Description
Annual Compliances Filing with ROC
Every Incorporated company in India must file annual returns with ROC every year. Filing Annual returns is a compulsion for all entity types, including private limited, limited company, one-person company, and section 8 company. Annual filing requires conducting an Annual General Meeting and filing annual accounts with ROC. Annual General Meeting is held within six months from the end of the financial year, i.e. 30th September every year. In the case of new companies, the first AGM should be held within 18 months from the date of incorporation or nine months from the close of the financial year, whichever is earlier. Companies Act 2013 mandates that your financial year should start on 1st April and end on 31st March.
A company must file three forms with ROC. MGT 7 contains details of the shareholding structure, change in directorship, and details of the transfer of shares during the year. AOC4 includes details and annexures relating to the Company’s Balance Sheet, Profit and Loss Account, Compliance Certificate, Registered Office Address, Register of Members, Shares and Debentures details, Debt details, and information about the Management of the Company. ADT 1 is filed for an auditor appointment.
Annual Compliances Filing with ROC
- Preparation & Filing of ADT 01 (The Auditor Appointment).
- Preparation of Bank Resolution For Current Bank Account.
- Preparation of Share certificate. (Up To Two Directors )
- Preparation and filing of Inc-20A (Declaration for commencement of business)
- Filing of MBP 01 (Disclosure of Interest by Directors).
- Filing of DIR – 08 (Disclosure of Non-Disqualification by Directors)
- Preparation of Notice and minutes of Board Meetings. (Quarterly)
- Preparation of Annual General Meeting & Extra-Ordinary General Meeting.
- Preparation of 7 required Statutory Registers.
- Preparation and Filing of Form AOC 04 (Financials, Related Annual Return).
- Preparation and filing of Form AOC 02 (Disclosure of particulars of contracts/arrangements entered into by the company with related parties)
- Preparation and filing of Form MGT 07 (Management Related Annual Return).
- Preparation and Filing of Form MGT 09 (Extract of Annual Return)
- Preparation and filing of Balance Sheet and P & L Accounts
- Preparation and filing of Audit Report, Director’s Report, and extract of Annual Returns.
- Filing of Income Tax Returns for Individual Directors. (Up To Two Directors)
- Filing of Income Tax Returns of the Company.
- Compliance Calendar
- Purchase the plan
- Share the documents/details as requested by us.
- We shall prepare the documents as required & get them signed by you.
- Prepare the form as applicable & file it.
- Bank Statement of the Company along with mentioning nature & party to whom paid or received (If not already audited & needs to be audited by us)
- Shareholders & Shareholding Details of the company. (Including any transfer of shares, if any)
- Bank Account Number & IFSC of All Active Bank Accounts.
- Resignation Letter From Previous Auditor & Challan of Form ADT-3, if any
- DSC Tokens of the Directors.
- Email and Contact Number of the Company
- Copy of MoA, AoA, COI
- Copy of board resolution
- List of shareholders with holdings
- Details of board composition
- Last year’s tax return
- Particulars of penalties or compounding offenses (if applicable)
This is an annual scheme, we have to file all the compliances within the government deadlines.
Annual Compliances Filing with ROC
MCA Compliance Details
Every registered entity must fulfill its compliance obligations at the end of each financial year. These typically encompass tasks such as auditing financial records, filing income tax returns, and submitting annual financial statements.
Company Compliance
| Form | Company Compliance | Due date | Penalty |
|---|---|---|---|
| COB Filing | Commence of Business Certificate | To be filed before 180 days of company Incorporation | Rs.50,000 for non-compliance |
| DIR 3 E-KYC | Any director with DIN | On or Before 30th September every year | Deactivation of the DIN A late filing fee of Rs.5,000 Disqualification of the Directors |
| Form ADT 1 | Appointment of auditor | Within 15 days from the date of appointment of the Auditor | Late fees will be applicable, with fees ranging from 2 to 12 times the nominal fee, depending on the number of days of delay. |
| Form AOC 4 | Filing financial statements of the company | 30 days from the conclusion of the AGM | Late fees will be applicable, with fees ranging from 2 to 12 times the nominal fee, depending on the number of days of delay. |
| Form MGT 7 | Annual Returns of the Company | 60 days from the conclusion of the AGM |
LLP Compliance
All Limited Liability Partnerships (LLP) registered in India are required to file statutory returns with the Ministry of Corporate Affairs (MCA) each year.
