Log In Sign Up

As much as it is celebrated, entrepreneurship is by no means easy. Running a business always seems to be easy from the outside, but only an entrepreneur actually knows the amount of hard work that goes into it.

managing a business

Acquiring customers is never easy, irrespective of how good your product or service is. As an entrepreneur, there are numerous strategies that you have to figure out to build your business. Amidst all of this, it is understandable that you would overlook the tax and compliance part of managing a business. But of course, it goes without saying that you shouldn’t ignore this part of running a business. Hence, here are some tax and compliance tasks that every entrepreneur needs to be aware of.

GST registration and filing

The Goods and Services Tax (GST) is now into force and is applicable to all businesses in India. If you provide a service or sell a good, you are liable to charge GST on it. The GST rates vary from industry to industry. The requirement to file GST returns also depend upon the kind of business you are in. But whatever might be the case, you need to register for GST and file GST returns as per the government deadlines.

Filing business tax returns

You run a business to make a profit, which is the income of your business. You need to file business income tax returns showing the income and pay tax on it as well. Businesses are also required to pay advance tax every quarter. As an entrepreneur, you have to make sure you show the income your business is earning by filing tax returns for the same.

Filing ROC returns

Every company that is registered under the Companies Act 1956 is required to file annual returns to the Registrar of Companies. These ROC returns are basically returns of the company’s account that consist the company’s balance sheet, profit and loss account, annual return and compliance certificate.

Filing TDS returns

When a business makes a payment, it does so after deducting tax on the payment amount. This can be to salaries to employees or fees to consultants or payments made for any work done for the business. TDS is required to be deducted on the payment as per the applicable TDS rates. This deducted TDS has to be deposited with the government and TDS returns have to be filed for the same as well.

Maintaining books of accounts

It is important for a company to maintain books of accounts. Bookkeeping is useful to not only the business-owner but is also a required by the tax department and investors from time to time. You should maintain your accounts by keeping a proper tab on your incomes and expenses.

These are some of the tax and compliance related tasks that every business needs to do. Check out our range of services that will help you fulfill these tasks.

Need CA help with your personal & business taxes?

Get Cleartax Expert help to file your Income Tax notices, Business Taxes, Register New Business, GST Return Filing & more

Explore CA Services

All Articles

  1. In this article, you will learn how to remove company name from the MCA Database.
  2. In this article, we will discuss the eligibility for Startups in Tax exemptions.
  3. In this article, we will discuss how to convert an LLP into a Private Limited Company in India.
  4. In this article, we will discuss the different schemes under Micro, Small and Medium Enterprises (MSME).
  5. In this article, we will discuss how Limited Liability Partnerships (LLPs) can do their annual returns filing.
  6. In this article, we will discuss how an existing trademark can be altered.
  7. Let us see some of the essential things one must do in the first year of business.
  8. In this article, we discuss how to maintain books of accounts.
  9. In this article, we discuss Copyright and the license to use it in India.
  10. In this article, you will learn how to convert an OPC into a Private Limited Company.
  11. A name means a lot for a business. Make sure you avoid these eight common mistakes that people tend to make when selecting a business name.
  12. This article talks about the Copyright which is essentially a right not to copy someone’s work.
  13. In this article, you will learn about designated partners in LLP firms and how to add them.
  14. In this article, you will learn how to change an LLP Agreement and about the circumstances applicable to a change.
  15. In this article, you will learn about TDS (Tax Deducted at Source) in detail.
  16. The article in general discusses the types of business tax returns and their filing.
  17. This article talks about the changing objectives of a company
  18. Are you a startup looking to hook the biggest fish in the sea of prospective recruits? These tried-and tested startup recruitment secrets will surely help!
  19. This article in general talks about the importance of the Articles of Association.
  20. The article talks about the dissolving of a partnership firm
  21. This article discusses the key elements involved in changing a company's name
  22. This article will help you understand the importance of Intellectual Property and how you can protect it
  23. Three scenarios of removing a director from a company and the steps involved in doing so.
  24. Every startup, irrespective of the nature and size of operations, requires funds to convert its innovative ideas into reality. Here are the different stages of funding a startup might go through.
  25. The Companies Act, 2013 regulates appointment, qualification, remuneration, and retirement of directors of the company.Here are some important compliances.
  26. ISO is an independent organisation that provides standards in terms of quality, safety, and efficiency of products and services provided by businesses.
  27. Simplified procedure for winding up a Private Limited Company under Companies Act, 2013. There are four ways in which a private ltd company can be closed. Read More - ClearTax
  28. Annual Compliance Checklist for startups
  29. Entrepreneurs need to be very careful throughout their entire Startup journey right from its inception. Know the top 3 registrations mistakes that Startups should avoid.
  30. Many companies get confused over registration for service tax and VAT. This guide will help you choose the correct tax compliance.
  31. Annual Compliance Checklist for startups
  32. Finance forms life blood of any business. Beyond bank loans there are a lot of funding options which can be used for financing business needs at various stages. Learn about the various funding options here.