Annual Compliances of Private Limited

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Annual Compliance for Private Limited Company


A Private Company is a corporate held under private ownership which requires regular filing with the Ministry of Corporate Affairs. For every organization it is obligatory to file an yearly return and audited financial statements including profit and loss statement and balance sheet with MCA for every financial year. The ROC filing is essential without reference to the company's sales whether it is zero or in large numbers. Hence, annual compliances for private limited companies are mandatory for a reputed company.

 

In order to report the activities performed in each financial year, the due terms for annual filing of a company are based on the occurrence of Annual General Meeting. The Annual General Meeting is usually held within 18 months from the date of incorporation of a company or 9 months from the closure of the financial year whatever is near.             .

 

Benefits of Annual Compliance for Private Limited Company

 

Avoid being a Defaulter

Regular filing of Annual compliance for a private limited company avoids heavy penalties and additional fees in case of non fulfillment of filing the required forms.

 

Invitation to Potential Investors

In order to ensure the creditworthiness of the company the potential are highly interested in scrutinizing the financial worth of the organization. An investor can directly request the company or check the regular filing status on MCA portal. Hence, potential investors prefer to invest with a company with regular filing of Annual compliance for Private Limited Company.

 

Ensures Credibility

Legal compliance is crucial for every organization. Various participants such as investors, ministry tenders and for loan support purposes, the regular filing of annual compliances for a private limited company plays an important criteria to determine the trustworthiness of the company.

 

Due dates of Annual Compliance for a Private Limited Company in 2020

 

Acquisition of Commencement of business certificate

Registration of companies in India after November 2019 should acquire the commencement of business certificate within 180 days of incorporation of business. Non acquisition will lead to heavy penalties on the company as well as to the Board of Directors.

 

Appointment of Auditor

All registered private companies are required to appoint a certified auditor within 30 days of incorporation of the company. Non appointment of which will lead to a heavy penalty of Rs. 300 per month and the company cannot start its operating activities.

Filing of MCA Form AOC-4

 MCA Form AOC-4 should be filed by all the registered Private limited companies on or before 30th November 2020 for financial year 2019-20. Negligence to file AOC-4 will charge a penalty of Rs.200 per day.

 

Filing of MCA Form MGT-7

The last date to file MCA Form MGT-7 is on or before 31st December 2020 for financial year 2019-20. Delay of which will attract a penalty of Rs.200 per day of the delay date.

 

Filing of Income Tax Return

The deadline for filing income tax return (ITR) for financial year 2019-20 has been extended to November 30, 2020 from the normal deadline of 31st July 2020. Non fulfillment will lead to a heavy penalty of Rs.10,000.


A Private Limited is an element getting a charge out of a different personality which requires keeping up its dynamic status through the standard recording with MCA. For each organization, it is mandatory to document a yearly return and examined budget summaries with MCA for each money related year. The RoC recording is obligatory regardless 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 yearly annual filing of a Company depend 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 STATUTORY COMPLIANCES FOR COMPANIES IN INDIA

 

A set of Statutory compliances are needed to be followed by the established companies in India.

The non-compliance on national and state levels increased the legal complications in the form of heavy penalties and fees. Plenty of time and resources are invested to ensure statutory compliances for companies in India.

 

Statutory compliance makes sure that following the laws or regulations related to a particular form of business are effectively followed as stated by the government.The interests of both the firm and employees are protected to ensure effective functioning. A legal action is taken in case of any neglection of these compliances by the organization.

 

India has a complicated network of laws in various sectors. Adherence to laws and regulations ensures effective functioning of every business.There are several rules and regulations in the form of Acts in our country such as Companies Act, Income Tax, Partnership Act and Value Added Tax, Service Tax. 

 

Some of the mandatory rules and regulations which require statutory compliance are-

 

 

List of Statutory compliances

A consistent process of following these compliances ensures effective contribution of all the participants. Here is a list of effective and operative statutory compliances that should be followed in India.

As the company’s size increases, a wide range of statutory compliances are needed to be followed.

A private limited company requires a lot of time and effort. Many financial and regulatory technicalities should be taken care of. If all the compliances are used the right way, the company can achieve a high return on investments. This list is essential as it gives fair treatment to everyone. It prevents any exploitation and any inhuman behavior. Consideration of all the laws is quite important for the better running of the company. All the compliances are beneficial for both the government and the company for the collection of revenue and to organize the finances.



