Business and work in India are turning into a real deal, especially after the digital age. The scope and areas of reach have increased manifolds and so has the skill sets and services provisions.

With digital age came the tide of entrepreneurs who are stepping into the market almost every other day. All are running from looking up to the new opportunities to grabbing them. It is officially a great time to do business work in the most official way possible.

With India’s market attaining its own level of growth, companies are required to follow certain rules and regulations as per to make sure they get and deliver the best of their potential. Maintaining the right level of compliance will surely be helpful but managing it and controlling it the way the law demands and requirements is not a piece of cake.

Digital compliance is something which has arrived to throw some light on the best ways of managing compliance. Supporting on every level of compliance, digital compliance management is the best option for everyone at present and in the future, who needs to make their business suitable as per the laws.

Compliance in earlier days

In 1956, the companies act was all about the relevant formation of companies, their documentation, organizational, financial, and managerial aspects being in form with the rules and regulations.

There were audits and investigations ordered for companies to find out their affairs in respective of their financial status and behaviours. As to the ones violating laws with a high level of mismanagement were held under the obligation of heavy fines and the fake and frauds were charged with sentences of prison.

Compliance as per the companies act 2013

Rolling onto the recent act, the regulatory compliances moved into depth making the verification and authentication of documents, having an official office place, security of employers and employees and incorporating responsibilities of a company and its dissolution.

There are a number of sections under this act determining the sections of security, payment, loans, behaviour, Punishment for Personation for Acquisition, etc. It sets out with the responsibility of the company’s registration, directors, and secretaries.

Regulatory and Statutory Compliances

Regulatory and statutory compliances as per the law of India refers to the legal formalities and rules to which a business needs to adhere to. Learning and understanding the legal implications and applications is what makes statutory compliance.

Statutory compliance includes the Companies Act, the Income Tax Act, PF and ESIC, and Service Tax. Different forms, taxes, and applications are present for these by the government.

Whereas regulatory compliances revolve around the Obtaining of Permanent Account Number (PAN), Tax Deduction Account (TAN), Import Export Code (IEC), Value Added Tax (VAT) (for business traders), Service Tax Registrations , Accounting and, Book-Keeping, 1956 Tax Audit, Annual ROC filings, Annual Income Tax Return filing, Quarterly filing of TDS returns, Monthly e-filing of VAT returns, Half yearly filing of Service Tax Returns, Maintaining of Statutory Registers, minutes books, holding Board Meetings, Annual General Meetings. From maintaining the HR compliance, payroll compliance, to corporate compliance, all these come under the management of compliance for business.

Adhering to these compliances are a regulatory act as for not being in line with these lands you into paying heavy penalties and if there are frauds and scams involved, imprisonment is also taken under the order. So to not just keep your business in order but to keep the customers coming and making the business free from the unwanted fines, digital compliance is used to fast forward the game and maintenance of compliance.

ComplyBook is the right choice for making the business work on the right track. It helps you manage compliance and also in providing expert advice from experienced persons. Either learn from the training sessions provided by them to have a skill set of your own and make your business the best in the eyes of laws and regulations.