LIST OF YEAR END STATUTORY OBLIGATIONS
~ by Rajesh
LAST DATE - 31-3-2015 (Tuesday)
1.Pay remaining Advance Tax for AY 2015-16.
2.File Income Tax Return for AY 2014-15 without penalty of Rs. 5,000/-.
3.File Income Tax Return for AY 2013-14 with penalty of Rs. 5,000/-.
4.File Wealth Tax Return of for AY 2013-14 & 2014-15.
5.Make investments in PPF, LIC etc (Sec 80C), pay Mediclaim Premium (80D) etc.
6.Banks to file Return of Interest upto Rs.10,000 without TDS for Mar 2015 quarter in Form No. 26QAA.
SERVICE TAX/ EXCISE
7.Pay Service Tax/Excise Duty for Month/Qtr Mar 2015.
COMPANIES ACT, 2013
8.Company to repay Deposits from Members & Relatives of Directors etc. taken before 1-4-14. Fine of 1-10 cr for Co & 25 lac - 2 cr for Officers in Default &/ jail upto 7 years
9.Company to reduce number of Directors to 15. Beyond 15 Directors, Special Resolution is required. Sec (149(1)).
10.Directors to reduce Number of Directorships to 10 in Public Cos & 20 in all cos u/s 165. Minimum Fine 5,000. Maximum Fine 25,000 per day from 2nd day of default.
11.Listed Cos & other Public Cos with Paid up Share capital of 100cr or more or Turnover of 300cr or more to have at least 1 Woman Director.
12.Audit Committee of a company existing before 1-4-2014 to be reconstituted by having minimum 3 directors, with independent directors forming a majority. Sec 177(3).
13.Listed Public Company to have at least one-third of the total number of directors as Independent Directors.
14.Auditor NOT to provide prescribed Non audit services like internal audit, accounting & book keeping etc. beyond 31st March, 2015. (Sec 144). Fine of 25000 to 5 lac on Auditor besides on Co & Officers in Default.
15.Large companies (Net worth of 500 cr or more or Turnover of 1000 cr or more or Net Profit of 500 cr or more during any financial year) to spend at least 2% of Average Net Profits during 3 immediately preceding financial years in CSR activities
16.File e-form CRA-2 (Notice of Appointment of Cost Auditor) without Penalty/Late Fee. MCA Circular 2/2015 of 11-2-15.
17.CAs comply with CPE hours requirement for Calendar Year 2014.
18.Pay Property Tax for 2014-15.
Note : Above list has been compiled merely to assist you in meeting your year end statutory responsibilities. Please check for any extensions, exclusions etc. While we have taken utmost care and caution in compiling it, you are requested to check the correctness etc of the same from independent sources. The sender, updation team and no other person can be held responsible for any inadvertent errors, mistakes or omissions, if any.