Company News

Indian companies that were incorporated under the Companies Act 1956 must file their annual return and audited accounts with the Registrar of Companies (ROC) every year. The annual forms that have to be filed with the Registrar of Companies, including a greater description of the particulars, are shown below.

Assessees who earn a taxable income must declare their total income earned by filing an income tax return form at the end of each financial year. For this process, the Income Tax Department of India has issued the following forms for filing income tax returns:

A new taxation scheme for the services sector that came into effect on July 1, 2012, states that both the service provider and the recipient of the service must now pay the requisite service taxes. Prior to this, the liability to pay such services tax was only born by either the service provider or the service recipient.

The Companies Act (1956), which regulates setting up and running companies in India, requires all classes of companies in India (irrespective of size or capital) to maintain a list of Statutory Registers.

One of the primary objectives of India’s Maternity Benefit Act (1961) is to maintain the health of a pregnant female employee and her child. The act applies to every factory, mine or plantation (including those belonging to government), and to every shop or establishment wherein 10 or more people are employed.

GAAR, introduced in the 2012-13 Budget with the aim to prevent tax evasion, has raised widespread concerns from foreign investors. Uncertainties in the investment environment brought up by the regulation have dampened the confidence of foreign investors in the market.

The Ministry of Corporate Affairs has extended the due date for filing e-forms 23AC (Non-XBRL) and 23ACA (Non XBRL) as per the new Schedule VI.

The government of India has recently decided to permit foreign airlines to buy stakes of up to 49 percent in local carriers. This has been a highly anticipated policy move that provides for potential support to India’s debt-laden airlines by opening up a fresh source of funding.

Reporting of the annual accounts and balance sheet for the financial year ending March 2012 can now be made in Schedule VI format, bringing Indian companies on par with global reporting standards.

All companies in India need to file their annual return by September 30, 2012 (November 30, 2012 for companies required to file a certificate on global transactions liable to transfer pricing) of the assessment year, stating income, expenses, taxes paid and taxes due for the previous year.