Accountra: Your One-Stop Business Support Partner

    At Accountra, we offer a comprehensive suite of business support services designed to simplify your operations, ensure compliance, and accelerate growth. Whether you're a startup, SME, or a growing enterprise, we provide end-to-end solutions tailored to your unique needs.

    Services

    Annual Compliance

    Ensuring Compliance. Empowering Growth.

    What is

    Annual compliances?

    Annual compliances for a business vary based on the type of entity (e.g., Private Limited Company, LLP, Partnership Firm, Sole Proprietorship, etc.) and the laws applicable in the country (like the Companies Act, Income Tax Act, GST, etc., in India). Here's a general list of annual compliances for businesses in India, focusing on Private Limited Companies, with notes for other entities where needed.

    WHAT WE DO?

    At Accountra, we simplify business compliance and operations by offering end-to-end solutions for entrepreneurs, startups, and growing companies. From registration to regular filings, we take care of everything so you can focus on your business growth.

    Our Core Services Include:
    • Accounting & Financial Compliances
    • Income Tax Compliances
    • GST Compliances
    • TDS/TCS Compliances
    • Company Law / ROC
    • Labour Law & Other Compliances
    • Industry-Specific & Additional Compliances
    • Bank Specific Compliances

    Accounting &Financial Compliances

    Bookkeeping & Accounting

    Who Must Comply : All Businesses
    Frequency : Ongoing

    Every business is required to record daily financial transactions including sales, purchases, expenses, and payments. Maintaining accurate records ensures smooth audits and legal compliance.

    Preparation of Financial Statements

    Who Must Comply : All Registered Entities (Pvt Ltd, LLP, etc.)
    Due : At Financial Year-End (March 31)

    Includes preparing the Balance Sheet, Profit & Loss Account, and Cash Flow Statements as per applicable accounting standards.

    E-Invoicing for B2B Transactions

    Applicability : Businesses with turnover over ₹5 Crores
    Due : Real-Time (Per Invoice)

    E-invoicing under GST is mandatory for B2B transactions. Invoices must be generated through the Invoice Registration Portal (IRP) and assigned a unique IRN and QR code.

    HSN Code Reporting in GSTR

    Applicability : All GST Registered Businesses
    Due : Monthly / Quarterly with GSTR-1

    HSN (Harmonized System of Nomenclature) codes must be reported for each item sold or purchased as per the prescribed limit. It helps in classifying goods/services for tax rates.

    Depreciation as per Income Tax Act

    Applicability : All audit-filing entities
    Due : At Year-End (While Finalizing Accounts)

    Businesses must calculate depreciation on fixed assets as per Income Tax Act rules, not Companies Act. This directly affects taxable profit and audit reporting.

    Asset Register Maintenance

    Applicability : Businesses liable for statutory or tax audit
    Due : Ongoing Throughout the Year

    Maintain a structured register of all fixed assets: acquisition date, cost, depreciation, location, and disposal. It’s a key internal and audit requirement.

    Reconciliation of Bank, TDS, GST & Ledger

    Applicability : All entities
    Due : Annually / Before Audit or Year-End

    Reconcile the balances of books with external records:

    • Bank statements
    • TDS as per 26AS
    • GST portal data
    • Ledger entries
    Important Annual Tasks for All GST Registered Businesses
    Reconcile GSTR-1, GSTR-3B, and GSTR-2B Make sure that the data filed in GSTR-1 (sales), GSTR-3B (summary + tax paid), and GSTR-2B (ITC available) is accurate and consistent. Any mismatch could trigger notices or rejection of Input Tax Credit (ITC).
    Match With Books of Accounts Verify that all invoices, purchases, sales, and returns in your accounting books match with the returns filed on the GST portal. Discrepancies can cause audit issues or financial misreporting.
    Ensure HSN Codes Are Correctly Reported Review and correct the HSN (Harmonized System of Nomenclature) codes used in your invoices. These codes classify goods/services and are mandatory for GST compliance especially based on turnover.
    Track Ineligible ITC and Reverse Accordingly Identify ineligible Input Tax Credit (such as personal expenses, blocked credits) and reverse them as per GST rules. Avoid claiming credits on ineligible items to prevent penalties.
    Respond to GST Notices Promptly (e.g., DRC-01) If you receive a notice like DRC-01 (demand for tax/penalty), respond within the given timeline. Delays or non-responses can lead to automatic orders and recovery actions.
    Maintain Records for 6 Years As per GST rules, businesses must safely store invoices, returns, audit files, ledgers, and related records for at least 6 years from the date of filing. These may be required during departmental audits or assessments.

