Introduction:
In the dynamic landscape of business in India, staying compliant with regulatory requirements is essential for the smooth functioning and sustainability of corporations. The corporate compliance calendar serves as a roadmap, guiding businesses through the labyrinth of legal obligations and ensuring adherence to the evolving regulatory framework. In this blog, we outline a comprehensive corporate compliance calendar for the year 2024 in India, empowering businesses to proactively manage their legal obligations.
January to March:
- Annual Return Filing: Corporations are required to file their annual returns with the Ministry of Corporate Affairs (MCA) within 60 days from the Annual General Meeting (AGM). Ensuring accurate and timely submission of financial statements and annual returns is critical to maintaining compliance.
- Board Meetings: Schedule and conduct board meetings as per regulatory requirements. Companies are typically required to hold at least four board meetings in a calendar year, ensuring strategic decisions are made in a transparent and documented manner.
April to June:
- Income Tax Return Filing: Corporations should file their income tax returns by the specified due dates. Timely compliance with income tax regulations is crucial to avoid penalties and legal complications.
- GST Return Filing: Ensure the prompt filing of Goods and Services Tax (GST) returns for the previous financial year. Timely submission helps in maintaining a clean compliance record and avoids interest and penalties.
July to September:
- Half-Yearly Compliance Report: Prepare and submit the half-yearly compliance report to the Board, summarizing the status of compliance with various regulations. This helps in identifying any gaps and taking corrective measures.
- Employee Provident Fund (EPF) Return: Submit the EPF return for the preceding financial year. Compliance with EPF regulations is crucial for the well-being of employees and organizational credibility.
October to December:
- Annual General Meeting (AGM): Conduct the AGM within six months of the end of the financial year. During the AGM, crucial decisions, such as the approval of financial statements, appointment of auditors, and dividend declaration, are made.
- Audit Committee Meetings: Ensure timely conduct of audit committee meetings to review financial statements and internal audit reports. This fosters transparency and helps in identifying and addressing financial irregularities.
Throughout the Year:
- Compliance Updates: Stay abreast of changes in the regulatory landscape. Regularly monitor updates from regulatory bodies and adjust compliance strategies accordingly.
- Internal Audits: Conduct periodic internal audits to identify and rectify any compliance gaps. This proactive approach helps in preventing legal issues and ensures a robust compliance framework.