| Form | LLP Compliance | Due date | Penalty |
|---|---|---|---|
| DIR 3 KYC | For every designated partner of a limited liability partnership (LLP) with DIN | Before 30th September every year | Deactivation of the DIN A late filing fee of Rs.5,000 Disqualification of the Partners |
| Form 11 | Annual Returns | May 30th every year | Late fees will be applicable, ranging from 1 to 15 times the nominal fee for Small LLPs and 1 to 30 times the nominal fee for other than Small LLPs, depending on the number of days of delay. |
| Form 8 | Statements of Accounts and Solvency | 30th October every year |
Financial Year (FY) 2023-24
| Entity | Form | Due date |
|---|---|---|
| Private Limited Company | Annual Return (Form MGT-7) | 60 days from the conclusion of the AGM or 28th November 2024 (Which Ever is Earlier) |
| Financial Statements (Form AOC-4) | 29th October 2024 | |
| DIR-3 KYC | 30th September 2024 | |
| Form DPT-3 | 30th June 2024 | |
| Form ADT-1 | Within 15 days from the date of appointment of the Auditor | |
| ITR 6 (Non audit case) | 31st July 2024 | |
| ITR 6 (Audit Cases) | 31st October 2024 | |
| GSTR 9 | 31st Dec 2024 | |
| Limited Liability Partnership | ITR 5 (Non audit case) | 31st July 2024 |
| ITR Form 5 (Audit case) | 30th September 2024 | |
| Annual return – Form 11 | 30 May 2024 | |
| Financial Statements – Form 8 | 30 October 2024 |
In addition to the filings mentioned earlier, various compliance filings may be required based on the type of entity and the nature of business activities. It is advisable to consult with an EYC Advisor to ensure that your company meets all necessary compliance requirements at a very affordable price.
DEAR PROMOTERS/DIRECTOR OF PRIVATE LIMITED COMPANY
Heartiest Congratulations to you on the incorporation of your Company!!! We wish you all the luck in your future endeavors,
The company has to complete the compliance on a Monthly, Quarterly, and Annual basis.
First of all, as your company is newly incorporated, As per section 139(6) of The Companies Act, 2013. A company needs to Appoint. The First Auditor within 30 days from the company’s date of incorporation. A company must conduct its First Board Meeting and Appoint the First Auditor within 30 days from the company’s date of incorporation. The company needs to inform the ROC about the appointment of an auditor through form, the ADT 1 form. Appoint us to work for you and leave everything to us.
Exclusive proposal for newly incorporated companies. Package@ Rs. 15999/-For The F.Y Includes Statutory Compliance and Income Tax Compliance.
Annual Compliances Filing with ROC
Annual compliance for a private limited company in India is crucial to ensure the company operates within the legal framework established by the Ministry of Corporate Affairs (MCA) and other regulatory bodies. Here are the detailed and timely compliances that a private limited company must adhere to:
1. Annual General Meeting (AGM)
– Due Date: Within six months from the end of the financial year (by September 30th).
– Details: The AGM is mandatory where the financial statements are presented and approved by shareholders. The company must also discuss any other matters that require shareholders’ approval.
2. Board Meetings
– Due Date: At least four board meetings should be held in a year, with a maximum gap of 120 days between two consecutive meetings.
– Details: These meetings are essential for decision-making and must be properly recorded in minutes.
3. Financial Statements
– Due Date: To be prepared and filed with the Registrar of Companies (ROC) within 30 days from the date of AGM.
– Details: Includes the Balance Sheet, Profit & Loss Account, Cash Flow Statement, and notes to accounts. These documents must be signed by the directors and audited by a qualified auditor.
4. Filing of Financial Statements (Form AOC-4)
– Due Date: Within 30 days from the date of AGM.
