An overview of Annual Filing of Company

When running a business, compliance with company policies is crucial. To avoid any penalties, it is essential to comply with all ROC requirements. Private limited companies, one-person businesses, limited companies and section 8 companies all must comply with the Companies Act of 2013 annually. These compliances are often independent of the turnover or capital involved. Compliance with the ROC requirements for private limited companies registered is mandatory. Failure to comply with the private limited company annual compliances could lead to serious sanctions.

It is difficult to keep up with all the compliances required for private limited companies. vakil9 can help you with your annual filings and information about company compliances.

Annual Compliance for Private Limited Company

Private limited companies must comply with the same rules as other businesses. All company compliances must be filed by the due date. These are the compliances for private limited companies that you shouldn’t miss.

1. Certificate of Business Commencement

It is mandatory that a business certificate of commencement be filed within 180 days after the company’s incorporation as part of the annual compliance requirements for private limited corporations. This applies to all companies that were registered after November 2019 and have a share capital.

Penalty if you do not comply with this annual compliance: The company will be penalized for failing to obtain the certificate of commencement and the director for Rs1000 per day.

2.Appointing an Auditor

An auditor must be appointed within 30 days of incorporation according to the ROC compliance. All of these information should be included in the annual company filing.

Penalty if you fail to follow this annual compliance: A fine of Rs300 per mois is imposed for violating this private limited company compliance. The company will be unable to do business until the auditor is appointed.

3. Filing ITR returns

This annual compliance is essential for private limited companies. Each year, the income taxes online must be completed by the due date.

4. Submitting MCA Form AOC-4

To comply with the annual compliance, private limited companies must submit AOC 4 to MCA. This must be submitted by 13 November.

Penalty if you fail to comply with this annual compliance: A penalty of Rs 200 per day for default will be imposed.

5. MCA Form MGT-7

It is essential to file the MCA Form MGT-7 every year as part of compliance with private limited companies.

Penalty if you fail to comply with this annual compliance: Defaulters must pay Rs200 per day during the period.

6. Apply for DINeKYC

Every private limited company must have a director to ensure compliance with the ROC. A Director Identification Number (DIN), is necessary to perform all tasks efficiently. Within the specified time, the director of the company must file DIN eKYC.

Penalty if you fail to follow this annual compliance: The director must pay Rs5000 for any delay or default.

7. Organise Annual General Meetings (AGM).

This information is essential for annual compliance of private limited companies. All information regarding the AGM must be included in the annual company filing. AGMs must be held within six months after the fiscal year ends to ensure ROC compliance.

8. Directors Report

Compliance by private companies means that director reports must be submitted on time to the ROC or MCA. Section 134 requires that all information be submitted.

Private Limited Company Annual Compliance Package

vakil9 makes annual compliances easier by offering the following:

• Submission of form ADT-01 (auditor appointment), and appointment of the auditor
• Create and submit the Inc. Form 20A (declaration that a business has been started)
• We will file the balance sheet and p&l accounts, as well as the audit report and director’s reports.
• If provided in excel sheets, extraction of financial statements and annual returns (unlimited transactions), preparation and filing
• Complete and submit form AOC-04 (financials-related annual return)
• Complete and submit form MGT-07 (Management related annual returns)
• Compiling and filing minutes for all four AGM
• Fy(2022-2023): Filing and preparation of income tax returns (company).
• Stock certificates for all shareholders
• 7 Registers are required for creation and filing
• Preparation and submission of MPB-01 (disclosure by directors)
• The DIR-08 (disclosure about non-disqualification of directors) is created and submitted
• KYC Dir-3 for all directors will be provided
• Each monthly, quarterly, or annual compliance requirement must be met
• A company secretary and a chartered accountant are available to support all statutory and secretarial compliance
• Qualified chartered accountants with many years of experience provide complete business support and advisory services.
• ESIC Online Registration & PF Filings
• Online GST Filing returns
• Ten sample legal contracts
• A single, dedicated account manager.