Overview of Compliance Activities in CompliCheck
There are numerous compliances under several legislations that companies are required to comply with. Some of these compliances are critical, and some are not so critical. Here is a quick overview of how the compliance activities are categorized in CompliCheck:
1. Statutory Payments
Statutory payments include various payments that are required to be submitted by employers. There is a due date for making these payments, and typically there is a fine or interest for the delay in remitting the payments. These are the most critical compliances, and most companies usually comply as there is plenty of awareness around this compliance. The computation of the amount to be deducted or deposited is properly documented, and most ERP or Payroll systems compute the amount. Tracking these compliances is free in CompliCheck. These types of compliances require documentary evidence.
2. Filing/Returns
Returns or filing challans is a way to notify the authorities that various payments and related responsibilities have been met by the employers. These are also very important as there are penalties, fines, and other penal provisions. CompliCheck treats these as high-priority compliances. Similar to the statutory payments, the awareness of these compliances is also very high or may be slightly less than statutory payments. Tracking these compliances is free in CompliCheck. These types of compliances require documentary evidence.
3. Registrations/Licensing
These include obtaining timely registrations/licenses to commence work, timely renewal, and closure/cancellation in the event of closure of business or establishment. These are very critical compliances, and due to lower awareness, they carry the highest risk to the companies. These carry fines (many of these fines compound over time) and other penalties. For authorities that bully organizations, these are treated as the lowest hanging fruit. Companies that comply with these without fail need not fear the authorities and can carry out business fearlessly. You can track these compliances in Starter Edition onwards. Soon these compliances will be a separate module in CompliCheck. These types of compliances require documentary evidence.
4. Display/Notices
These compliances include various notifications and displays. These are more common in labor compliances and mainly for manufacturing companies or medium to large size companies. The priority is high, but it is typically a one-time compliance that needs to be done once and then monitored regularly. You can track these compliances in Advance Edition onwards. These types of compliances typically do not mandate documentary evidence.
5. Records/Registers
Another set of compliances more commonly part of the labor laws (though other compliances also involve these types of compliances) require employers to maintain proper documentation as per the government guidelines through various legislations. The priority of these is medium as these registers are to be maintained by the employers and are sometimes required to be produced. These types of compliances mandate documentary evidence.
6. Policy/Procedures
These are more common in labor laws, building laws, and the environment, which involve instructions or statutory guidelines. These are not critical compliances in terms of maintaining any documents or record-keeping, but companies are required to follow these guidelines to stay compliant. These consist of ongoing guidelines like maintaining infrastructure, due procedures, timelines of salary disbursement, ensuring the well-being of the workforce, etc. Documentary evidence is typically not required as these are mainly procedural guidelines. These are available for Advanced and Enterprise Editions.
From India, Delhi
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11There are numerous compliances under several legislations that companies are required to comply with. Some of these compliances are critical, and some are not so critical. Here is a quick overview of how the compliance activities are categorized in CompliCheck:
1. Statutory Payments
Statutory payments include various payments that are required to be submitted by employers. There is a due date for making these payments, and typically there is a fine or interest for the delay in remitting the payments. These are the most critical compliances, and most companies usually comply as there is plenty of awareness around this compliance. The computation of the amount to be deducted or deposited is properly documented, and most ERP or Payroll systems compute the amount. Tracking these compliances is free in CompliCheck. These types of compliances require documentary evidence.
2. Filing/Returns
Returns or filing challans is a way to notify the authorities that various payments and related responsibilities have been met by the employers. These are also very important as there are penalties, fines, and other penal provisions. CompliCheck treats these as high-priority compliances. Similar to the statutory payments, the awareness of these compliances is also very high or may be slightly less than statutory payments. Tracking these compliances is free in CompliCheck. These types of compliances require documentary evidence.
3. Registrations/Licensing
These include obtaining timely registrations/licenses to commence work, timely renewal, and closure/cancellation in the event of closure of business or establishment. These are very critical compliances, and due to lower awareness, they carry the highest risk to the companies. These carry fines (many of these fines compound over time) and other penalties. For authorities that bully organizations, these are treated as the lowest hanging fruit. Companies that comply with these without fail need not fear the authorities and can carry out business fearlessly. You can track these compliances in Starter Edition onwards. Soon these compliances will be a separate module in CompliCheck. These types of compliances require documentary evidence.
4. Display/Notices
These compliances include various notifications and displays. These are more common in labor compliances and mainly for manufacturing companies or medium to large size companies. The priority is high, but it is typically a one-time compliance that needs to be done once and then monitored regularly. You can track these compliances in Advance Edition onwards. These types of compliances typically do not mandate documentary evidence.
5. Records/Registers
Another set of compliances more commonly part of the labor laws (though other compliances also involve these types of compliances) require employers to maintain proper documentation as per the government guidelines through various legislations. The priority of these is medium as these registers are to be maintained by the employers and are sometimes required to be produced. These types of compliances mandate documentary evidence.
6. Policy/Procedures
These are more common in labor laws, building laws, and the environment, which involve instructions or statutory guidelines. These are not critical compliances in terms of maintaining any documents or record-keeping, but companies are required to follow these guidelines to stay compliant. These consist of ongoing guidelines like maintaining infrastructure, due procedures, timelines of salary disbursement, ensuring the well-being of the workforce, etc. Documentary evidence is typically not required as these are mainly procedural guidelines. These are available for Advanced and Enterprise Editions.
From India, Delhi
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Labr laws for Vendor compliance Management.pdf
Statutory Compliance of a Industrial or Commercial Unit.xls