Indian

company /

subsidiary

of a

foreign

company

Liaison

Office

(LO)

Branch

Office

(BO)

Project

Office

(PO)

Penalty as per Income-tax law for failure to

maintain proper accounts: Rs.25000

Penalty as per Companies lawfor failure to hold

timely annual general meeting due to non-

finalization of accounts or non-completion of audit:

Upto Rs.50000 one-time plus Rs.2500 per day for

the period of default

Reporting of income earned during 2014-15, preparation and

filing of income-tax return with tax authorities. Where the

annual gross receipts / turnover exceeds certain monetary

limit (Rs.25 lakh in case of profession, or Rs.100 lakh in case

of business), a tax audit report is required to be obtained

separately from India Chartered Accountant firm

Concealment of income or furnishing inaccurate

particulars of income: Upto 3 times of tax sought to

be evaded

a) Where transfer pricing laws are applicable30 Nov

2015√ √ √

Failure to get accounts audited: 0.5% of turnover or

Rs.150000 whichever is less

b) Where transfer pricing laws are NOT applicable30 Sep

2015√ √ √

Failure to furnish return of income before 31 Mar

2016: Rs.5000

Annual reporting in Form

49C (for LO only)

LO is required to report its annual activities for 2014-15 in

Form 49C with the India tax authorities. The purpose of form

49C is akin to income-tax return in case of BO / company

30 May

2015√

Requirement of form 49C has come into existence

since last 4 years only. As such, no specific penal

consequence notified in law as of now for failure to

funish form 49C

A taxpayer is required to maintain specified documentation in

support of the proposition that prices charged in international

transactions / specified domestic transactions with associated

Compliance

√

Corporate Year-end Compliance Calendar for India Financial Year 2014-15

Corporate tax return / Tax

audit

Applicable for

Due datePotential penal consequences in case of

non-complianceDetails

Finalization of accounts

and completion of audit

The India accounts for 2014-15 are required to be finalized by

the company. Thereafter the same has to be audited, wherein

the statutory auditor reports by expressing an opinion on

whether the annual financial statements comply with the

accounting standards issued by the Institute of Chartered

Accountants of India (‘ICAI’)

30 Sep

2015√ √ √

transactions / specified domestic transactions with associated

enterprises are at arm’s length.

a) Furnishing of Chartered Accountant’s report in form 3CEB

to report international transactions / specified domestic

transactions with associated enterprises

30 Nov

2015√ √ √ √ Failure to furnish form 3CEB: Rs.100000

b) Obtain detailed transfer pricing report (legally applicable

only where value of transactions with associated enterprises

exceeds certain limit. However, in practice depending on

transactions undertaken during the year, may be required

even if the value of transactions is below the said limit, to

document the manner of arriving at arm’s length price)

30 Nov

2015√ √ √ √

Failure to maintain documents, report a transaction,

or furnishing incorrect information: 2% of the

transaction value

RBI Return (where a

company has foreign

investment)

Filing of annual statement of assets and liabilities for FY 2014-

15 with RBI. If the company's accounts are not audited by 15

July, the statement should be filed based on unaudited

results. In case there are revisions due to audit later, the

revised statement based on audited accounts is required to be

filed by end of Sep 2015.

15 Jul 2015 √

Annual Activity Certificate

(for LO / BO / PO)

LO / BO / PO has to obtain an Annual Activity

Certificate (‘AAC’) from the Auditor to certify that its activities

during the year were in accordance with the

terms and conditions of RBI. The AAC so obtained (along with

audited financials) has to be filed with statutory authorities

(RBI / Income-tax office / Director-General of Police)

30 Sep

2015√ √ √

Police Report (for LO / BO /

PO)

Certain information regarding the India BO / LO / PO and its

activities during the year has to be reported in a prescribed

format with RBI and Director-General of Police

30 Sep

2015√ √ √

Form FC-3 : LO / BO / PO has to file Form FC-3 with the

Registrar of Companies to report its annual accounts,

consolidated financials of parent company, & list of places of

business in India for 2014-15

30 Sep

2015√ √ √

Rs.100000 to Rs.300000 one-time plus Rs.50000

per day for the period of default

Filing of Form AOC-4 with Registrar of Companies (annual

report including balance sheet and profit and loss statement)

Within 30

days of

Annual

General

Meeting

√Rs.1000 per day for the period of default upto a

maximum of Rs.1000000

Filing of Form MGT-7 with Registrar of Companies (annual

return)

Within 60

days of

Annual

General

Meeting

√ Rs.50000 to Rs.500000 one-time

Notes:

Penalty for violation of RBI regulations / foreign

exchange management act: Upto Rs.200000 one-

time plus Rs.5000 per day for the period of default

iii. The calendar provides information of general nature and is not meant to be a substitute for professional advice in any manner.

ii. Due dates mentioned in the calendar are based on existing provisions of law. The fiscal year ending date for FY 2014-15 has been assumed as 31 March 2015

Companies law

i. The calendar captures only key annual compliance dates of audit, tax and regulatory requirements and does not include any situation / activity-based specific date.

Transfer Pricing

(transactions with

associated enterprises)