Hey Everyone,
Starting a business in Delhi is an exciting journey, but with it comes the responsibility of staying compliant with tax regulations. One of the most important aspects for startups is understanding the step-by-step process of tax compliance in Delhi, which ensures legal safety, avoids penalties, and builds credibility with stakeholders.
Here’s a simplified breakdown for startups:
Business Registration – The first step is registering your business entity under the right legal structure (proprietorship, partnership, LLP, or private limited company).
PAN & TAN Application – Apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) with the Income Tax Department.
GST Registration – If your annual turnover exceeds ₹20 lakhs (or ₹10 lakhs for NE states), GST registration is mandatory. A Consultant for GST Audit in India can help set this up correctly.
Bookkeeping & Invoicing – Maintain regular accounts and issue GST-compliant invoices. Accurate bookkeeping is crucial for tax filings.
Monthly/Quarterly GST Filing – File GSTR-1 and GSTR-3B returns regularly. Many startups prefer hiring a Consultant for Tax Compliance in Delhi to ensure timely and error-free filing.
Income Tax Filing – Depending on your business structure, file income tax returns annually. This also includes advance tax payments if applicable.
TDS Compliance – Deduct and deposit TDS where applicable, and file quarterly TDS returns.
Annual Audit & Returns – Depending on your turnover, a Consultant for GST Audit in India or a Tax Compliance Consultant in India may be needed for conducting annual audits and filing returns.
Being proactive with tax compliance not only prevents legal hassles but also positions your startup for smooth fundraising and scaling.
Best Regards,
Legal N Tax Consultants
(+91-9810957163)
