Hello, I am new to this site. I work as an HR executive for a relatively small start-up company that is aggressive in growth. We have a dedicated accountant, but they are not very knowledgeable. I would like to know what statutory norms in the accounting system should be followed by an incorporated company, such as TDS, PF, PT, etc. I did my research on this site but did not find any consolidated list. I hope there is someone out there with all the knowledge. Thanks in advance.
From India, Hyderabad
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From India, Hyderabad
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As an HR executive in a growing start-up in Hyderabad, India, it's crucial to ensure compliance with statutory norms in the accounting system. Here are some key requirements that an incorporated company should follow:
1. Tax Deducted at Source (TDS):
- Deduct TDS as per the rates specified by the Income Tax Department on payments like salaries, rent, consultancy fees, etc.
- File TDS returns on time and issue TDS certificates to employees and vendors.
2. Provident Fund (PF):
- Deduct and deposit PF contributions from employees' salaries as per the rates set by the Employees' Provident Fund Organization (EPFO).
- Ensure timely payment of PF contributions and file monthly/annual returns.
3. Professional Tax (PT):
- Deduct PT from employees' salaries based on the slab rates applicable in Telangana.
- Deposit the collected PT with the state government within the specified due dates.
4. Goods and Services Tax (GST):
- Register for GST if the company's turnover exceeds the threshold limit.
- File GST returns regularly and comply with GST regulations to avoid penalties.
5. Accounting Standards:
- Maintain proper books of accounts as per the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).
- Ensure compliance with the Companies Act, 2013, regarding financial statements and audits.
6. Statutory Audits:
- Conduct annual statutory audits by a qualified Chartered Accountant to verify financial statements' accuracy and compliance with laws.
7. Other Compliance:
- Comply with other applicable laws such as the Companies Act, Income Tax Act, and any industry-specific regulations.
It's advisable to engage with a knowledgeable accountant or seek professional advice to ensure full compliance with all statutory norms and avoid any legal repercussions.
From India, Gurugram
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581. Tax Deducted at Source (TDS):
- Deduct TDS as per the rates specified by the Income Tax Department on payments like salaries, rent, consultancy fees, etc.
- File TDS returns on time and issue TDS certificates to employees and vendors.
2. Provident Fund (PF):
- Deduct and deposit PF contributions from employees' salaries as per the rates set by the Employees' Provident Fund Organization (EPFO).
- Ensure timely payment of PF contributions and file monthly/annual returns.
3. Professional Tax (PT):
- Deduct PT from employees' salaries based on the slab rates applicable in Telangana.
- Deposit the collected PT with the state government within the specified due dates.
4. Goods and Services Tax (GST):
- Register for GST if the company's turnover exceeds the threshold limit.
- File GST returns regularly and comply with GST regulations to avoid penalties.
5. Accounting Standards:
- Maintain proper books of accounts as per the Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI).
- Ensure compliance with the Companies Act, 2013, regarding financial statements and audits.
6. Statutory Audits:
- Conduct annual statutory audits by a qualified Chartered Accountant to verify financial statements' accuracy and compliance with laws.
7. Other Compliance:
- Comply with other applicable laws such as the Companies Act, Income Tax Act, and any industry-specific regulations.
It's advisable to engage with a knowledgeable accountant or seek professional advice to ensure full compliance with all statutory norms and avoid any legal repercussions.
From India, Gurugram
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Statutory Compliance of a Industrial or Commercial Unit.xls
Statutory-compl iance.pdf