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CS Executive · Setting Up of Business, Industrial and Labour Laws · Identifying Laws applicable to various Industries and their Initial Compliances

Meghna Textiles Pvt Ltd, a company in Surat, is preparing its compliance calendar. Which of the following is the best reason for maintaining a compliance calendar?

A compliance calendar is an internal tool that lists recurring statutory filings with due dates and owners, so the company meets deadlines and avoids late fees and penalties. It does not replace actual filings, is not filed with any authority, and does not decide which laws apply.

  1. AIt replaces the need to file statutory returns if reminders are set
  2. BIt tracks due dates of recurring filings so that delays, additional fees and penalties can be avoidedCorrect
  3. CIt is a document that must be filed with the Registrar every year
  4. DIt allows the company to choose which laws apply to it

Explanation

A compliance calendar is an internal management tool listing statutory obligations with their due dates and responsible persons. Its purpose is timely compliance and avoiding late fees and penalties. It does not replace filings, is not filed with the Registrar, and cannot select applicable laws.

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