Other Statutory Obligations

INCOME TAX
In case of TDS in respect of salaries and dividends, remittance of tax so deducted is to be made within 7 days of deduction of tax.

In case of Interest payments/Contract payments/Rent payments/Commission or Brokerage being credited to the account of the payee or paid, TDS is to be deducted and remitted within 7 days from the end of the month in which such credit or payment is made.

In case of salary, Certificate of deduction of tax is to be issued within 1 month from the end of the accounting year i.e. before 30 th April. In all other cases of TDS, certificate of deduction of tax is to be issued within one month from the end of the month in which deduction was made.

First Appeal with CIT Appeals, against Income tax order should be filed within 30 days from the receipt of the order.

TRANSACTIONS REQUIRING DEDUCTION OF TAX AT SOURCE:

1. Salary to employees exceeding non-taxable limit.
   


2. Interest payments exceeding Rs.5,000 per year (Where the payer is an individual or HUF(not having tax audit), no need to deduct tax for any amount)
   


3. Dividend payments
   


4. Payments to contractors or sub-contractors (Where the value of single contract exceeds Rs 20,000 or aggregate value for the year exceeds Rs.50,000)
   


5. Payment of rent exceeding Rs1,20,000 per year (Where the payer is an individual or HUF(not having tax audit), no TDS need be made)
   


6. Payments to the following persons for their services: (No TDS upto Rs.20,000)
   


1. Professional and technical services like auditors, architects etc. for their fees exceeding of Rs20,000
   


2. Advertising and broadcasting agency
   


3. Transport Contractors
   


4. Catering services


7. Payment of commission and brokerage exceeding Rs.2,500 for a year (Where the payer is an Individual or HUF (not having tax audit),no TDS need be made)
   


8. There are some more transactions requiring tax to be deducted under the Income tax Act.

COMPANIES ACT

1. Forms no.8/13 or17/13 should be filed with the ROC within 30 days of creation (for borrowals) or satisfaction (settlement of loans) of charges respectively
   


2. Form no 23 should be filed with ROC within 30 days of meeting in which a special resolution under the Companies Act is passed.
   


3. Form no 32 should be filed with ROC within 30 days in case of change in directorship of the company.
   


4. Three copies of Annual Accounts should be filed with ROC within 30 days from the end of the Annual General Meeting.
   


5. Annual Return in schedule V should be filed with ROC within 60 days from the end of the AGM.
   


6. Declaration of dividend must be notified to the stock exchange within 48 hours after the Board meeting wherein the dividend was recommended by the listed companies.
   


7. Appointment of managing director or wholetime director to be filed with ROC within 90 days of such appointment.

APPEALS
All appeals against the orders of the Central Excise department or Customs department are to be filed within 60 days of communication of the order to the assessee.

In case of Sales tax Orders, appeal against the orders have to be filed within 30 days of communication of the order.

In case of service tax orders, appeal against the orders have to be filed within 90 days of communication of the order.

NOTE:
While adequate care has been taken to include all important and routine statutory obligations of the businessmen in general, several obligations special to certain industry or concern not mentioned herein may have also to be fulfilled in respect of such business. It is suggested that this due date diary may be added with such obligations and made more suited to the needs of each business concern. It is also suggested that other business obligations which are not statutory may also be added so that a comprehensive business activity diary will be useful for running the business with better control and more efficiently.

Such areas are:

• Membership subscriptions to associations and chamber of commerce
  


• Annual payments to Export Promotion Councils
  


• Insurance
  


• Telephone bills
  


• Payment of Salary and Wages
  


• Payment of Gratuity Contributions
  


• Payment of Bonus and Incentives
  


• Payment of Electricity bills
  


• Municipal taxes
  


• Motor vehicle tax
  


• Local Clearances for Industries
  


• Renewal of Bank Credit limits
  


• Compliance of other labour law procedures
  


• Compliance of procedures of stock exchanges
  


• Routine vendor payments