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5 Reasons to File Annual Returns for your Private Limited Company. Hope you have filed your Individual Tax Returns. The next step for us entrepreneurs, the future business leaders of India, is to get Annual Returns filed for our Company. A necessary evil, it is a statuary requirement and we are bound to follow it.
We would enumerate some of the advantages below for filing Company Compliances on time:
Why to file Company’s Tax Return on Time?
1- Peace of Mind: We have seen in our professional career that in 95% of cases, defaulters end up getting Tax Notices sooner or later (In some cases, notices are served as late as after 4 years). Hence it is a prudent practice to file Tax Returns on time.
2- Assistance in getting Loans: If you are looking for corporate loan, your Tax returns are the most important piece of documents Banks ask for. The better your Tax Record History, higher are the chances of getting loan.
3- Once a year exercise: You pay your returns once a year and can relax for next 12 months.
4- Mandatory for Companies: Proprietor-Partners of Firms/ Directors of Private Limited or LLP companies are liable to do annual compliances for their business and are liable in case of any default. If you are not doing any business in your registered firm, please close down the company rather than risking a notice later on
5- Balance Sheet: Get the pleasure of having Balance Sheet of your company in your hand and see the fruit of your labor!!!
Hope this blog was informative for you. Get further updates on not only Accounting/Book-Keeping/Government Compliances but also about all new rules and regulations/opportunities for fundswhich will be your industry specific
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