Foreign Subsidiary Company (FSC) Compliance
An FSC is obliged to file all the prescribed annual compliances by the due date to evade any legality or penalty.
Digital Filings can help you in…:
Comprehending all the compliance requirements
Drafting books of accounts, including Balance Sheet and Profit & Loss Account
Educating about the related Penalties / Legalities
Supporting in proficiently complying to the defined guidelines
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Understanding the Compliance for a Foreign Subsidiary Company
As per Section 2 (42) of Company’s Act, 2013 an FSC is a corporate body incorporated outside Indian Territory but has an operational commercial place in India for managing its business activities through an agency, franchise, or by other means. Just like other business models, an FSC also needs to follow the taxation structure for a trouble free regulation of business activities. The regulations for an FSC are, however, additional and different as compared to an Indian Subsidiary.
FSC Compliance is regulated according to Income Tax Act, Foreign Exchange Management Act (FEMA), and Companies Act where the FSC is obliged to file annual Income Tax Return (ITR) with Income Tax Department, Annual Return with Ministry of Corporate Affairs (MCA) and other compliances with Security and Exchange Board of India (SEBI).
Apart from the above discussed compliances, an FSC also needs to file for:
- Tax Deducted at Source (TDS),
- Goods and Services Tax (GST),
- Value Added Tax (VAT),
- Service Tax, and
- Employees’ State Insurance (ESI).
The returns to be filed by an FSC depends on several factors, including the nature of a company, state where the company has been incorporated, sales turnover, Industry and number of employees working with the FSC.
Major FSC Annual Compliances
Annual returns and annual ITRs must be filed by an FSC on or before 30th September of every financial year.
ESI registration is required once an FSC employs over 10 workers. An ESI registered FSC must file its ESI on time.
An FSC with GST registration is required to file monthly, quarterly, or annual GST returns as per the set guidelines.
An FSC with Tax Deduction & Collection Account Number (TAN) must deduct and file TDS returns as per the TDS rules.
Service Tax or VAT Returns
An FSC with service tax or VAT registration must file the respective returns. Service tax returns are due after every six months (half yearly) while due date for VAT returns differs from state to state.
We are Glad to Help!
Staying Compliant Annual Regulated Compliances is important for an FSC for smooth operations in India while saving any financial and commercial downfalls due to not following the set compliance guidelines.
Do Not Worry!
Compliance Experts @ Digital Filings can proficiently assist an FSC in managing and filing all the relevant compliances and returns, enabling business owners to focus on business critical tasks.
- Annual Return Filing and ITR Filing for FSC with Annual Turnover of Less Than INR 10 Lacs
- Proficient Secretarial Services and Compliance Management Support
- (Above price includes all taxes and relevant government fees.)
- Annual Return Filing and ITR Filing for FSC with Annual Turnover of Less Than INR 50 Lacs Proficient Secretarial Services and Compliance Management Support (Above price includes all taxes and relevant government fees.)
- Annual Return Filing and ITR Filing for FSC with Annual Turnover of Less Than INR 100 Lacs Proficient Secretarial Services and Compliance Management Support (Above price includes all taxes and relevant government fees.)
How we Do It…
Annual return filing for an FSC is more complicated and rigid as compared in case of a domestic subsidiary. Experts @ Digital Filings can assist FSCs in efficiently managing and filing their annual compliances to avoid penalties and punishments.
Get Ready for Compliance
All the necessary and relevant information about an FSC, including nature of business, state of incorporation, and financial performance will be seamlessly compiled by Digital Filings Experts. On the basis of the financial figures the Balance Sheet and Profit & Loss Account of the FSC will also be prepared by the Digital Filings team.
All Set with Documents
Important financial statements, including the Balance Sheet and Profit & Loss Account of the FSC will be flawlessly prepared by Financial Gurus @ Digital Filings and will be shared with the FSC’s Finance Department for verification purposes. The compliance expert will arrange the documents and compliance application in prescribed format to take the process further.
Filing with Concerned Authority
After acquiring thumbs up from Finance Department of the FSC, the compliance manager will file the annual return with the MCA. The entire process can be managed online as well by attaching respective digital signature of the authorized Director.
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