Annual Business Compliances in Assam

Running a business in Assam, like any other region, comes with a set of regulatory requirements that must be fulfilled to ensure smooth operations and avoid legal complications. One of the key aspects of maintaining a compliant business is adhering to annual compliance requirements. These compliances are crucial for maintaining your business's good standing with the authorities and ensuring its long-term success. Here’s a comprehensive guide to the annual business compliances in Assam.

1. Annual Return Filing

Company Annual Return (Form MGT-7)

  • Every company registered in Assam must file an annual return with the Registrar of Companies (ROC) in Form MGT-7. This return includes details about the company’s directors, shareholders, registered office, and other relevant information.
  • Due Date: Within 60 days from the conclusion of the Annual General Meeting (AGM).

LLP Annual Return (Form 11)

  • Limited Liability Partnerships (LLPs) need to file an annual return in Form 11, detailing the partners and their contributions.
  • Due Date: May 30th of every year.

2. Financial Statements

Financial Statements (Form AOC-4)

  • Companies are required to file their financial statements, including the balance sheet, profit and loss account, and auditor’s report, in Form AOC-4.
  • Due Date: Within 30 days from the conclusion of the AGM.

3. Income Tax Return Filing

Corporate Tax Return

  • Every business entity must file an income tax return annually, reporting its income, expenses, and tax liability.
  • Due Date: September 30th of every year (for companies requiring audit).

LLP Tax Return

  • LLPs must file their income tax return based on their income, similar to companies.
  • Due Date: July 31st of every year (if audit is not required).

4. Goods and Services Tax (GST) Returns

Monthly/Quarterly Returns

  • Businesses registered under GST must file monthly or quarterly returns depending on their turnover. This includes GSTR-1 (outward supplies), GSTR-3B (summary return), and GSTR-9 (annual return).
  • Due Dates: 10th of every month (GSTR-1), 20th of every month (GSTR-3B), and December 31st (GSTR-9).

5. Other Mandatory Compliances

Director KYC (DIR-3 KYC)

  • Directors of companies must complete their KYC by filing Form DIR-3 KYC annually.
  • Due Date: April 30th of every year.

MSME Compliance

  • Businesses classified under Micro, Small, and Medium Enterprises (MSME) must file their returns detailing the outstanding payments to MSMEs.
  • Due Dates: October 31st and April 30th of every year.

6. Statutory Audit

Audit of Financial Statements

  • Companies and LLPs must have their financial statements audited by a qualified Chartered Accountant.
  • Due Date: Before filing the income tax return.

Conclusion

Adhering to annual business compliances is not just a legal obligation but also a crucial practice for the sustainable growth of your business in Assam. Staying compliant ensures that your business operates smoothly, avoids penalties, and builds trust with stakeholders.

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