Get expert assistance
in managing your business

Explore CA Services

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 knows the amount of hard work required to manage your business.

This article covers the following:

  1. GST registration and filing
  2. Filing business tax returns
  3. Filing ROC returns
  4. Filing TDS returns
  5. Maintaining books of accounts

manage your 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 manage 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 2013 or under earlier 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 of 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 account to manage your business

It is important for a company to maintain books of accounts. Bookkeeping is useful to not only the business-owner but is also 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 fulfil these tasks.

Get a CA
at affordable price
Get a CA

All Articles

  1. Payback period is the time needed to recover the initial cost of an investment. Project with the lowest payback period is usually selected. Read more here.
  2. Balance Of Payment is a statement which records the monetary transactions made between residents of a country and the rest of the world. Read more here.
  3. Registering on E-sewa portal provides a range of benefits. It helps the employer and employee to have a check on the various payments being made, balances available, withdraw PF balance and much more. Read here to know more. Open in Docs
  4. Related-party transactions are transactions that are always kept an eye on as these are between a company and its related entities. Know more about who these related entities are and what are the related party transactions here
  5. Registration process for newspapers, periodicals and other print publications in India.
  6. Appointment of Auditors of a company. Procedure for rotation of auditors and re-appointment of auditors as per Companies Act. Read this article to know more
  7. EPCG (Export Promotion Capital Goods) Scheme helps to import capital goods for manufacturing goods and to improve the competitiveness of India’s export. Learn more about EPCG here
  8. An Association of Persons (AOP) and a Body of Individuals (BOI) are two different arrangements of people. They are usually used interchangeably. Know the differences between the two here.
  9. Just-in-time also known as JIT is an inventory management method whereby labor, material and goods are managed based on demand. Read more about this concept here.
  10. A concise breakdown of the process and procedure for filing a patent application. Read this article to know more
  11. There may be times when you want to change the share structure of your company. A share transfer is a process of transferring existing shares. Read this article to know more
  12. When an undertaking is sold without considering the individual values of the assets or liabilities of the undertaking we can say Slump sale has taken place. To know more about it, read here.
  13. The Balanced Scorecard is useful to any organisation where strategy plays a key role. Most of the large organisations can reap the benefits of Balanced Scorecard.
  14. Directors with active Director identification number need to file an eForm DIR-3 KYC annually henceforth. This has to be compulsorily done by the 31st of August 2018. Read more about it here
  15. Transfer pricing is usually the price which is paid for goods or services transferred from one unit of an organization to its other units situated in different countries (with exceptions). To know more, read here.
  16. Insolvency and Bankruptcy Code, 2016 apply for insolvency, liquidation, voluntary liquidation or bankruptcy to LLP, Firms, Companies, individuals
  17. Secretarial Audit is an independent, objective assurance to add value, not been made mandatory for private companies, small public companies
  18. GeM : Government e-Marketplace
  19. Section 186 Companies Act requires unanimous approval of Board is required in all cases irrespective of amount of loan, investment, guarantee or security
  20. Under Companies Act independent director is a non-executive director who helps the company in improving corporate credibility & governance standards
  21. Corporate Social Responsibility CSR applies to every company having Net Worth > 500 Crore Turnover > 1000 Crore Net Profit > 5 Crore in previous FY
  22. EPF is a scheme to benefit employee during retirement. In the article we covered applicability, steps to EPF registration for employers, documents required
  23. All LLPs registered under Limited Liability Act, 2008 have to annually file two forms Form 11 & Form 8. What happens when form 11 is not filled? Read here.
  24. FSSAI registration14-digit registration or a license number which is printed on all the food packages based on the business volume and premises
  25. For APEDA registration, the applicant should submit the application form within 1 month from the date of undertaking the business.
  26. Bookkeeping is the first step towards building books of accounts of any company. It involves recognition of transactions, operation and being a source of documents for other similar events
  27. Payroll management refers to administration of a company’s employee’s financial records, details of employee’s salaries, incentives, bonuses, deductions
  28. CIN is used for finding the primary details of the companies which are registered within the country under MCA, Its used for identifying or tracking companies for several levels of information which ROC / MCA holds.
