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What is the Annual Compliance for Private Company?
A Private Company is an entity enjoying a separate identity which requires maintaining its active status through the regular filing with MCA. For every company, it is compulsory to file an annual return and audited financial statements with MCA for every financial year. The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.
Both the forms are filed to report the activities and financial date for concerned Financial Year. The due dates for annual filing of a company are based on the date of the Annual General Meeting. The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors. Also, it has been observed that MCA has actively taken bold steps for dealing with any such failures.
List of Annual Compliance for Private Limited Company
A Detailed Overview Of Compliances For a Pvt Ltd Co.
The following are the mandatory compliance's that most companies have to fulfill. At RegisterKaro our expert chartered accountants, accounting and taxation professionals, and company secretaries will take care of all your compliance requirements. We offer the best-in-class legal consultation for your company. Our team will cover the following compliance requirements as mandated by the Ministry of Corporate Affairs and other departments of the Government
1. Facilitation of Meetings of Board of Directors:
The first meeting has to be conducted within 30 days of incorporating a business after which four meetings shall be held every quarter in a calendar year. There should not be more than 120 days between two consecutive meetings.
2. Preparation of the Minutes of Proceedings of Meeting:
Every company needs to file its minutes of the meetings and they shall be preserved permanently to add value in case of any dispute. The meeting minutes are to be maintained at the registered office.
3. Issuance of Share Certificates:
The company is required to issue share certificate to the subscribers of the memorandum within 60 days of incorporation.
4. Filing of Disclosures of Directors’ Interests and Declarations of Disqualification:
In the first board meeting, all the directors are required to make disclosures about their interests in other business entities.
5. Filing Declarations of Commencement of Business with the RoC:
This has to be done upon registration of the company. Form INC 20A mandatorily needs to be filed within 180 days of incorporation.
6. Facilitation of Annual General Meetings:
A company shall conduct at least one AGM each year. The first AGM shall be held within nine months from the closing of the first financial year of the company. In other cases, it shall be within six months from the closing of the financial year.
For example, if a company is incorporated on or before 31 December 2020, The AGM for the financial year 2022 should be conducted within 9 months from the year end i.e 30th September 2022. If the company is incorporated after this date then the AGM should be conducted within 9 months of the year end. A liberty given as its the first year of compliances for the company.
7. Filling Annual Return:
Every company is required to file its Annual Return with Registrar of Companies within 60 days of Annual General Meeting in E-Form MGT-7. A company having turnover of INR 50 Crore or more shall be certified by a Practicing CS in Form MGT-8.
8. Quarterly compliance:
Every company has to hold a minimum of four meetings of its board of directors, that is, at least one board meeting every quarter of the calendar year.
9. GST Filings:
At the least, a company that has obtained a GST Registration needs to file GSTR-1 and GSTR-3B every month. Also, GSTR-9 is a return that needs to be filed annually.
10. TDS Filings:
It is mandatory for every deductor to submit TDS return to the Income Tax Department of India in quarterly statements. Every detail of the returns has to be accurate and precise. Keeping up with the quarterly payments can be cumbersome and if not done on time, you may attract a huge penalty.
11. Payroll related Filings:
It is mandatory for companies for whom payroll related compliances like PF, ESI, PT etc is applicable to file monthly and quarterly returns.
Benefits of Annual Compliance
Raising Company’s Credibility
Compliance of law is the primary requirement for any business. The date of the company’s annual return filing displayed on the Master Data on MCA portal. Government tenders, loan approval or for similar other purposes, the regularity in compliance is a major criterion to measure the credibility of an organization.
Attract Investors
While pulling funds for a company from the investors, the investors demand all financial records and date before finalizing the proposal. The investors may either approach the company directly or can also check the financial records from the MCA portal. Investors also tend to favour the companies with regular compliance records.
Maintain Active Status and avoid penalties
Continuous failure in filing the return turns the company status to default and charges it with heavy penalties. The company may also be declared as defunct or removed from the RoC. The concerned directors are also disqualified and debarred from their further appointment. Since July 2018, an additional fee of ₹100 for each day of delay will be levied till the date of filing.
Documents required for Annual Filing of company
1. Appointment of Auditor ( within 15 days of Incorporation)
2. Annual ROC filing – Last Date ( 29th October 2022)
a) Annual returns
b) Financial statements
3. Annual general meeting (AGM)
4. Board Meetings
5. Reports of directors
6. Income tax – Last Date ( 7th November 2022)
7. Maintenance of records
8. Other compliances