Statutory and Tax Audit

Statutory Compliance Filing Requirements and Due Dates

Statutory compliance filing requirements and due dates vary depending on the type, size, and location of the business, the nature, duration, and frequency of the employment, the income, expenses, and deductions of the business and the employees, and the laws and regulations of the central and state governments.

Some of the common statutory compliance filing requirements and due dates that are involved in a business are:

• Income Tax: This is the tax levied on the income of the business and the employees, as per the Income Tax Act, 1961. The income tax is deducted at source (TDS) by the business from the salary of the employees, and deposited to the government on a monthly or quarterly basis. The business also has to issue Form 16 to the employees, which is a certificate of TDS and income details. The business and the employees have to file their income tax returns (ITR) annually, and claim refunds or pay additional taxes, if any. The due dates for income tax filing are:
  • For businesses: July 31 or September 30 or November 30, depending on the type of business and audit requirement
  • For employees: July 31 or December 31, depending on the type of income and audit requirement
• Goods and Services Tax (GST): This is the tax levied on the supply of goods and services, as per the Goods and Services Tax Act, 2017. The GST is applicable to the businesses that are registered under the GST regime, and have a turnover of more than Rs. 20 lakhs (Rs. 10 lakhs for special category states) in a financial year. The GST is collected and paid by the businesses on a monthly or quarterly basis, and filed through the GST portal. The businesses also have to issue GST invoices and maintain GST records and registers. The due dates for GST filing are:
  • For monthly filing: 11th, 13th, and 20th of the next month, depending on the type of return and turnover
  • For quarterly filing: 18th and 23rd of the month following the quarter, depending on the type of return and turnover
• Employee Provident Fund (EPF): This is a social security scheme that provides retirement benefits to the employees, as per the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The EPF is applicable to the businesses that employ 20 or more employees, and have a basic salary of less than Rs. 15,000 per month. The EPF is contributed by both the business and the employee, at the rate of 12% of the basic salary each. The business also has to contribute 0.5% of the basic salary towards the Employees’ Deposit Linked Insurance (EDLI) scheme, and 0.65% of the basic salary towards the EPF administrative charges. The EPF is deposited to the EPF account of the employee on a monthly basis, and can be withdrawn or transferred by the employee, subject to certain conditions and rules. The due date for EPF filing is:
  • 15th of the next month
• Employee State Insurance (ESI): This is a social security scheme that provides medical and cash benefits to the employees and their dependents, in case of sickness, maternity, disability, or death, as per the Employees’ State Insurance Act, 1948. The ESI is applicable to the businesses that employ 10 or more employees, and have a gross salary of less than Rs. 21,000 per month. The ESI is contributed by both the business and the employee, at the rate of 3.25% and 0.75% of the gross salary respectively. The ESI is deposited to the ESI account of the employee on a monthly basis, and can be availed by the employee, subject to certain conditions and rules. The due date for ESI filing is:
  • 15th of the next month
• Labour Welfare Fund (LWF): This is a fund that provides various welfare benefits and facilities to the employees, such as education, health, housing, recreation, and social security, as per the respective state laws. The LWF is contributed by both the business and the employee, at the rate and frequency specified by the state government. The LWF is deposited to the state welfare board, and can be availed by the employee, subject to certain conditions and rules. The due date for LWF filing varies from state to state, and can be monthly, quarterly, half-yearly, or annual.
• Professional Tax: This is the tax levied on the profession, trade, or employment of the employees, as per the respective state laws. The professional tax is deducted by the business from the salary of the employees, and deposited to the state government on a monthly or annual basis. The professional tax rates and slabs vary from state to state, and are subject to a maximum limit of Rs. 2,500 per annum. The due date for professional tax filing varies from state to state, and can be monthly, quarterly, half-yearly, or annual.
• Labour Compliance: This is the compliance with various labor laws and regulations that govern the terms and conditions of employment, such as wages, hours, leaves, holidays, safety, health, welfare, dispute resolution, and social security, as per the central and state governments. The business has to register and obtain licenses, certificates, and registrations under various labor acts, such as the Factories Act, 1948, the Shops and Establishments Act, the Minimum Wages Act, 1948, the Payment of Wages Act, 1936, the Payment of Bonus Act, 1965, the Payment of Gratuity Act, 1972, the Maternity Benefit Act, 1961, the Contract Labour (Regulation and Abolition) Act, 1970, the Industrial Disputes Act, 1947, the Employees’ Compensation Act, 1923, the Trade Unions Act, 1926, the Equal Remuneration Act, 1976, the Child Labour (Prohibition and Regulation) Act, 1986, the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, and others. The business also has to maintain and update various registers, records, notices, and returns under these acts, and file them to the concerned authorities, as per the prescribed deadlines and formats. The due dates for labour compliance filing vary from act to act, and can be monthly, quarterly, half-yearly, or annual.

Why Choose BassBiz?

BassBiz is a leading business consulting firm that offers a wide range of statutory compliance filing services in India. BassBiz has a team of qualified and experienced financial consultants and chartered accountants who can handle all your statutory compliance filing needs with accuracy, efficiency, and professionalism. BassBiz can help you with:

• Registering and obtaining licenses, certificates, and registrations under various statutory acts
• Calculating and paying your taxes and other statutory deductions
• Filing and submitting your returns and reports under various statutory acts
• Maintaining and updating your records and documents under various statutory acts
• Complying with tax laws and regulations
• Complying with labor laws and regulations
• Complying with industry-specific laws and regulations
• Auditing and reviewing your statutory records and transactions
• Advising and consulting on your statutory issues and queries

BassBiz can also provide you with customized and flexible solutions that suit your specific business needs and goals. BassBiz can work with you on a monthly, quarterly, or annual basis, depending on your preference and requirement. BassBiz can also work with any statutory software or system that you use, or recommend and implement the best one for you.

BassBiz has a proven track record of delivering high-quality and cost-effective statutory compliance filing services to a diverse range of clients across various industries and sectors. BassBiz has helped many businesses to streamline their statutory processes, improve their statutory compliance, and achieve their statutory objectives.

Statutory compliance filing is a vital and complicated function for any business. However, it can also be simplified and optimized by outsourcing statutory compliance filing to BassBiz. BassBiz can take care of all your statutory tasks, while you can focus on your core business activities and opportunities. BassBiz can also provide you with valuable insights and guidance on your statutory matters, and help you grow and scale your business.

If you are looking for a trusted and competent partner for your Statutory Compliance Filing in India, look no further than BassBiz. Contact us today and let us show you how we can make a difference for your business.