– Details: This form must be filed with the ROC to submit the audited financial statements.
5. Annual Return (Form MGT-7)
– Due Date: Within 60 days from the date of AGM.
– Details: This return contains details about the company’s shareholders, directors, and changes during the financial year.
6. Director’s Report
– Due Date: Before the AGM.
– Details: The Director’s Report is prepared under Section 134 of the Companies Act, 2013, and includes the company’s financial performance, dividend recommendations, and other significant details. It must be signed by the chairman authorized by the board.
7. Form DIR-3 KYC
– Due Date: On or before 30th September every year.
– Details: Directors must submit their KYC details to the ROC. This includes personal details and proof of identity.
8. Form DPT-3
– Due Date: By 30th June every year.
– Details: This form is for the return of deposits and provides information about any money received by the company that is not considered deposits under the Companies Act.
9. Income Tax Return (ITR)
– Due Date: Typically by 30th September for companies that are not required to audit their accounts under any law; otherwise, by 30th November.
– Details: Filing of annual income tax returns is mandatory. This must include the company’s income, deductions, and tax payable.
10. Form ADT-1
– Due Date: Within 15 days of the appointment of the auditor.
– Details: Filing for the appointment of an auditor for a five-year term. This form must be filed for any new appointment or reappointment.
11. Tax Audit Report (if applicable)
– Due Date: 30th September for non-audited accounts; otherwise, 31st October.
– Details: For companies with a turnover exceeding specified limits, a tax audit report needs to be prepared and filed.
12. GST Annual Return (GSTR-9)
– Due Date: 31st December following the end of the financial year.
– Details: Companies registered under GST must file an annual return which includes details of outward and inward supplies made during the year under different tax heads.
13. Maintenance of Statutory Registers and Records**
– Details: Private limited companies must maintain various statutory registers, such as Register of Members (MGT-1), Register of Directors and Key Managerial Personnel (MBP-1), and Register of Charges (CHG-7).
14. Form MSME-1
– Due Date: Twice a year – April to September by 31st October, and October to March by 30th April.
– Details: Filing of outstanding payments to MSMEs (Micro, Small and Medium Enterprises).
15. Form MBP-1 (Disclosure of Interest by Directors)
– Due Date: At the first Board meeting in which the director participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made.
– Details: Every director must disclose their interest in other entities.
16. Form MGT-14
– Due Date: Within 30 days of passing the Board Resolution.
– Details: Filing of resolutions and agreements to the ROC as per Section 117 of the Companies Act, 2013.
17. Form BEN-2
– Due Date: Within 30 days from the receipt of the declaration from the SBO (Significant Beneficial Owner).
– Details: Filing details of significant beneficial owners holding ultimate beneficial interest in the shares.
18. Professional Tax Return
– Due Date: Varies by state; typically monthly, quarterly, or annually.
– Details: Companies need to file returns for professional tax if applicable.
19. ESI and PF Returns
– Due Date: Monthly filing by the 15th of every month for ESI and by the 15th of the next month for PF.
– Details: Companies with employees drawing salary must comply with Employee State Insurance (ESI) and Provident Fund (PF) regulations.
20. Form PAS-3
– Due Date: Within 30 days of the allotment of shares.
– Details: Return of allotment of shares.
Conclusion
Maintaining annual compliance for a private limited company in India is crucial to avoid penalties and legal complications. It ensures transparency, accountability, and smooth operation of the company. Companies should stay updated with the compliance calendar and seek professional assistance if needed to fulfill all regulatory requirements timely.
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FAQ
- 1. What is annual compliance for a private limited company?
- Annual compliance refers to the mandatory filings and regulations that a private limited company must adhere to on a yearly basis. This includes holding meetings, filing financial statements, annual returns, and other statutory documents with regulatory authorities like the Registrar of Companies (ROC) and Income Tax Department.
- 2. Why is annual compliance important for a private limited company?
- Ensuring annual compliance is crucial for maintaining the company's legal standing, avoiding penalties, and ensuring transparency and accountability to stakeholders. Non-compliance can lead to fines, legal action, and damage to the company's reputation.
