Home / Foreign Subsidiary Company Compliance
Updated on 22 Oct 2020 9.00 AM IST | 4 min read
An Overview to Foreign Subsidiary Company Compliance
As per income tax act, companies act, transfer pricing guidelines & FEMA guidelines, every foreign subsidiary company needs to maintain compliance like a proprietorship,partnership firm, LLP or a company. Foreign subsidiary company compliance mainly includes filing of income tax return to the income tax department, filing of annual returns to the ministry of corporate affairs (MCA) and other filings to authorities like reserve bank of India (RBI) or Securities exchange board of India (SEBI).
Like other companies, foreign subsidiary company also needs to comply with TDS regulations, GST regulations, ESI regulations etc. The requirement of compliance varies depending upon the industry, state of incorporation, number of employees & sales turnover. It falls in the category of annual, public and event based compliances.
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Mandatory Compliances For a Foreign Subsidiary Company In India
Mandatory compliances for foreign subsidiary company in India are as follows -
Penalty For Non-Compliance foreign subsidiary company
In case of Non-compliance, foreign subsidiary company will be punishable with fine of not less than Rs.1 Lakh which may be extended to Rs.3 Lakh. In case of continuing offence, there is an additional fine of Rs.50000 every day. Every officer will also be punished with imprisonment for a term which may be extended to 6 months and a fine of Rs.25000 which may be extended to Rs.5 Lakh rupees or both.
Foreign Subsidiary Company Compliance FAQ’S
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GSTR 1 for September 2020 (turnover more than INR. 1.50 Crore) Oct 11th, 2020
Monthly GSTR 6 for September 2020 Oct 13th, 2020
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for September 2020 Oct 10th, 2020
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GSTR 5 (Non-Resident Foreign Taxpayers) Monthly Filing Due Date for September 2020 Oct 20th, 2020
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