Private Limited Company Annual Compliances
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ANNUAL COMPLIANCES OF PRIVATE LIMITED COMPANY
WHAT ARE THE KEY COMPONENTS OF ANNUAL COMPLIANCES OF A PRIVATE LIMITED COMPANY?
A company is a separate legal corporate entity and is operated by legal rules and procedures given under the Companies Act 2013.
ROC is also known as Registrar of Companies under the Ministry of Corporate Affairs looks after the compliances of Companies under its jurisdiction. Every Pvt. Ltd. company irrespective of its size has to file returns and documents to comply with the legal requirements given in the Act and is known as ROC compliances.
Failing to comply with rules & guidelines can attract a hefty penalty on the company and their stakeholders
So Let’s get insights on what are the key components of annual compliances
Filing of DIR- 8
As per Section 164(2) of Company’s Act 2013 Every Director of the Company in each Financial Year will file with the Company disclosure and non-disqualification.
Filing of MBP-1
As per Section 184(1) of Company’s Act 2013 Every Director of the Company in First Meeting of the Board of Director in each Financial Year will disclose his interest in other entities under (Form MBP-1)
Filing of MGT-7
As per Section 92 of Company Act 2013, Every Company will file its E-form also known as Annual Return within 60 days of holding MGT-7 Annual General Meeting. Annual Return will be for the period 1 st April to 31st March.
Filing of AOC-4
As per Section 137 of Company Act 2013, Every Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in this form.
Preparation & Filing of Financial Statements along with Form AOC-4
Balance Sheet, Statement of Profit & Loss Account (Including Consolidated Financial Statement), Directors’ Report, Auditors’ Report, Cash Flow Statement and Notice of AGM.
Preparation of Director Report
As per Section 134 of Company Act 2013, Directors’ Report will be prepared by a mention of all the information required for Small Company.
Circulation of Financial Statement
As per Section 136 of Company Act 2013, Company will send to the members of the Company approved Financial Statement (including consolidated Financial Statement), Cash Flow Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting. (Except in case of AGM is called on Shorter Notice)
Scheduling of Annual General Meeting
As per Section 136 of Company Act 2013, Every Notice of Annual General Meeting will be prepared SS-II as per Section 101 of Companies Act 2013 and Secretarial Standard – II.
Scheduling Board Meetings
As Per Section 173 of Company Act 2013 & Secretarial Standard – I, Every Company shall hold a minimum number of FOUR meetings of its Board of Directors every year in such a manner that maximum gap between two meeting should not be more than 120 (One hundred twenty) days. The company should hold at least 1 (one) Board Meeting every quarter of the calendar year.
Filing of ADT-1
As per Section 139 of Company Act 2013, Every company needs to appoint of Auditor will be appointed for the 5 (Five) years and form ADT-1 will be filed for a 5-years appointment.
After that, every year in AGM shareholder will ratify the Auditor but there is no need to file ADT-1.
Preparation & Filing of Annual Return
As per Section 92 of Company Act 2013, Annual Return of Private Company (Except Small Company) should be signed by Company Secretary in Practice.
PROCESS OF TDS RETURN FILING
Provide Required Information and Documents over the mail
Choose Package and Pay online with different payments modes available
On placing the order, your task is assigned to one of our dedicated professional
Our professional will prepare books of accounts & financial statements of the company
Our professional will file ROC and Income Tax Returns
Deliver all the original compliance documents at your doorstep
Plans And Packages
Basic
Rs.5499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- (2 Indian Directors, 2 Shareholders and Authorised Capital of Rs. 1,00,000)
Standard
Rs. 7499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
Premium
Rs. 11499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
- Website**
- Online Payment Gateway
- (2 Indian Directors, 2 Shareholders, and Authorised Capital of Rs. 1,00,000)
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Frequently Asked Questions
Q. What are the consequences for not complying with the statutory compliances to a Director of the company?
If a director fails to comply with the statutory compliances straight for 3 years he/she shall be barred from being a director in any other company
Q. What are the documents which a private limited company needs to maintain as a part of statutory compliances?
As a part of statutory compliance It is mandatory to prepare 1) Statutory Registers 2) Minutes Book 3) Books of Accounts 4) Financial Statements 5) Register of Directors Attendance at Board/Committee Meetings
Q. What are the compliances with respect to statutory meetings?
One Annual General Meeting should necessarily be held in one calendar year & maximum gap cannot more than 15 months between 2 AGMs
Holding Board Meeting: First meeting within 30 days of incorporation. A Minimum of 2 meetings, one in each half calendar year. A minimum gap of 90 days is required between 2 meetings (ignore if more than 2 meetings held during the year)
Q. What are the compliances with respect to Income tax?
Following are the income tax compliances for a company
Calculation and Quarterly Payment of Advance Tax
Filing of Income Tax Returns (Tax will be payable at a flat rate of 30% plus Education Cess)
Tax Audit: Mandatory in case sales, turnover or gross receipts of a business exceed Rs. 1 Crore in the previous year relevant to the assessment year.
Filing of Tax Audit Report
Q. What could be the other compliances for private limited company apart from statutory compliances?
Apart from statutory compliances there could be following event based compliances:
Change in Authorized or Paid-up Share Capital of the Company.
Allotment of new shares Transfer of shares
Appointment or Change of Directors.
Appointment or Change of Auditors.
Loans are given to other Companies.
Loans to Directors (only if the company complies with Section 185)
Opening or closing of bank accounts or change in authorized signatories.
Creation or satisfaction of Charges.
Q. What are the consequences for not complying with the statutory compliances, rules, guidelines & procedures?
If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues. If there is a delay in any filing, then additional fees are required to be paid, which keeps on increasing as the time period of non-compliance increases. It should be noted that some of the Annual Filing Forms can also be revised but the fees for subsequently revised filing shall be charged, assuming it as a new filing.
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