Description
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
| Compliance | Description |
| Commencement of Business Certificate | For any company having a share capital, it is necessary to obtain a commencement of business certificate before commencing any business. The commencement of business certificate must be obtained within 180 days of incorporating a Company. |
| Appointment of Auditor | All Companies must appoint a Statutory auditor within 30 days of incorporation. If fails to appoint an auditor, the penalty of Rs. 300 per month is charged |
| Income Tax Return | Income tax return filing is mandatory for every company. |
| Form AOC-4 | Form AOC-4 is mandatory for every company. Failure to file AOC-4 will attract a penalty of Rs. 200 per day. |
| Form MGT-7 | Form MGT-7 is mandatory for every company. Failure to file MGT-7 attracts a penalty of Rs.200 Per day. |
| DIN eKYC | eKYC is mandatory for all directors of the company. Non-compliance attracts a penalty of Rs. 5000. |
| Hold Annual General Meeting | For every company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the F/y. |
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.
