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In India, accounting and compliance are crucial aspects of business operations. Adhering to these regulations ensures that companies operate legally and transparently. Here, we provide an overview of accounting and compliance requirements, along with a table of important documents and types of compliance.
✅ Indian companies must adhere to Indian Accounting Standards (Ind AS) for financial reporting.
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| Category | Document/Compliance Type | Description |
|---|---|---|
| Accounting | Balance Sheet | A financial statement showing the company’s assets, liabilities, and equity at a specific point in time. |
| Profit and Loss Account | A financial statement summarizing the company’s revenues and expenses over a period. | |
| Cash Flow Statement | A financial statement showing the inflows and outflows of cash during a period. | |
| Books of Accounts | Detailed records of all financial transactions, including sales, purchases, income, and expenses. | |
| Corporate Compliance | Annual Return | A yearly document filed with the MCA detailing the company’s financial status and compliance. |
| Financial Statements | Annual financial reports filed with regulatory authorities. | |
| Board Meeting Minutes | Records of the proceedings and decisions made during board meetings. | |
| Tax Compliance | GST Return | A tax return filed under the Goods and Services Tax regime. |
| Income Tax Return | A tax return filed annually with the Income Tax Department. | |
| Tax Audit Report | A report required for companies with turnover exceeding specified limits, ensuring compliance with tax laws. | |
| Labour Laws Compliance | EPF Return | A monthly return filed under the Employees’ Provident Fund scheme. |
| ESI Return | A periodic return filed under the Employees’ State Insurance scheme. | |
| Gratuity Records | Documentation related to the payment of gratuity to employees. | |
| Secretarial Compliance | Statutory Registers | Registers maintained for members, directors, charges, etc., as required by the Companies Act. |
| General Meeting Minutes | Records of the proceedings and resolutions passed during general meetings of the company. |
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It is compulsory to have proper legal documentation especially when starting and operating a business. Legal documentation helps establish the legal framework, rights, and responsibilities of the business and its stakeholders. At Startupfino legal professionals or business advisors ensure that you have the necessary legal documentation tailored to your specific business needs and local laws. This may include licenses, permits, certificates, safety manuals, environmental impact assessments, or industry-specific compliance documents.
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