Any information or documents kept in relation to the carrying on of a business become statutory records when they are created. This means that current information or documents can be inspected or requested in an information notice, subject to the normal rules for inspections and information notices.
Any non-business information or documents that are required to be kept and preserved become statutory records after the end of the accounting period to which they relate. This means that we do not have the right to inspect these records during the accounting period because the records will never fall within the definition of business documents. It is possible however that the records may be required in an information notice.
Statutory compliance Statutory means "of or related to statutes," or what we normally call laws or regulations. Compliance just means to comply with or adhere to. So statutory compliance means you are following the laws on a given issue. The term is most often used with organizations, who must follow lots of regulations. When they forget or refuse to follow some of those regulations, they are out of statutory compliance. A company that follows all the rules, is in statutory compliance. Many companies are out of statutory compliance, in part because the cost of following the rule is too high, and/or the consequence is too small to worry about.
Timely and efficient statutory compliance process means:
• Avoid legal implications & penalties
• Access to regional and local expertise
• Centralized error free data & documents that is readily available
• Professional support during inspections / audits
• Assured ethical practices with strict timeline adherence
• Achieve 100% compliance
Safeguarding the employees and the company from untoward risks by managing and consulting on issues.
With scores of labor law compliances required of Indian companies, organizations can spend a significant amount of time ensuring that they are compliant with all these provisions, with no guarantee of full compliance. These include but are not limited to the following regulations:
• Factories Act
• PF & Misc Provision Act
• ESI Act
• Minimum Wages Act
• Bonus Act
• Contract Labour Regulation and Abolition Act
• Professional Tax Act
• Shop and Establishment Act
• Labour Welfare Fund
• Maternity Benefit Act
• Payment of Wages Act
• Other Labour Regulations as applicable for the establishment
Advantages of keeping good records or case notes include:-
v Provide accurate records of the agency’s contact with the client and aid in continuity of case management between co-workers.
v Aid/jog memory as over time it can be difficult to recall the specifics of each case
v Lend credibility - particularly if one is called to give evidence of a particular fact or matter
v May add credence to a claim by a client - especially about sexual abuse or domestic violence incidents
v Protect the worker and the agency, particularly from later claims of negligence.
Disadvantages of keeping records include:
v Non-privileged records may be used against the client (e.g. in court cases)
v If it exists, file notes may disclose negligence on the part of the worker
v Clients may be loathe to seek assistance if they know that an agency maintains records which they fear may later be used against them or which they fear somehow may end up in the hands of a violent spouse or government agency.
Compliance is either a state of being in accordance with established guidelines or specifications, or the process of becoming so. Software, for example, may be developed in compliance with specifications created by a standards body, and then deployed by user organizations in compliance with a vendor's licensing agreement. The definition of compliance can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation.
Statutory Returns are filed under any of the following three situations:
Ø Immediately after incorporation of company
Ø Periodical (annual, half yearly, quarterly)
Ø On the occurrence of any particular event.
Due Dates for Statutory Payments
There are various types of taxes and compliance applicable on the different types of Assesses which are to be paid on time. Fail to meet the due date could result in financial loss and defaulter may be charged with hefty interest and penalty but remembering due dates of each statutory payment is a cumbersome task. However, the number of applicable compliance is lesser in case of individual assessee and higher in case of any other assessee.
A salaried person requires to memorize only single date i.e. 31st July i.e. the last date of filing of Income Tax Return. All the taxes on behalf of the salaried person is paid by his employer, he only needs to furnish the details of his tax savings investments for the year and rest of the work is done by his employer.
In case of any other type of assessee there are several compliance to fulfill. So here I have compiled the list of due dates of each month with the compliance needed to be met.
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