Why Income Tax return need to file?
Income Tax return filling is legal requirement in India as per Income tax Act 1961 The following taxpayers are required to file a mandatory income tax return are listed below: * Any private, public, foreign, domestic company. * Any Limited Liability Partnership (LLP) and unlimited liability partnership. * Any total individual income is exceeding the exemption limit.
Why ROC Filings are required?
As every company have to intimate the ROC about the income and expenditure and information regarding its shareholders, meetings, any kind of change in the Company during the Financial year etc. and to make company free from non-compliances, ROC filings are must. If any Company fails to do so then a heavy penalty will be imposed for non-filing. The filling shows the proof of the existence of the company.
Why Audit is required?
An audit is important as it provides credibility to a set of financial statements and gives the shareholders confidence that the accounts are true and fair. It can also help to improve a company's internal controls and systems.
Why Minutes and Register record is required?
For an organization to function efficiently and adhere to the statutory requirements, it is essential to maintain certain records and registers. Maintaining such records and registers are important for fulfilling statutory requirements.
