Compliance Do’s
- Do Maintain Timely Filings
Submit all necessary returns, financial statements, and other filings with the relevant authorities on time to avoid penalties and ensure smooth operations. - Do Implement Strong Data Security Measures
Protect sensitive client and employee data in compliance with data protection laws to prevent breaches and safeguard your business reputation. - Do Conduct Regular Audits
Schedule statutory and internal audits to check compliance across departments and rectify any identified issues promptly. - Do Stay Updated on Legal Changes
Regularly track changes in laws and regulations, such as GST updates or labor law amendments, to ensure ongoing compliance. - Do Train Employees on Compliance
Provide training on compliance protocols, such as anti-corruption practices, data security, and workplace safety, to ensure awareness and accountability.
Compliance Don’ts
- Don’t Delay Tax Payments
Avoid late payments or filings of GST, TDS, and other taxes, as these can lead to financial penalties and interest charges. - Don’t Ignore Environmental Permits
Ensure that you hold and comply with required environmental permits. Non-compliance can lead to significant legal consequences. - Don’t Overlook Documentation
Maintain accurate and organized records of transactions, contracts, and employee data to streamline audits and reduce legal risks. - Don’t Neglect Anti-Bribery Policies
Implement a zero-tolerance policy on bribery and corruption, and ensure all employees understand its legal and reputational consequences.
Don’t Ignore Employee Benefits Compliance
Provide mandatory benefits like PF and ESI to employees, following labor law regulations, to maintain legal and ethical standards.