The document outlines several important tax and compliance tasks that business owners need to be aware of when managing their business. It discusses the need to register for and file Goods and Services Tax (GST) returns, file business income tax returns, file annual returns with the Registrar of Companies (ROC), file Tax Deducted at Source (TDS) returns, and maintain proper books of accounts. Neglecting these tax and compliance requirements can have adverse consequences, so the document advises business owners to be aware of and fulfill these obligations.

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IMPORTANT TAX AND COMPLIANCE
TASKS TO MANAGE YOUR BUSINESS
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2. There are many tax and compliance related tasks that
you might miss out when you manage your business.
Here is a list of tasks you need to be aware of. As
much as it is celebrated, entrepreneurship is by no
means easy. Running a business always seems to be
easy from the outside, but only an entrepreneur knows
the amount of hard work required to manage your
business. This article covers the following: Acquiring
customers is never easy, irrespective of how good your
product or service is. As an entrepreneur, there are
numerous strategies that you have to figure out to
manage your business. Amidst all of this, it is
understandable that you would overlook the tax and
compliance part of managing a business. But of
course, it goes without saying that you shouldn’t ignore
this part of running a business. Hence, here are some
tax and compliance tasks that every entrepreneur
needs to be aware of.
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3. GST REGISTRATION AND FILING
The Goods and Services Tax (GST) is now into force and is applicable
to all businesses in India. If you provide a service or sell a good, you
are liable to charge GST on it. The GST rates vary from industry to
industry. The requirement to file GST returns also depend upon the
kind of business you are in. But whatever might be the case, you need
to register for GST and file GST returns as per the government
deadlines.
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4. FILING BUSINESS TAX
RETURNS
You run a business to make a profit, which is the
income of your business. You need to file business
income tax returns showing the income and pay tax
on it as well. Businesses are also required to pay
advance tax every quarter. As an entrepreneur, you
have to make sure you show the income your
business is earning by filing tax returns for the same.
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5. FILING ROC RETURNS
Every company that is registered under the Companies Act 2013 or
under earlier Companies Act 1956 is required to file annual returns to
the Registrar of Companies.
These ROC returns are basically returns of the company’s account
that consist of the company’s balance sheet, profit and loss account,
annual return and compliance
certificate.
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6. FILING TDS RETURNS
When a business makes a payment, it does so after
deducting tax on the payment amount. This can be to
salaries to employees or fees to consultants or
payments made for any work done for the business.
TDS is required to be deducted on the payment as
per the applicable TDS rates. This deducted TDS has
to be deposited with the government and TDS returns
have to be filed for the same as well.
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7. MAINTAINING BOOKS OF ACCOUNT TO
MANAGE YOUR BUSINESS
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It is important for a company to maintain books of accounts. Bookkeeping is useful to not
only the business-owner but is also required by the tax department and investors from time
to time. You should maintain your accounts by keeping a proper tab on your incomes and
expenses. These are some of the tax and compliance related tasks that every business
needs to do. Check out our range of services that will help you fulfil these tasks.

8. THANK YOU
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