Annual Compliances for Private Limited Company

According to the companies Act, 2013 a private limited company in India that has been incorporated ensure the compliances.

In Private Company there are some aspects such as shareholders meeting and conducting board meeting .The Companies Act, 2013 which regulates qualification, remuneration, appointment and retirement of the Company’s Directors.

The Registrar of companies filling is necessary irrespective of the turnover whether it is zero or in crores.For every certified company annual compliance for private limited are compulsory…The ROC compliance for registered Private Limited Companies is necessary.

Registration of all companies in India like a private limited company, one Person Company, section 8 company should maintain the annual compliances like annual returns and Income Tax return each year. When we start a business there are various compliances need to be followed once the company incorporated.

Every day the business compliances managing operations with the difficult corporate laws can be a task for the entrepreneur. It is mandatory to take professionals help to understand legal requirements to waive off the penalties or fines.

Statutory Audit Compliances

A statutory audit is a compulsory requirement of law to determine whether an organization provides correct details of the financial position by checking all the book keeping records, bank balances, financial transactions and other key documents provided for tax.

1. Annual accounts of the company can be finalized by the auditors.
2. A statutory auditor of the company is appointed.

Annual ROC Filings

Annual accounts of the Private Limited Companies should be filed and returns disclosing and details of its shareholders, directors, promoters etc…to the registrar companies.

The following forms are to be filed with the ROC as part of annual filling.

Form MGT-7 is about the Annual Returns and Form AOC-4 is about financial statements
Form MGT-7 ,holding the annual general meeting(AGM)should be filed within 60days.
Form AOC-4 contains balance sheets, Directors report, and statement of profit and loss account.

Annual General Meeting

The first meeting of the board ,along with the directors of the company conduct within 30 days of incorporation of the company.

The total board meetings that should be held are 4 in the company for every 3 months in which minimum of 2 directors or 1/3 rd of total number of directors are required to be present.

The meetings discussion recorded in the minutes of the meeting which is maintained at the company’s registered office.

While conducting the board meeting the board should intimate 7 days before with the date and the purpose of the meeting.

Directors Report

Director’s Report is given by the director about his directorship in other companies every year .declaration should be done in written to the company every year.

Income Tax Compliances

Quarterly payment of the advance tax
Filing of the Income Tax returns
Tax audit (mandatory in case the turnover or gross receipts of a business exceeds Rs. One crore in the previous year relevant to the assessment year.
Filing of the Tax Audit report.
Advanced Tax of the Quarterly payment
Income Tax Returns must be filed on time
In case if the turnover or gross of the business is more than Rs.1 corer in that case the tax audit is mandatory. The turnover of the company is compared with previous year relevant to the assessment year.
Tax audit report is to be filled.

Other event-based Compliances

There are various compliances that to be complied on occurrence of any event or any change mode. Besides the annual filings in the company. Here are some of the events which undergoes in the company

• Appointment or Resignation of Directors, Partners, Managing Directors.
• Change in Board of Directors, Change of Name /Title of the company.
• Decisions or minutes of Board/General/Committee meetings
• Sub-division or share consolidation
• Expansion or division of business
• Annual General Meeting ,ITR and Audit requirements
• Annual returns filling
• Financial statements and board meetings that must be filled.
• Transforming the business and re-organization

Non-compliance

In case of non-compliance additional MCA fees is required to be paid and penalties may also be imposed as per Companies Act 2013 depending on the contravention of the ACT.

Dedicated Advisor

There are various compliances that to be complied on occurrence of any event or any change mode. Besides the annual filings in the company. Here are some of the events which undergoes in the company

Dedicated Advisor

To run the company and to carry out business smoothly a company will assign a dedicated advisor. After assigning the advisor who will be in contact to help and maintain the company compliance. You can be in touch with the advisor at any time and can discuss about the company compliances.

Accounting
Accounting must be required for all the companies like Private Limited Company, Public Limited Company, Section 8 etc…will maintain accounts for the end of the financial year. Advisor will help to maintain compliances and financial statements for the business at the end of the financial year.

Secretarial Services
All companies requires Notice Directors Report ,Annual Report, Annual General Meeting and minimum of four board meetings for every financial year. Advisor of the company help to prepare minutes of the board meeting and then create all secretarial Services

MCA Annual Return Filing
When we file Annual Return of the company first we should make balance sheet, Profit and loss with the help of Advisor .From the end of the financial year Within every six months annual general meeting is held. After the documentations of the company is done MCA annual Return need to be filed on or before 30th September

Income Tax Return Filing
Income Tax Return can be filed by not depending of the company’s income, Loss or profit. If for the companies with no transactions also required to file Income Tax Return for every year. All the documentation of the company is prepared by the advisor to file correct income Tax Return.