Check by Department
Legal Compliance Checklist – Finance & Accounts
| Sr. No. | Legisltion Category | Statute | Legal Provision | Compliance | Applicability | Penal Provision | Required Forms |
|---|---|---|---|---|---|---|---|
| 1 | Taxation | Central Goods And Services Tax Act, 2017/Central Goods And Services Tax Rules, 2017 | Section 51 (3) (4), Rule-Not applicable | Ensure to provide a certificate within five days of crediting the amount so deducted to the Government mentioning the contract value, rate of deduction, amount deducted, amount paid to the Government | Every person deducting tax at source | Fine of INR 100 per day until the failure is rectified, maximum amount of INR 500. (Section 51 (4)) | NA |
| 2 | Taxation | Central Goods And Services Tax Act, 2017/Central Goods And Services Tax Rules, 2017 | Section 27 (1) read with Rule 13 (1) | File a application in Form GST REG-09 for a non-resident taxable person with a valid passport, at least five days prior to the commencement of business at the Common Portal either directly or through a Facilitation Center notified by the Commissioner | Every non-resident taxable person | Penalty of INR 10,000 or an amount equivalent to the tax evaded or the tax not deducted under section 51 or short deducted or deducted but not paid to the Government or tax not collected under section 52 or short collected or collected but not paid to the Government or input tax credit availed of or passed on or distributed irregularly, or the refund claimed fraudulently, whichever is higher. (Section 122 (1)) | GST REG-09 |
| 3 | Taxation | Income Tax Act, 1961/Income Tax Rules, 1962 | Section 44AB read with Rule 6G | Ensure to get financial accounts audited before 30th September | Every assessee carrying on business having turnover of more than Rs. 1 Crore or more in the previous year. | Penalty of one-half per cent of the total sales, turnover or gross receipts, as the case may be, in business, or of the gross receipts in profession, in such previous year or a sum of one lakh and fifty thousand rupees, whichever is less. (Section 271B) | NA |
| 4 | Taxation | Income Tax Act, 1961/Income Tax Rules, 1962 | Section 139 (5), Rule-Not applicable | Submit the revised return in Form ITR 6 to the Income Tax Authorities for the previous year before the expiry of one year from the end of relevant assessment year or before completion of assessment, whichever is earlier. | Every company, intents to revise its Income Tax Return, originally filed on or before due date. | Penalty of Rs. 5000/- along with interest for the period of default on the tax on total income as mentioned in Section 234A. [Section 271F] | ITR 6 |
| 5 | EXIM | Foreign Exchange Management Act, 1999/Foreign Exchange Management (Borrowing and Lending in Rupees) Regulations, 2000 | Section 6 (3), 47 (2) read with Rule 5 (1) (v) (B) | File with the nearest office of the Reserve Bank, not later than 30 days from the date of issue of Non-convertible Debentures (NCDs), Full details of the remittances received namely; (a) a list of containing Names and Addresses of NRIs and the number of Non-convertible Debentures (NCDs) issued to each of them, on repartition and/or non-repartition basis; and (b) Certificate from Company Secretary stating that all the provisions of the Act, rules and regulations in regard to issue of Non-convertible Debentures have been duly complied. | Every company incorporated in India on issuing of Non-convertible Debentures | Fine upto thrice the sum involved, if the amount is quantifiable or upto Rs. 2, 00, 000/- if the amount is not quantifiable; 2. In case of continuance of contravention Fine upto Rs. 5, 000/- for every day (Section 13(1)) | NA |
| 6 | EXIM | Foreign Exchange Management Act, 1999/Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 | Section 6 (3), 47 (2) read with Rule 21 (2) (iii) | Ensure to issue Foreign Currency Exchangeable Bonds to a person resident outside India in accordance with and subject to the conditions specified in Schedule IV with the specific approval of the Reserve Bank | Every companies on issue of Foreign Currency Convertible Bonds Beyond USD 500 million | Fine upto thrice the sum involved, if the amount is quantifiable or upto Rs. 2, 00, 000/- if the amount is not quantifiable; 2. In case of continuance of contravention Fine upto Rs. 5, 000/- for every day (Section 13(1)) | Schedule IV |
| 7 | EXIM | Foreign Trade (Development And Regulation) Act, 1992/Foreign Trade (Regulation) Rules, 1993 And Foreign Trade Policy, 2009-2014, Foreign Trade Procedures, 2009-2014 | Section 19 read with Rule Para 2.10 (Procedure) | File an application to the Regional Authority for grant of Authorisation for import and export of items restricted in ITC (HS) classification. | Every person intending to Import or Export items restricted under ITC (HS) classification | Fine upto Rs. 1,000/- or five times the value of the goods in respect of which any contravention is made or attempted to be made, whichever is more. (Section 8(2)) | Application Letter |
| 8 | EXIM | Foreign Trade (Development And Regulation) Act, 1992/Foreign Trade (Regulation) Rules, 1993 And Foreign Trade Policy, 2009-2014, Foreign Trade Procedures, 2009-2014 | Section 19 read with Rule Para 6.21 (Procedure) | Obtain annual permission from Customs Authorities for the purpose of taking out inputs and equipments (specified at Appendix 14 - I- J) to DTA farm subject to the following conditions:- 1. Supply of inputs by EOUs to contract farm(s) shall be subject to input- output norms approved by DGFT/BoA, 2. There shall be contract farming agreement between EOU and DTA farmer(s), and 3. Unit has been in existence for at least two years and engaged in export of agriculture/ horticulture/aquaculture products: otherwise it shall furnish bank guarantee equivalent to duty foregone on capital goods/ inputs proposed to be taken out to Deputy/Assistant Commissioner of customs/Central Excise, till unit complete two years. | Every EOU's engaged in the production/ processing of Agriculture/ Horticulture/ Aquaculture products | Fine upto Rs. 1,000/- or five times the value of the goods in respect of which any contravention is made or attempted to be made, whichever is more. (Section 8(2)) | Appendix 14 - I- J |