Annual Compliances of Private Limited Company
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Price starts from: ₹ 12500/-*
*Subject to approval of Government portal services
1) Inc. Govt fees upto 1 lakh capital
2) Preparation of Balance sheet, Profit and Loss account and its schedules
3) Audit of financials
4) 2 Directors KYC
5) Filing of Annual Return
6) Filing of Income Tax (IT) Return
7) Filing of Loan details
8) Filing of signed Financials
Annual Compliances of a Private Limited Company
Annual compliance is an important aspect of corporate governance for companies registered in India. Every Company has to file and fulfill all the rules and regulations mentioned in Companies Act, 2013
Every private Limited Company must comply with the ROC/MCA annual compliance. The company must comply with the annual compliance requirement regardless of its total turnover or capital amount.
It is mandatory to file all documents and forms with the Ministry of Corporate Affairs (MCA) and Income Tax Department to keep the status of the company “ACTIVE” and enjoy the benefits of a compliant company.
Typicall ROC Compliances are categorised in Annual based Compliance and Event based Compliance
1) Annual based Compliance- This type of compliance are filed and submitted with Government on yearly basis like Filing of Annual return, KYC of director and submission of financial statements etc
2) Event based compliance- This type of compliance are to be complied as and when event occured such as change in capital of the Company, change in mamgemant or director of the Company or creation of charges etc
Common Compliance list for Every Private Limited Company
Now we will look at common key compliances that Every Private Limited Company must complied, complete and filed with Ministry of Corporate Affairs (MCA) and Income Tax Department.
1) Filing of Annual Return
2) Filing of signed audited Financial statement
3) Filing of Loan details
4) Filing of MSME details
5) Submission of KYC of each director
6) Filing of Income Tax Return
7) Filing of various annual forms like AOC-4, MGT-7A
8) Appointment of statutory auditor for 5 years
Above all are compliances to be completed with respect to One Person Company (OPC), Section 8 Company, Foreign Subsidiary Company, Public Company
Advantages of Annual compliance of Private Company within due date:
1) Maintain the Company’s ACTIVE Status- A company can maintain its “ACTIVE” status on the MCA portal by submitting annual compliances on time as required by the Companies Act.
2) Avoid Penalty- By filing the various forms on time, the company can avoid a hefty penalty from the government. Timely filing helps avoid such penalties, saving the company from unnecessary financial liabilities.
3) Credibility – Compliant Companies increase stakeholders’, financial institutions’, and investors’ confidence in making investment decisions.
4) Good Reputation -The filing of annual returns on a regular basis demonstrates the company’s commitment to legal compliance and corporate governance, which can improve its reputation and credibility with stakeholders such as investors, creditors, and customers.
5) Maintain Transparency– Annual filings include updated information about the company’s directors, shareholders, financial statements, and other important details. This promotes transparency and ensures that accurate records are available to regulatory authorities and the public.
6) Corporate Governance -Annual returns reinforce the organization’s corporate governance principles. It contributes to the company’s long-term viability and growth by ensuring transparency, accountability, and proper management of its affairs.
7) Expansion and growth Plans – Many business plans, partnerships, and expansion plans may require documentation proving a company’s compliance status. Timely annual filings can help to streamline these processes and improve business operations.
8) Tax Compliance– Accurate and timely filing ensures that the company meets its tax obligations, avoiding potential fines or penalties from tax authorities.
Non-Compliance Penalty
Non-compliance with the rules and regulations of the Companies Act in India can result in penalties for the company. Penalties typically involve fines imposed for the duration of the non-compliance. Additionally, delays in annual filings may incur additional fees. Therefore, companies should fulfil their compliance obligations promptly to avoid penalties and financial repercussions.
It is difficult for business owners to keep track of annual compliance deadlines. So it is always preferable to seek professional assistance like Anuvartana Services LLP for error less and smooth and understand the legal requirements in order to ensure timely compliance and avoid penalties or fine.
For more information or assistance in filing of annual compliance of Private Limited Company in Pune, you can connect our experience experts for a free consultation. on 8975973470 or anuvartanaservices@gmail.com
The Companies Act of 2013 requires companies to file with ROCs/MCA in order to avoid penalties and maintain their legal status.
An annual return is a yearly statement that every company, regardless of size or status, is required to file. It highlights information about the company’s Management, business activities, and financial position.
Due date for Filing of Income Tax Return for a company is on or before 30th September every year. For MCA Annual Return, due date is within 60 days from the date of Annual General Meeting (AGM). For filing of financial statement with MCA, due date is within 30 days from the date of Annual General Meeting (AGM).
Some key documents and forms are required to file with Government. These include Form DPT-3, MGT-7/7A, Form AOC-4, Form KYC, Income Tax Return, etc.