Advantages of Annual Compliances

There are numerous benefits of a Private Limited company such as limited liability protection, easy to raise fund from venture capitalist and continuous existence while the confidence of the community come at the cost of increased annual compliance. It is mandatory for business owners to comply with Companies act, Income tax, GST & State Laws. In addition to the ROC compliances, Companies have to submit income tax returns every year by 30th September. From the year 2018, the compliance requirement has been increased now for Private Limited companies. There are various advantages of a Private limited company, for example, limited liability protection, simple to raise support from financial speculator and ceaseless presence while the certainty of the network come at the expense of expanded yearly consistence. It is required for entrepreneurs to comply with Companies act, Income Tax Act, GST and State Laws. Notwithstanding the ROC compliances, Companies need to submit annual filing forms each year by 30th September. From the year 2018, the consistence necessity has been expanded now for Private Limited Companies. We guarantee to meet the corporate compliances on time as and when they are expected.



Mandatory Annual Company Compliance - Rs. 10,999/- (All Inclusive) For StartUp Companies
Auditor Appointment
Auditor Appointment.

First Statutory Auditor has to be appointed within 30 days of incorporation in first board meeting Subsequent auditors will be appointed for 5 years in AGM

Preparation & Filing of Form ADT-1
Preparation & Filing of Form ADT-1

Form ADT-1 is filed for a 5-year appointment. After that every year in AGM, Shareholder ratify the Auditor but there is no need to file ADT-1.

Filing of e-form INC-20A
Filing of e-form INC-20A.
Preparation of Balance Sheet
Preparation of Balance Sheet

Every Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting. It is mandatory for every Section 8 Company. Company to hold an AGM in every Calendar Year

Preparation of P & L Accounts
Preparation of P & L Accounts

Every Section 8 Company shall file its Annual Financial Statements including its Balance Sheet, Statement of P&L Account and Directors Report within 30(Thirty) days from the date of its Annual General Meeting

Audit Report
Audit Report

Within six months of the balance sheet date, together with the financial statements (Article 23a (3) and (5) of the Act on Accounting). The auditor's report and the supplement to the auditor's report should be understood as one report.

Director's Report
Director's Report

Directors’ Report is to be filed covering all the information required for Small Company under Section 134. It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors.

Extract of Annual Returns & Financial Statements
Extract of Annual Returns & Financial Statements

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.

Preparation & Filing of Form AOC-4
Preparation & Filing of Form AOC-4

E-form: AOC-4 File Financial Statement: i.e Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report

Preparation & Filing of Form MGT-7
Preparation & Filing of Form MGT-7

E-form: MGT-7 File Annual Return within 60 days of holding of AGM for the period 1st April to 31st March.

Use of DSC of Auditor in Form AOC- 4
Use of DSC of Auditor in Form AOC- 4

Every Company is required to file its Financial Statements within 30 days of its Annual General Meeting with Registrar of Company in E-Form AOC-4. The same shall be digitally signed by one director and certified by CA/CS/Cost Accountant in Practice.

Preparation of 04 Minutes of Board Meeting
Preparation of 04 Minutes of Board Meeting

Section 118 (10) of the Companies Act, 2013 requires every company to observe Secretarial Standards with respect to General and Board Meetings specified by the Institute of Company Secretaries of India (ICSI) and approved as such by the Central Government.

Preparation of Minutes of AGM
Preparation of Minutes of AGM
Income Tax Returns (Company)
Income Tax Returns (Company)

All companies registered in India are required to file income tax returns each year on or before September 30th. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Domestic company means an Indian company wherein the income is liable to tax and companies that have made arrangements for the declaration and payment of dividends within India. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic company

Preparation of 7 Registers
Preparation of 7 Registers

Registers to be maintained under the Companies Act, 2013

Preparation of MPB-1, Preparation of DIR -8
Preparation of MPB-1, Preparation of DIR -8

Form MBP- 1 Every Director of the Company in First Meeting of the Board of Director in each Financial Year needs to disclose his interest in other entities by filing the form. Fresh MBP-1 needs to be filed, whenever there is change in his interest from the earlier given MBP-1 And Every Director of the Company in each Financial Year has to file with the Company disclosure of non-disqualification

 

Documents Required for Annual Compliances of Private Limited Filing


 
Idproof

MOA of company

Location

AOA of company

Photo

Certificate of Incorporation

 

What do you get from our side?


 
Idproof

Compliance by Director(s)

Location

Board Reports

Photo

Annual Report

Office

Statutory Registers update

Idproof

Drafting of Board meeting Notices of Board meeting

Location

Drafting of Board meeting minutes

Office

Drafting of Board meeting Notices o0f shareholder meeting

Photo

Drafting of shareholder meeting minutes

Photo

Annual Filing and its documentation with statutory authority

Any Question?
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BASIC


For StartUp Company


0-10 lakhs


1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support



MEDIUM


For TurnOver 0-25 Lakhs


INR @ 14,999


1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support



STANDARD


For TurnOver 0-50 Lakhs


INR @ 19,999


1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support



PREMIUM


For TurnOver 0-1 CRORES


INR @ 29,999


1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support



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