Compliance

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Know about Compliance!

What are the four major areas of mandatory compliance that an Indian business must adhere to?

The four major areas of mandatory compliance are corporate/ROC (Registrar of Companies), income tax, GST (Goods and Services Tax), and payroll/labour laws.

What is the standard annual due date for filing Director KYC with the MCA?

The Annual verification of Director Identification Numbers (DINs), known as Director KYC, is due annually by September 30th.

How often must a registered business file its GST Returns and what do the two main forms (GSTR-1 and GSTR-3B) cover?

GST Returns must be filed monthly or quarterly. GSTR-1 details outward supplies (sales), and GSTR-3B is the summary return used for tax payment and declaring Input Tax Credit.

Which annual filing is mandatory for companies that have received Foreign Direct Investment (FDI) or made Overseas Direct Investment (ODI)?

Companies that have received FDI or made ODI must file the FLA Return (Foreign Liabilities and Assets) annually by July 15th.

Business Compliance in India: The All-in-One Guide

Business Compliance refers to adhering to the various legal, statutory, and regulatory requirements set by central and state governments. For any Indian business, mandatory compliance spans four major areas: corporate/ROC, income tax, GST, and payroll/labour laws. Maintaining timely statutory compliance is crucial to avoid penalties, legal action, and potential disqualification.

Corporate (MCA/ROC) Compliance

This involves filings with the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC) for companies and LLPs.

Compliance Type	Description
ROC Annual Filing	Submission of annual financial statements (AOC-4) and Annual Return (MGT-7/7A).
Director KYC	Annual verification of Director Identification Numbers (DINs).
Event-Based Filings	Reporting changes like appointment/resignation of Directors (DIR-12), change in Registered Office (INC-22), or share allotment (PAS-3).
Partnership Compliance	Annual filings for LLPs (Form 8 & Form 11).

Tax Compliance and Return Filing

This covers direct and indirect tax obligations managed through the Income Tax Department and the GST Council.

Compliance Type	Description
ITR Filing	Annual filing of Income Tax Returns (ITR-5 for companies/LLPs, ITR-3/4 for Proprietorships).
TDS Return Filing	Quarterly submission of Tax Deducted at Source on salaries (24Q), payments to contractors (26Q), and payments to non-residents (27Q).
GST Return Filing	Monthly or Quarterly filing of outward supplies (GSTR-1) and summary returns (GSTR-3B).
Professional Tax Return	Filing and payment of state-level tax on professions, trades, and callings.

Payroll and Labour Compliance

Essential for businesses with employees, ensuring social security and labour law adherence.

Compliance Type	Description
PF Return Filing	Monthly submission of Employees’ Provident Fund (EPF) contributions and returns.
ESI Return Filing	Monthly payment and half-yearly filing of Employees’ State Insurance contributions.
HR and Payroll Service	Comprehensive management of salary calculation, TDS deduction, and statutory compliance integration.

Industry-Specific and Other Mandatory Compliances

Compliance extends to sector-specific licenses and financial reporting.

Compliance Type	Description
FSSAI Filing/Renewal	Mandatory compliance for all Food Business Operators (FBOs).
FDI Filing with RBI	Reporting of Foreign Direct Investment (FDI) inflows, reporting of share transfers, and downstream investments.
FLA Return Filing	Annual filing for companies that have received FDI or made ODI (Overseas Direct Investment).
Business Plan	While not a legal compliance, a formalized document is crucial for audits and financial planning.

Your All-in-One Compliance Platform: FileMyFirm

Managing the volume and complexity of business compliance can divert valuable resources away from business growth. FileMyFirm offers an expert-led, all-in-one platform to seamlessly handle all your mandatory filings—MCA, GST, TDS, EPF, ESI, and Professional Tax. We ensure your business achieves 100% digital and secure statutory compliance with expert advice and timely filings.

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