    Income Tax Compliances (Annual & Quarterly)

    Annual Compliance
    Tax Audit (if applicable)
    If your business turnover exceeds the specified threshold limit under Section 44AB of the Income Tax Act (currently ₹1 crore for businesses, ₹50 lakh for professionals, unless opting for presumptive taxation), a Tax Audit is mandatory. A Chartered Accountant will audit your books and issue a report in Form 3CA/3CB & 3CD.
    Tax Audit (if applicable)
    If your business turnover exceeds the specified threshold limit under Section 44AB of the Income Tax Act (currently ₹1 crore for businesses, ₹50 lakh for professionals, unless opting for presumptive taxation), a Tax Audit is mandatory. A Chartered Accountant will audit your books and issue a report in Form 3CA/3CB & 3CD.
    Due Date : 30th September of the Assessment Year
    Annual Compliance
    ITR Filing – Income Tax Return (Companies)
    Every company — whether it earns profit or not — is required to file an Income Tax Return annually using Form ITR-6 (for companies other than those claiming exemption under Section 11). This includes disclosure of income, deductions, tax payable, and TDS claimed.
    Due Date : 31st October of the Assessment Year (after tax audit)
    ITR Filing – Income Tax Return (Companies)
    Every company — whether it earns profit or not — is required to file an Income Tax Return annually using Form ITR-6 (for companies other than those claiming exemption under Section 11). This includes disclosure of income, deductions, tax payable, and TDS claimed.
    Due Date : 31st October of the Assessment Year (after tax audit)
    Annual Compliance
    TDS Return Filing (Quarterly)
    If your company deducts tax at source on salaries, contractors, rent, professional fees, or other payments, it must file quarterly TDS returns. Returns include details of deductees, amount paid, and tax deducted (Form 24Q, 26Q, etc.).
    TDS Return Filing (Quarterly)
    If your company deducts tax at source on salaries, contractors, rent, professional fees, or other payments, it must file quarterly TDS returns. Returns include details of deductees, amount paid, and tax deducted (Form 24Q, 26Q, etc.).
    Due Date :
    Q1 (Apr–Jun) : 31st July
    Q2 (Jul–Sep) : 31st October
    Q3 (Oct–Dec) : 31st January
    Q4 (Jan–Mar) : 31st May

    Taxation Annual Compliances

    A. Income Tax Compliances

    PAN & TAN Registration

    Applicability : All Businesses
    Due : At time of registration

    PAN is mandatory for all businesses. TAN is required if your business deducts TDS or collects TCS.

    Advance Tax Payment

    Applicability : Businesses with annual tax liability > ₹10,000
    Due Dates : 15 June, 15 Sept, 15 Dec, 15 Mar

    Advance tax must be paid in 4 installments across the year to avoid interest.

    Income Tax Return (ITR) Filing

    Applicability : All Businesses
    Due Dates : 31 July, 31 October (if audit required)

    ITR must be filed annually based on the business’s income and deductions.

    Tax Audit Report (Form 3CD & 3CA/3CB)

    Applicability : Turnover > ₹1 Cr, OR ₹10 Cr with 95%+ digital transactions
    Due Dates : 30th September

    A Chartered Accountant must certify the tax audit report under Section 44AB.

    Form 26AS Reconciliation

    Applicability : All Businesses
    Due : Before filing ITR

    Ensure that the TDS/TCS amounts in Form 26AS match your books before return submission.

    GST Compliances

    1
    GSTR-1 – Monthly Sales Return

    Every registered business must report its outward supplies (sales) through GSTR-1. This return captures invoice-wise sales data for the month.

    Due Date : 11th of the next month
    2
    GSTR-3B – Monthly Summary Return

    A simplified monthly summary of total sales, purchases, tax liability, and input tax credit (ITC). Payment of GST is done through this return

    Due Date : 20th of the next month
    3
    GSTR-9 – Annual GST Return

    A comprehensive annual return containing a summary of all monthly/quarterly GSTRs filed during the financial year. Required for regular taxpayers.

    Due Date : 31st December of the following financial year
    4
    GSTR-9C – GST Audit Report (If Applicable)

    Applicable to taxpayers with an annual turnover exceeding ₹5 Crores, this return includes audited financial statements and reconciliation with filed returns.

    Due Date : 31st December (same as GSTR-9)
    5
    Monthly/Quarterly GST Returns
    Applicability : All GST registered businesses
    Due Dates : GSTR-1: 11th of the next month, GSTR-3B: 20th of the next month

    GSTR-1 reports sales; GSTR-3B is a summary with tax payment.

    5
    Annual GST Return (GSTR-9)
    Applicability : Businesses with turnover > ₹2 Cr
    Due Dates : 31st December (of next FY)

    Consolidated annual return based on all monthly/quarterly filings.

    Monthly GST Compliances (Regular Taxpayers)

    GSTR-1

    What it is : Return showing details of outward supplies (i.e., your monthly sales).
    Due Date : 11th of the next month
    Who files it : All regular GST taxpayers, whether filing monthly or quarterly.

    GSTR-3B

    What it is : A summary return showing your total sales, purchases, and tax payment for the month.
    Due Date : 20th of the next month
    (or 22nd/24th depending on your state under QRMP scheme)
    Who files it : All regular GST taxpayers.

    PMT-06 (Challan Payment)

    What it is : A payment form used by taxpayers under QRMP (Quarterly Return Monthly Payment) scheme.
    Due Date : By 25th of the next month (for the first two months of the quarter)
    Who files it : Only QRMP scheme taxpayers.

    GSTR-2B

    What it is : Auto-generated ITC (Input Tax Credit) statement to help with reconciliation.
    Generated On : 14th of every month
    Who files it : All businesses to reconcile ITC before filing GSTR-3B.

    IFF (Invoice Furnishing Facility)

    What it is : Optional facility to upload B2B sales invoices monthly if you' re under QRMP.
    Generated On : 13th of the next month
    Who files it : QRMP taxpayers who have B2B outward supplies to report monthly.
    Quarterly GST Compliances (if under QRMP Scheme)
    Annual GST Compliances
    Compliances for Composition Scheme Dealers