Company Tax Compliance After Registration

Below are the key compliance requirements after company registration —

Obtain a trade license.
Obtain a TIN (Taxpayer Identification Number).
Open a company bank account.
Paid-up capital must be deposited into the company’s bank account from the directors’ bank accounts within a short time.
No unauthorized transactions should be made in the company’s bank account.
All transactions must be made through banking channels.
If office space is rented, a rental deed (agreement) must be executed.
Collect and preserve all bills and vouchers.
As per Income Tax Act, 2023 (Section 86 to 139), tax must be deducted at source (TDS) wherever applicable.
Deposit deducted tax at source to the government treasury within the prescribed time.
Advance income tax must be paid 4 times a year.
Withholding tax returns must be filed quarterly (every 3 months).
In April each year, a summary of employees’ income tax return submission proof must be filed with the withholding tax return.
In September each year, a summary of employees’ full salary details must be filed with the withholding tax return.
Prepare the company’s annual audit report.
File the company’s annual income tax return within the due date.
Attach all required documents with the company’s income tax return.
Comply with all notices and instructions issued by the tax office.

Practical Tips

Keeping all transactions through banking channels helps during audit and tax assessment.
Regularly keep digital copies of bills, vouchers, and agreements.
Consult with a tax professional regularly to handle notices or amendments efficiently.