Annual Compliance Readiness for Companies and LLPs
Reviewed: 25 October 2026 · Talwar Zone — Audit, Tax & Corporate Advisory Start with one reliable accounting record GST returns, tax statements, financial accounts and corporate filings should reconcile to the same underlying records. Maintain a calendar that identifies the entity, reporting period, filing, applicability, responsible person, supporting documents and verified due date. Keep statutory deadlines separate from additional-fee concessions. Complete the core reconciliations Sales and GST: Reconcile invoices, advances where relevant, credit/debit notes, export records and amendments with GSTR-1/1A and GSTR-3B. Purchases and ITC: Compare purchase records with GSTR-2B and relevant IMS actions. Also assess eligibility, blocked credits, reverse charge, reversals and time limits; appearance in GSTR-2B alone does not establish entitlement. Tax information: Reconcile applicable tax statements, AIS/TIS, deductions, collections and credits with books and challans. Investigate differences instead of treating every reported item as additional income. Micro and small suppliers: Identify eligible suppliers and track contractual and statutory payment dates. Review tax treatment and company reporting separately; MSME Form-1 is not a general LLP filing. Separate company and LLP governance Companies LLPs Board/member approvals, minutes and statutory registers appropriate to company category. LLP agreement, amendments, partner decisions and contribution records. AGM and financial-statement requirements, subject to exemptions and special rules. Annual Return in Form 11 and Statement of Account & Solvency in Form 8. AOC-4 and MGT-7/MGT-7A as applicable. Applicable partner/designated-partner changes and agreement filings. Auditor appointment and other event-based filings where triggered. LLP audit applicability assessed separately from tax audit. OPCs and other eligible categories have specific exemptions. Do not apply an ordinary company AGM or board-meeting checklist indiscriminately. Director KYC is no longer universally an annual exercise: MCA introduced a three-year cycle effective 31 March 2026. Changes and DIN status still require individual review. Assess audits and filing periods Company statutory audit, LLP audit and income-tax audit are separate requirements. For tax audit, assess turnover or receipts, cash conditions, presumptive provisions and the relevant period before deciding applicability. Crossing a single headline threshold is not a complete assessment. Income for FY 2025–26 is reported for AY 2026–27 under the Income-tax Act, 1961. Tax Year 2026–27 onwards falls under the Income-tax Act, 2025, subject to transition provisions. Use legacy forms for the periods to which they apply and the new forms for applicable 2026-framework compliances. Do not replace an AY 2026–27 audit report with a new-form report solely because it is filed in 2026. The official 2026 schedule maps tax-audit reporting to Form 26, salary TDS statements to Form 138, domestic non-salary TDS statements to Form 140, non-resident TDS statements to Form 144 and TCS statements to Form 143. Confirm the relevant period and category before using a form. Prepare the review pack Provide complete books, bank reconciliations, loan records, fixed-asset details, GST summaries, supplier records, prior filings and pending notices through an agreed secure channel. Audit & Tax Consultancy · Corporate & Financial Consulting · Request a Consultation Official references Income Tax Department: Transition FAQs Income Tax Department: 2026 form mapping and guidance MCA: Revised director KYC cycle MCA: Official portal GST: Official portal Scope note: Management remains responsible for records and approvals. Statutory audit, tax audit, secretarial certification and reserved attestations are performed by appropriately authorised professionals. This guide provides general information; a written engagement defines the assignment.
Trust and NGO Readiness: Tax Registration, Donor Approval, CSR and FCRA
Reviewed: 25 October 2026 · Talwar Zone — Trust & Non-Profit Advisory Treat each approval separately Trusts, societies and Section 8 companies should distinguish their legal constitution and governance; income-tax registration and donor-deduction approval; eligibility to implement corporate CSR projects; and permission to receive foreign contribution. One registration does not replace another, and none guarantees funding. Understand the income-tax transition Income for FY 2025–26 is reported for AY 2026–27 under the Income-tax Act, 1961. The new Act applies to Tax Year 2026–27 onwards. A filing made after 1 April 2026 is not automatically governed by the new Act merely because of its submission date. For applicable new-framework applications, section 332 addresses NPO registration and section 354 addresses donation-related approval. Form 105 is governed by Rule 181. The official form schedule maps provisional applications/orders to Forms 104/106, regular applications/orders to Forms 105/107, NPO audit to Form 112 and donation statements/certificates to Forms 113/114. Use the forms applicable to the relevant period and filing category. Review existing approval orders, expiry dates, commencement of activities, amendments and pending proceedings before selecting an application category. Do not assume all organisations need immediate re-registration. Check the governing documents Review charitable or religious objects, beneficiary provisions, investment and utilisation powers, trustee authority, conflicts, amendments and dissolution arrangements. Public charitable and religious endowments should not be described as generally governed by the Indian Trusts Act, 1882: its savings clause excludes those endowments. Applicable state law, registration law and the governing instrument need separate consideration. Record trustee and office changes appropriately. A registered supplemental deed is required where the applicable law and instrument require it; it is not a universal requirement for every administrative change. Prepare a filing-ready record set Founding instrument, registration records and amendments. Existing tax orders, applications and correspondence. Trustee or governing-body records and resolutions. Accounts, returns and applicable audit reports. Activity notes, programme expenditure and supporting evidence. Donation registers and applicable donor statements/certificates. Darpan and other portal details where required. Use a secure channel for identity records. Do not collect or publish unnecessary personal data. Check CSR eligibility Determine the implementing-agency category under the CSR Rules before treating CSR-1 as available. The three-year record of similar activities applies to the relevant independent-agency category, with different conditions for other categories. Eligible implementing agencies must complete the prescribed registration process. CSR-1 does not guarantee a grant; donors may assess governance, project budgets, outcomes and utilisation controls. Classify overseas receipts before acceptance Tax approval and CSR registration do not provide FCRA permission. Determine whether the proposed receipt is “foreign contribution” under FCRA, considering the source, donor status, nature of receipt and statutory exclusions. Where FCRA applies, review registration or prior permission, designated banking, permitted utilisation, accounting and reporting before acceptance. Avoid treating every overseas receipt as foreign contribution. Explore Trust & Non-Profit Advisory · Request a Consultation Official references Income Tax Department: Transition FAQs Income Tax Department: Forms 105 and 107 manual Income Tax Department: 2026 form mapping MCA: CSR FAQs MHA: Official FCRA portal Scope note: Eligibility, filing deadlines and professional certification depend on the organisation’s facts and applicable provisions. Registration and grant decisions remain with the relevant authority or donor. This guide is general information; a written engagement defines any assignment.
India Market Entry: FDI, FEMA and Business Readiness Checklist
A practical checklist for overseas businesses and NRIs assessing India entry, foreign investment, banking, tax and operating registrations.