Annual compliances for Private Limited Company

Annual compliance means a specific set of compliance that a company has to fulfill post-incorporation in order to commence and continue its operations. Non-compliance with such compliance may lead to a strike-off of the company and disqualification of the directors of such Company. Annual compliance includes various returns to be filed with the MCA, Income Tax Authority, GST, etc.

All companies registered in India like a private limited company, one person company, limited company, and section 8 company need to maintain the annual compliances like annual returns and income tax returns each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated.

Mandatory compliances for Private/Public Limited Company

Following is the summary of the Private/public limited company compliance during the year  :

List of Statutory compliances

Following these compliances are mandatory for private /public limited companies.

• Scheduling board meetings
• Appointment of a statutory auditor
• Organizing  (AGM) Annual general meetings
• Issuing a share certificate
• Recording the minutes of meetings
• Maintaining a proper book of accounts
• Appointing CA for auditing books of accounts
• Preparation of financial reports (Like-Balance sheet, P&L a/c, etc.)
• Filing forms with the ROC (FORM-20A,ADT-1,AOC-4,MGT-7,etc)
• Maintaining statutory records (Like- Fixed assets register,shareholder statements etc.)

JustEFilling Process of Annual filing of private/public limited company:-

• Day 1 – Discussion and Collection of Required Documents.
• Day 2 – Preparation & Drafting necessary documents ,reports & notices for Form ADT-1,AOC-4,MGT-7. Prepare financial statement like – Balance sheet ,P&L a/c,cash flow statement ,Disclosure of accountaing polices statements etc.
• Day 3 – Filing of mandatory roc forms on mca portal like:-
  • Filing of 20-A: Commencement of Business Certificate
  • Filing of ADT -1:  Appointment  of Auditor
  • Filing of AOC – 4:  Financial Statements Like- Balance sheet, P&L a/c, cash flow statement, Disclosure of accounting policies statements, etc.
  • Filing of MGT – 7: Annual Return along with shareholder statements of shareholdings.