These are some of the common monthly compliance requirements that startups need to adhere to. However, the compliance requirements may vary depending on the specific business and industry. It’s advisable to consult with an experienced professional or a compliance expert to ensure that the startup is complying with all the necessary requirements.
The monthly compliance requirements for a startup can vary depending on the industry, size, and location of the business. However, here are some common monthly compliance requirements that startups may need to adhere to:
Monthly Compliances a Startup Needs:
1. Goods and Services Tax (GST)
2. Employee Provident Fund (EPF)
3. Professional Tax
5. Income Tax
6. Statutory Audits
1. Goods and Services Tax (GST): If the startup is registered under the GST regime, it needs to file monthly GST returns, including GSTR-1, GSTR-3B, and GSTR-9/9C, as per the prescribed due dates.
2. Employee Provident Fund (EPF): Startups that have more than 20 employees need to deduct and deposit their employees’ provident fund contributions on a monthly basis. They also need to file monthly returns for EPF, including ECR (Electronic Challan cum Return), on the EPF portal.
3. Professional Tax: Some states in India require businesses to register and pay professional tax on a monthly basis. The tax amount varies depending on the state and the salary of the employees.
4. TDS/TCS: Startups that are liable to deduct tax at source (TDS) or collect tax at source (TCS) need to deposit the tax amount to the government and file monthly TDS/TCS returns, as per the due dates.
5. Income Tax: Startups that are liable to pay advance tax or self-assessment tax need to deposit the tax amount on a monthly basis. They also need to file monthly tax returns, such as Form 26AS and Form 16, as per the prescribed due dates.
6. Statutory Audits: Some startups are required to conduct statutory audits on a monthly basis. For instance, startups that are registered under the Limited Liability Partnership (LLP) Act or the Companies Act need to conduct monthly audits of their accounts.