Annual Compliances For Private Limited

Annual Compliances For Private Limited

Annual Compliances For Private Limited

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What is Annual Compliance for Private Limited Company?

Every Private limited company is required to maintain compliance as per Income Tax Act 1961, GST Compliances, and Companies Act 2013.,

Why we need to do annual compliance for Private Limited?

Annual Compliance for Private Limited Company

As every company have to intimate the department about the income and expenditure and information regarding shareholders, meetings etc and to make company free from non compliances. If we fail to do so then penalty is imposed not filing a companies annual return (Form MGT-7 and Form AOC-4) is Rs.200 per day. Thus, for a company that files its annual return 9 months after its due date, the penalty would be Rs.54,000 compared to a penalty of Rs.4800 applicable now.

What are the forms required to be filed for Annual Compliances?
Form AOC-4 for Financial statement and form MGT-7 for annual return are required to be filed for Annual compliance.

What is the Due date to file annual filing forms?
The Form AOC-4 for financial statement of the company need to file within 30 days from the date of AGM and form MGT-7 for annual return will be required to file within 60 days from the date of AGM.

Income Tax Return
₹ 5900
  • Package Includes
  • Income Tax Return
ROC Filing
₹ 11800
  • Package Includes
  • Roc Filing
ITR & ROC Filing
₹ 17700
  • Package Includes
  • Income Tax Return
  • Roc Filing
  • Compliance

Documents Required for Annual Compliances For Private Limited

  • Invoices of Purchases and Sales during the year
  • Invoices of expenses incurred during the year
  • Credit Card Statements if Expenses are incurred by Directors on behalf on Company
  • Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
  • Copy of GST returns filed (If Any)
  • Copy of TDS Challans Deposited (If Any)
  • Copy of TDS Returns filed (If Any)

Process Involved

Step 1

1

Documentation

Step 2

2

Finalization of Balance Sheet and Income Tax return

Step 3

3

Preparation of Notice, Board Resolution and Minutes of AGM

Step 4

4

Form ADT-1

Step 5

5

Form AOC-4

Step 6

6

Form MGT-7

FAQ'S
  • What is the Cost of Non compliance:?
  • The Companies Act, 2013 provides for penalty/fine or imprisonment either of the officer in default and/or the company. The Managing Director, Executive Director are the “officer in default”. If there is no executive director, all the directors are treated as “officer in default”. For the procedural lapses such as late filing of forms, additional filing fees are required to be paid.
  • what is the compliance related to Maintenance of Statutory Register & Minutes Book?
  • A number of registers are required to be maintained, such as? Register of Member, Register of Directors, Register of Contracts, Register of Charges, etc. The registers are required to be kept at the registered office of the company.
  • what is AGM?
  • This is a shareholders meeting that needs to be held every year. Approval of financial statements, declaration of dividends, appointment of auditors, etc. is the primary agenda for this meeting. AGM needs to be held in the city where the registered office of the company is situated.
  • compliance regarding Board Meetings?
  • At least four board meetings need to be held in a year and at least one meeting needs to be held every quarter. Presence of the directors is needed for the meeting. Quorum is 1/3rd or 2 Directors whichever is greater. The meetings need to be logged and the signed minutes need to be maintained at the Registered Office.
  • What is form RD1?
  • Form for filing application to Regional Director
  • What is GNL.1?
  • it is a Form for filing an application with Registrar of Companies