  29. Companies Act, 2013 requires every company to maintain at its registered head office office books of accounts and relevant documents and the financial statements for each FY that provides a true and fair picture of the company’s state of affairs. Find the list of books here.
  30. Apply for a digital signature certificate with steps by filling in the DSC Form and providing necessary documents and payment
  31. 3 steps on how to use a digital signature certificate to sign a PDF document digitally, Install DSC, open document to sign, now sign and save the document
  32. IEC ( Import Export Code ) license is an important prerequisite when you’re thinking of importing or exporting from India. Read this article to know more.
  33. In order to ensure hassle free services to employers and beneficiaries, ESIC portal provides wide range of services. Read on to know more about the portal
  34. Employees’ State Insurance Corporation (ESIC) is a statutory corporate body ,responsible for administration of ESI Scheme. Read on to know more about it.
  35. The ESI Scheme aims to provide hassle free services through its information and services portal. Read on to know the steps to make ESIC online payment.
  36. The process to be followed for applying for Renewal or Change in DSC or an expired DSC have been listed in this article
  37. While applying for the DSC, you are required to submit as proof, the listed DSC document requirement along with your DSC application form
  38. Our steps listed in the article will help you understand the process of how to register DSC on GST Portal.
  39. ESI stands for Employee State Insurance managed by the ESIC /Employee State Insurance Corporation. Learn more about it in this article.
  40. Learn all about NBFCs. How to incorporate them, and guidelines they must follow to ensure that their company can enjoy the benefits of the Companies Act.
  41. There are many government-sponsored schemes for MSMEs and the CGTMSE is one of them. Learn more about this scheme here...
  42. NSIC is working to aid, foster and promote the growth of MSMEs (micro, small and medium enterprises) all across the country. Learn more about it here...
  43. NCLT is a quasi-judicial authority incorporated for dealing with corporate disputes that are of civil nature arising under the Companies Act.
  44. In this article, you will learn how to remove company name from the MCA Database.
  45. In this article, we will discuss the eligibility for Startups in Tax exemptions.
  46. Convert your LLP / Limited Liability Partnership Firm to Private Limited Company / PLC in India. Know about the conversion procedure and documents required.
  47. In this article, we will discuss the different schemes launched by the Government's Ministry of Micro, Small and Medium Enterprises / MSME.
  48. In this article, we will discuss how Limited Liability Partnerships / LLP can do their annual returns filing. All registered firms have to fill Form 8 & 11.
  49. In this article, we will discuss how an existing trademark can be altered.
  50. Let us see some of the essential things one must do in the first year of business.
  51. In this article, we discuss how to maintain books of accounts.
  52. In this article, we discuss Copyright and the license to use it in India.
  53. In this article, you will learn how to convert an OPC into a Private Limited Company.
  54. 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.
  55. A digital signature certificate is a useful way of electronically signing documents. Find out how you can get a DSC and the documents required for it.
  56. This article talks about the Copyright which is essentially a right not to copy someone’s work.
  57. In this article, you will learn about designated partners in LLP firms and how to add them.
  58. In this article, you will learn how to change an LLP Agreement and about the circumstances applicable to a change.
  59. In this article, you will learn about TDS (Tax Deducted at Source) in detail.
  60. The article in general discusses types of business tax returns & filing. Know about Income Tax Audit & Presumptive Taxation for businesses & professionals.
  61. This article talks about the changing objectives of a company
  62. 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!
  63. Know about Articles of Association / AOA Format that represents the charter of the company. Know about all the objectives and clauses of the AOA.
  64. The article talks about the dissolving of a partnership firm
  65. This article discusses the key elements involved in changing a company's name
  66. This article will help you understand the importance of Intellectual Property and how you can protect it and know about Intellectual property rights.
  67. Three scenarios of removing a director from a company and the steps involved in doing so.
  68. 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.
  69. The Companies Act prescribes certain minimum compliances which are required to comply by every newly incorporated company. Like first board meeting, statutory auditor appointment, other necessary registrations
  70. ISO is an independent organisation that provides standards in terms of quality, safety, and efficiency of products and services provided by businesses.
  71. 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
  72. Annual Compliance Checklist for startups
  73. 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. For more details or need any expert assistance reach at enquiries@cleartax.in
  74. Many companies get confused over registration for service tax and VAT. This guide will help you choose the correct tax compliance.
  75. Annual Compliance Checklist for startups
  76. 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.