Compliance Calendar, Due Date Report
Statutory laws and regulations are to streamline fair work and abolish any illegal or unethical workplace practices. Every organization must prioritize compliance, both to avoid legal questioning and to provide better welfare of the stakeholders and society. And in doing so, a Compliance Calendar keeps the organization alert of their responsibilities.
Table of Content:
Compliance Calendar- A Solution to Statutory Compliances
Business organizations use a tool called “Corporate Compliance Calendar”, which contains all due dates and submission dates mandatorily required to be followed by the organization to avoid any legal scrutiny by the law and maintain regulated functioning of the business.
Compliance Calendar usually contains important dates for the Income Tax Act, Goods & Services Tax Act, GST filling dates, Foreign Exchange Management Act compliances, etc. This Compliance Calendars also include employee compensation, provident fund, professional tax, gratuity & bonus, ESIC, and companies & LLP’s compliance fillings.
What is the use of a compliance calendar?
Compliance Calendar summarizes all the critical deadlines and dates relating to following all the statutory regulations, official permits and accreditations, industry obligation, and reports filling.
This calendar could also include matters of internal affairs to the organization like AGM, filling of minutes of the board meeting, statutory employee training, or quality inspection and ensuring proper compliance of the laws and rules put up by various business regulators and official organizations.
Who makes the calendar?
All the mandatory dates required to follow the regulations are provided by the regulators and controlling authorities in the acts and rule books, and any changes are notified to the stakeholders as they come.
Organizations are required to take actions as per their due diligence in keeping up with the changes and compliances with the law. Small to medium businesses usually outsource these compliances to legal advisors and professionals who complete this task on their behalf.
However, in a large business entity, there is often a designated legal department that takes care of all the legalities of the business. This legal department is then responsible for creating the corporate compliance calendar and coordinating with all the other departments like finance and HR to follow up with the legal requirements of various laws.
A brief list of statutory compliance
Here’s a brief list of Acts and Regulators that require statutory compliances in India.
∙ The Income Tax Act
∙ The Goods & Services Act
∙ Foreign Exchange Management Act
∙ SEBI (LORD)
∙ SEBI (Issue of Capital and Disclosure Requirements)
∙ SEBI (Buyback of Securities) Regulation
∙ Companies Act (ROC/MCA and LLP compliance) Regulations
∙ Employees’ wages
∙ Employee PF
∙ Employee Gratuity
∙ Employee Bonus
∙ Factories Act
∙ Contract Labour Act
This compliance calendar mainly includes the filing of specific documents and information like monthly, quarterly, half-yearly or annually submission of GST returns and payment, filling of company’s annual return or filling of incorporation of a company/LLP.
Compliance calendar also includes due dates of statutory reports and due dates of following specific regulations like SEBI (LORD) or SEBI (Issue or buyback of securities).
Statutory Compliance in HR (Human Resources)
In every organization, Human Resources or HR plays a treasured role; it determines the workforce, delegates responsibility, resources, and training for employees to achieve the mission, vision, and goals of that organization.
It is indeed a key department in any small or large enterprise. And this key department has some of the most controlled statutory requirements.
Since Human Resources are dealing with humans and not machines, they come under a rather broad structure frame of law. Here are some of the legal frameworks and laws in Human Resources or HR that requires designated statutory compliance:
∙ Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
∙ Employees Provident Fund (EPF)
∙ Employees State Insurance Corporation Act (ESIC)
∙ Professional Tax (PA)
∙ Labour Welfare Fund (LWF)
∙ Employees’ Deposit Linked Insurance Scheme (EDLI)
∙ Minimum Wage Act
∙ Payment of Wage Act
∙ Payment of Gratuity
∙ Equal Remuneration Act
∙ Payment of Bonus Act
∙ Maternity Benefit Act
∙ Employees Compensation Act
∙ Apprentice Act
∙ Contract Labour Regulation & Abolition (CLRA)
∙ Child Labour Prevention & Regulation
∙ Employment Exchange Act
Few Final Words
Statutory Requirements might seem futile, but like any other set of rules & regulations, statutory compliance serves a great purpose. It makes sure that no person, either government, company, or an employee, faces any hassle in their work.
These laws and regulations are to streamline fair work and abolish any illegal or unethical conduct at the place of work. Every organization must take this compliance as their priority while conducting business, both to avoid legal questioning and to provide better welfare of the stakeholders and society.
And in doing so, Compliance Calendar keeps the organization alert of their responsibilities.
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