Compliances

Save Share

This query is : Resolved

Somnath Kagade (Querist)

06 April 2012 Hello experts,

Can you please brief me What is a difference between Legal Compliances & Statutory Compliances.

Your view & suggestions will highly appreciated.

Thanks a lot in advance........

CS SKK

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

06 April 2012 Both have the same meaning. Both are different names for compliance with various laws.

Somnath Kagade

Somnath Kagade (Querist)

06 April 2012 Can we say all compliances of Direct & indirect taxations, Companies Act, 1956, industrial Acts, Factories Act - 1948, FEMA ACT, 1999 AND other specified acts which are applicable to the company-to-company differently as LEGAL COMPLIANCES.

because we follow the compliances and get it done within particular period of time and which are statutorily in nature e.g. Statutory Audit - Every year after end of Financial Year, Filing of Balance Sheet to the ROC - within 6 months from end of FY. Filing Form - FCGPR to RBI every year, filing of Tax Return when Tax Audit is done etc....

And i thought Compliances of Legal is not having specific time limit and not binding on the Company. It is as and when required basis... e.g. different kinds of legal Agreements, POA, Affidavits etc....

I am sorry, but m confused lil bit in this.... can you plz. brief with the help of some examples.

Thanks for guidance...

CS skk

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now