Curious About Statutory Compliance? Let's Explore What It Is and How to Approach It

Dear All,

I want to know about the concept of Statutory Compliance. What is it? And how can we work on this? Please suggest.

Warm Regards,

Hi Amrita,

Statutory compliances are those that are required to maintain legal Acts. At the time of incorporation of any organization, it is necessary to register the same and keep a copy at the office premises to show in case of any inspection. It is also required to renew it at regular intervals. Shop and Establishment registration is also necessary.

If the company has reached 20 employees, it must register itself with the PF and ESI departments and comply with their rules, including the registration of new employees, submission of challans, submission of returns, and any other legal requirements related to these Acts. Maintenance of attendance register, salary register, leave register, and more are essential.

I hope this has given you some ideas on the subject. For further assistance, you can refer to any Labour Law book.

Regards,
Amit Seth.

Hello,

Statutory compliance is a vast subject, especially dealing with almost every aspect of an organization. Mere referring to a book will not help in terms of compliance management. Similarly, the language used in the books is highly legal and sometimes may not be understood in the right letter and spirit. It is essential to consult someone who is an expert in that particular field of regulation, for example, income tax, sales tax, factories act, provident fund, ESI, and so on. For a small-scale factory, as per a general survey, as many as 72 acts are applicable. Hence, along with the reference to books, also keep in touch with your local consultant.

Regards & best wishes,
abhirutu 🌟

Dear All,

I want to obtain a registration certificate under The Punjab Shops and Commercial Establishment Act 1958. From reliable sources, I have learned that in Punjab, there is an exemption for one year, i.e., from April 2010 to March 2011. Should I apply for the same or not? Additionally, do I need to inform the department that I have started a business of C & F? If so, please advise on which form I should use to inform the department. Also, if this action is delayed by 3 years, will there be any penalty that I have to pay?

Thank you.