- 3. What are the key annual compliance requirements for a private limited company?
- - The key annual compliance requirements include: - Holding the Annual General Meeting (AGM). - Preparing and filing financial statements (Form AOC-4). - Filing the annual return (Form MGT-7). - Submitting the Director's Report. - Conducting regular Board Meetings. - Filing income tax returns. - Submitting forms like DIR-3 KYC, DPT-3, ADT-1, and others as applicable.
- 4. When should the Annual General Meeting (AGM) be held?**
- The AGM must be held within six months from the end of the financial year, which is typically by September 30th.
- 5. What is Form AOC-4 and when should it be filed?
- Form AOC-4 is used to file the company's audited financial statements with the ROC. It should be filed within 30 days from the date of the AGM.
- 6. What is Form MGT-7 and when is it due?
- Form MGT-7 is the annual return that provides details about the company's shareholders, directors, and other key information. It must be filed within 60 days from the date of the AGM.
- 7. What are the consequences of failing to comply with annual compliance requirements?
- Non-compliance can result in penalties, fines, and legal action against the company and its directors. Continuous non-compliance may also lead to the company being struck off the register of companies.
- 8. How often should Board Meetings be held?
- A private limited company must hold a minimum of four board meetings each year, with a maximum gap of 120 days between two consecutive meetings.
- 9. What is the Director's Report and what should it include?
- The Director's Report is a document prepared by the company's board of directors that provides an overview of the company’s performance, financial position, and future outlook. It should include financial summaries, dividend recommendations, changes in the board, and other statutory information.
- 10. What is Form DIR-3 KYC and who needs to file it?
- Form DIR-3 KYC is used for the KYC (Know Your Customer) of directors. Every director who has been allotted a Director Identification Number (DIN) must file this form annually by September 30th.
- 11. What is Form DPT-3 and when should it be filed?
- Form DPT-3 is a return of deposits that must be filed annually by June 30th. It provides information about any money received by the company that is not considered deposits under the Companies Act.
- 12. What is the due date for filing income tax returns for a private limited company?
- The due date for filing income tax returns for a company that does not require audit is typically by September 30th. For companies requiring audit, the due date is usually November 30th.
- 13. What should a company do if it has not complied with annual requirements on time?
- If a company has missed the compliance deadlines, it should take immediate steps to rectify the situation. This may involve filing overdue documents with applicable late fees and seeking professional advice to ensure future compliance.
- 14. What is Form ADT-1 and when should it be filed?
- Form ADT-1 is filed for the appointment or reappointment of an auditor for the company. It must be filed within 15 days of the appointment.
- 15. Are there any compliance requirements specific to newly incorporated private limited companies?
- Yes, newly incorporated companies must hold their first Board Meeting within 30 days of incorporation, appoint the first auditor within 30 days, and file the commencement of business (Form INC-20A) within 180 days of incorporation.
- 16. What are the statutory registers a private limited company needs to maintain?
- A private limited company must maintain several statutory registers, including: - Register of Members (MGT-1) - Register of Directors and Key Managerial Personnel (MBP-1) - Register of Charges (CHG-7) - Register of Contracts (MBP-4) - Register of Loans, Guarantee, Security, and Acquisition made by the company (MBP-2)
- 17. What is Form MSME-1 and who needs to file it?
- Form MSME-1 is filed by companies for reporting outstanding payments to Micro, Small, and Medium Enterprises (MSMEs). It is filed twice a year: for the period from April to September by October 31st, and for the period from October to March by April 30th.
- 18. What is the penalty for non-compliance with annual filing requirements?
- Penalties for non-compliance can vary depending on the specific requirement not met. It may include fines for each day of default, disqualification of directors, and in severe cases, striking off the company’s name from the register.
- 19. Can a private limited company seek professional help for annual compliance?
- Yes, companies can and often do seek professional help from Chartered Accountants, Company Secretaries, and legal professionals to ensure timely and accurate compliance with all statutory requirements.
- 20. Is it mandatory for a private limited company to have its financial statements audited?
- Yes, all private limited companies must have their financial statements audited annually by a qualified auditor.
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