Home / Foreign Subsidiary Company Compliance
Updated on 25 Jan 2021 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
Latest News & Updates
- Jan 22,2021
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Deadline for filing income-tax returns (ITR) for FY 2019-20 (AY 2020-21)Jan 10th ,2021
Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for December 2020Jan 10th ,2021
Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for December 2020Jan 10th ,2021
Due date for Payment of TDS/ TCS for Oct 20- ITJan 10th ,2021
GSTR 1 for December 2020 (turnover more than INR. 1.50 Crore)Jan 11th ,2021
Monthly GSTR 6 for December 2020Jan 13th ,2021