Why is the "Taxation Compliance" important for a Startup?

What is Tax compliance?

It refers to fulfilling all tax obligations as specified by the law of the State freely and completely. Tax compliance means submitting a tax return within the stipulated period, correctly stating income and deductions, paying assessed taxes by the due date and paying levied taxes.

Why needed?

It is a regulatory obligation to pay taxes timely and as required by following a systematic process and attitude towards laws collected by the government on the net income of the company. There are different types of taxes that may become payable and are expected from the corporate to make payment of it, where failure upon it may attract fines and penalties imposed by the concerned authorities and departments. A well-crafted compliance module of the company helps in increasing the investments and potential growth of the company keeping in compliance with domestic and international laws as applicable in the case.

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