The Haryana Labour Welfare Fund
March 1, 2024
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Our position in a company’s yearly return filing procedure is critical. Usually, their duties consist of:
1-Preparing Financial Statements: We put up financial statements that give a thorough picture of the company’s financial performance and condition over the course of the year. These statements include the income statement, balance sheet, and cash flow statement.
2-Ensuring Compliance: we ensure that the financial statements comply with relevant accounting standards (such as Generally Accepted Accounting Principles or International Financial Reporting Standards) and regulatory requirements. Compliance with tax laws and reporting regulations is also a key aspect of annual return filing.
3-Calculating Taxes: We use the company’s financial data and the relevant tax regulations to determine the amount of tax liability. This involves figuring out the amount of income taxes that must be paid in addition to other taxes including payroll, property, and sales taxes.
4-Preparing Annual Return Documents: we prepare the necessary documentation for filing the annual return with relevant government agencies, such as the Securities and Exchange Commission (SEC) in the United States or Companies House in the United Kingdom. This may include completing forms, disclosing financial information, and submitting supporting documentation.
5-Reviewing Internal Controls: In order to guarantee the integrity, accuracy, and dependability of financial reporting, we examine the organization’s internal controls and accounting procedures. We might point out areas in need of improvement and suggest adjustments to fortify controls and reduce the likelihood of mistakes or fraud.
6-Communicating with Stakeholders: we communicate financial information and findings to key stakeholders, including company management, shareholders, regulatory authorities, and external auditors. we may also provide explanations or clarifications regarding financial performance and results.
7-Auditing Financial Statements: In some wees, we conduct or assist with external audits of the company’s financial statements to provide independent assurance on their accuracy and compliance with accounting standards. This involves examining financial records, verifying transactions, and testing internal controls.
The documents needed for annual return filing can vary depending on the legal and regulatory requirements of the jurisdiction where the company operates. However, here’s a general list of documents that are commonly required for annual return filing:
1-Financial Statements: This typically includes the income statement (profit and loss statement), balance sheet, and weh flow statement. These statements provide a snapshot of the company’s financial performance and position over the reporting period.
3-Shareholder’s Report: This report provides information to the company’s shareholders about the company’s financial performance, dividends, and other relevant matters.
5-Register of Members: A register containing details of the company’s shareholders, including their names, addresses, and the number of shares held.
7-Auditor’s Report: A report on the company’s financial statements from an independent auditor that guarantees their accuracy and adherence to accounting rules.
9-Corporate Governance Documents: Documents related to the company’s corporate governance practices, such as the company’s articles of association, code of conduct, and board committee charters.
11-Any other relevant documents: The supplementary documentation needed for the filing of the annual return may vary depending on the type of business and industry the firm operates in. Documents pertaining to regulatory compliance, industry-specific reports, and environmental disclosures may fall under this category.
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2-Director’s Report: A report prepared by the directors of the company that provides an overview of the company’s activities, performance, and achievements during the reporting period. It may also include information about future plans and strategies.
4-Minutes of Annual General Meeting (AGM): minutes of the annual general meeting (AGM), at which directors and shareholders convene to deliberate and approve issues including the appointment of auditors, the annual financial statements, and other business.
6-Register of Directors and Officers: A register containing details of the company’s directors and officers, including their names, addresses, and positions held.
8-Tax Returns and Filings: Depending on the jurisdiction, companies may need to provide copies of tax returns and other tax-related documents for the reporting period.
10-Statutory Registers: Registers containing information required by law, such as registers of members, directors, and charges.
It is imperative for organizations to confer with their legal and financial consultants to ascertain the precise documentation prerequisites for filing yearly returns within their respective industry and jurisdiction. If filing requirements are not met, there may be fines and legal repercussions.
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info@impactmanagement.co.in