major annual compliance filings that a business entity in India has to undertake are:

• Income Tax: Every business entity has to file its income tax return (ITR) with the Income Tax Department by the due date, which is usually 31st July for individuals and 30th September for companies and other entities. The ITR has to disclose the income, expenses, assets, liabilities, and taxes of the entity for the previous financial year. The entity may also have to pay advance tax, self-assessment tax, or tax deducted at source (TDS) depending on its income and tax liability.
• GST: Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. Every registered entity under GST has to file monthly, quarterly, and annual returns with the GST Network (GSTN) by the prescribed dates. The returns have to show the details of outward and inward supplies, input tax credit, tax payable, and tax paid. The entity may also have to pay GST on a monthly or quarterly basis depending on its turnover and tax liability.
• EPF: Employees Provident Fund (EPF) is a social security scheme for employees in India. Every employer who employs 20 or more employees has to register with the Employees Provident Fund Organisation (EPFO) and contribute 12% of the basic wages and dearness allowance of each employee to the EPF account. The employer also has to deduct the same amount from the employee’s salary and deposit it with the EPFO. The employer has to file monthly returns (ECR) and annual returns (Form 3A and Form 6A) with the EPFO by the due dates.
• ESI: Employees State Insurance (ESI) is another social security scheme for employees in India. Every employer who employs 10 or more employees has to register with the Employees State Insurance Corporation (ESIC) and contribute 3.25% of the wages of each employee to the ESI account. The employer also has to deduct 0.75% of the wages from the employee’s salary and deposit it with the ESIC. The employer has to file monthly returns (Form 5) and annual returns (Form 6) with the ESIC by the due dates.
• Labour Welfare Fund: Labour Welfare Fund (LWF) is a fund established by the state governments for the welfare of workers and their families. Every employer who employs workers in a state where LWF is applicable has to register with the respective state labour welfare board and contribute a certain amount to the LWF account. The employer also has to deduct a certain amount from the worker’s salary and deposit it with the LWF account. The employer has to file annual returns (Form A) with the state labour welfare board by the due date.
• Professional Tax: Professional Tax (PT) is a tax levied by the state governments on the income of professionals and salaried employees. Every employer who employs professionals or salaried employees in a state where PT is applicable has to register with the respective state commercial tax department and deduct PT from the salary of each employee and deposit it with the department. The employer has to file monthly or annual returns (Form 5 or Form 5A) with the department by the due date.
• Labour Compliance: Labour compliance refers to the adherence to various labour laws and regulations in India. These include the Minimum Wages Act, the Payment of Wages Act, the Payment of Bonus Act, the Maternity Benefit Act, the Shops and Establishments Act, the Contract Labour Act, the Industrial Disputes Act, the Factories Act, the Trade Unions Act, and others. Every employer who is covered by these laws has to comply with their provisions and file the required returns, registers, records, and notices with the concerned authorities by the due dates.

Why Choose Bass Biz?

Bass Biz is a leading business consulting firm that offers a wide range of services to help you with your annual compliance filing in India. We have a team of qualified and experienced professionals who can handle all your compliance needs with ease and efficiency. We can help you with:

• Registration and enrolment with the relevant authorities
• Preparation and filing of returns, reports, statements, and other documents
• Calculation and payment of taxes, dues, and contributions
• Maintenance and updation of records, registers, and books of accounts
• Representation and liaison with the authorities in case of queries, notices, audits, or inspections
• Advice and guidance on the latest updates and changes in the laws and regulations

Bass Biz is your one-stop solution for all your annual compliance filing in India. We offer quality services at affordable prices and ensure timely and hassle-free compliance. Contact us today and let us take care of your compliance worries.