Get quick answers to essential regulatory questions regarding tax deadlines, filings, and auditing expectations.
Under current regulations, businesses providing services with an annual turnover exceeding $40,000 (depending on regional thresholds) and businesses selling goods exceeding $20,000 must register for GST. Special economic zones might follow alternative thresholds.
Statutory audits require audited balance sheets, profit and loss statements, cash flow statements, bank reconciliation statements, asset depreciation registers, vendor/customer ledgers, and proof of timely direct & indirect tax filings.
A Private Limited Company must file ROC compliance returns annually. The key files include AOC-4 (for financial statement filing) within 30 days of the AGM and MGT-7 (for annual return filing) within 60 days of the AGM.
To qualify for startup tax holiday benefits, the entity must be incorporated as a Private Limited Company or LLP, be certified by the local startup development board, and fall under the maximum corporate age limit of 10 years with turnover below threshold caps.
Missing corporate tax deadlines attracts interest penalties on outstanding tax liabilities, late filing fee levies, forfeiture of the ability to carry forward current year business losses, and potential prosecutorial audit checks from tax authorities.