Deadline for Annual Audit and Compliance: September 30, 2012

All companies in India need to file their annual return by September 30, 2012 (November 30, 2012 for companies required to file a certificate on global transactions liable to transfer pricing) of the assessment year, stating income, expenses, taxes paid and taxes due for the previous year.

All incorporated companies, whether public or private, are required to undertake an annual audit of accounts. Audited financial reports along with the auditor’s report must be sent to the shareholders well before the Annual General Meeting (AGM) is held.

Company accounts must be submitted to the office of the concerned Registrar of Companies (ROC) annually within 30 days, following an AGM.

In India an AGM must be held once in every calendar year before September 30, with the gap between two AGMs not lasting more than 15 months. The main agenda points in any AGM include presentation of the annual accounts, and appointment of statutory auditors.

The Income Tax Act also stipulates that every person carrying out a business or profession in India and having sales revenue of INR 10 million are required to get their accounts audited by a chartered accountant. Applicability varies according to type of work.

Foreign representation entities—liaison offices, branch offices and project offices—have a legally limited scope of activity and as a result, their compliance requirements are significantly different from those for Indian setup entities.

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