Private limited Compliance in India
Private limited Compliance in India. Taxgaadi’s annual compliance package makes it easy for the company to stay in line with regulations. The whole process is completed in just 3 simple steps.
1. Book a slot with our compliance experts
2. Provide all the required information
3. Get your company compliances done
Annual Filing of Company – An Overview
Company compliance is an important aspect that has to be taken into account while running a business. It is mandatory to adhere to all the ROC compliance to avoid penalties. All private limited companies, one-person companies, limited companies, and section 8 companies must maintain annual compliance with respect to the Companies Act of 2013. These company compliances are usually independent of the total turnover or the capital amount involved. The ROC compliance for registered private limited companies is mandatory. Not being able to adhere to the annual compliances for private limited companies may result in serious action on the firm.
In reality, it is tough to maintain all the annual compliances for private limited companies. That is why Taxgaadi.com is here to help with the annual filings of companies and provide information regarding company compliances.
Annual Compliance for Private Limited Company
Similar to other businesses, the annual compliance of private limited companies should be taken seriously. All the company compliances should be filed on or before the due date. Here are some of the private limited company compliances that you should not miss.
1. Business Commencement Certificate
As a part of the annual compliance for private limited companies, it is mandatory to have a business commencement certificate within 180 days of company incorporation. This applies to companies registered after November 2019 and having a share capital.
Penalty for not following this annual compliance: If you fail to procure the certificate of commencement, the company will be subjected to a penalty of ₹50000 and the director should pay ₹1000 for each default day.
2. Appointing an Auditor
Within 30 days of incorporation, an auditor must be appointed as per the ROC compliance. The annual filing of a company should include all of this information.
Penalty for not following this annual compliance: Breaching this private limited company compliance results in a fine of ₹300 per month. Subsequently, the company will not be allowed to conduct business until they appoint an auditor.
3. Filing ITR returns
For private limited companies, this annual compliance is crucial. Every year the income tax returns have to be filed on or before the due date.
4. Submitting MCA Form AOC-4
Private limited companies must submit form AOC 4 to the MCA to adhere to the annual compliance. This has to be completed on or before 13 November.
Penalty for not following this annual compliance: Failure to file this form will result in a penalty of ₹200 per day of default.
5. Filing MCA Form MGT-7
As a part of private limited company compliance, it is crucial to file the MCA form MGT-7 on or before 31 December of every year.
Penalty for not following this annual compliance: Defaulters should pay a penalty of ₹200 for every day of default throughout the period.
6. Filing for DINeKYC.
As per the ROC compliance, every private limited company should have a director. To perform all the tasks without difficulty, a Director Identification Number (DIN) is required. The director of the company should file DIN eKYC within the speculated period.
Penalty for not following this annual compliance: In case of any default or delay the director should pay a penalty of ₹5000.
7. Hold Annual General Meetings (AGM)
This is crucial for annual compliance for private limited companies. During the annual filing of companies, all information about the AGM should be provided. It is required to hold an AGM within six months of the end of the fiscal year by ROC compliance.
8. Directors Report
Private company compliance involves providing director reports on time with the ROC and MCA. All the information should be submitted without fail as per Section 134.
Annual Compliance Package for Private Limited Company
Taxgaadi.com is here to make the annual compliances much more easy, our annual compliance for private limited company entails the following:
- Appointment of the auditor and submission of form ADT-01 (auditor appointment)
- Creating and submitting the Inc. form 20A (declaration of commencement of business)
- We will file the balance sheet, p&l accounts, audit report, and director’s report
- Extraction of annual returns and financial statements (unlimited transactions) preparation and filing, if provided in an excel sheet
- Completing and submitting form AOC-04 for annual returns (financials related annual return)
- Completing and submitting form MGT-07 for annual returns (Management related annual return)
- Composing and filing the minutes of all 4 AGM
- Filing and preparing income tax returns (company) for Fy(2022-2023)
- Creating stock certificates (for all shareholders)
- The creation and filing of 7 required registers
- Preparing and submitting MPB-01 (disclosure of interest by directors)
- Creating and submitting the DIR-08 (disclosure of non-disqualification by directors)
- For all the directors KYC Dir-3 will be provided
- Every monthly, quarterly, and annual compliance requirement will be met
- Chartered accountants and a company secretary support all required statutory and secretarial compliance
- Complete business advisory/support services provided by qualified chartered accountants and company secretaries with years of experience
- ESI and PF filings
- Filing GST returns (12 months)
- 10 sample legal contracts
- One solely committed account manager
Other Annual Compliances for Companies
Apart from the above mentioned company compliances the following should also be completed from time to time.
- GST returns, monthly, quarterly, and annual
- Periodic TDS returns
- Calculation of the tax liability in advance
- Income tax return filing
- Report of tax audit filed
- Submitting semi-annual easy returns
- Submitting PF returns
- Professional tax return filing
- Regulation evaluation and reporting by various laws (Eg. Environment and Protection Act, Competition Act, Factory Act, etc.)
How Taxgaadi.com Can Help in Annual compliance
Accounting
After each fiscal year, all businesses are required to maintain accounts and prepare financial statements. Our compliance manager will assist your company with account maintenance and will create your company’s financial statement at the end of the fiscal year.
Services for Secretaries
Each financial year, businesses must hold a minimum of four board meetings, an annual general meeting, a director’s report, and an annual report. You will receive assistance from our compliance manager in creating all secretarial reports and board meeting minutes.
Filing of MCA Annual Return
The annual general meeting of a company shall be held within six months after the end of the fiscal year. An MCA annual return must also be submitted by 30 September at the latest. The MCA annual return for your business will be prepared and filed by our compliance manager.
Filing Income Tax Returns
Regardless of income, profit, or loss, a company must file an income tax return. As a result, even inactive businesses that have no transactions must file an income tax return each year. All the paperwork will be created by our compliance manager, along with the income tax return for your business.
Why Taxgaadi?
When it comes to annual compliance, it is better to leave it to our compliance managers. Yes, our team of in-house chartered accountants and lawyers can effectively help in all the annual compliances. Get on a call with a business expert and resolve all your queries. Our team will provide a complete road map to the whole process and help you with all the company compliances. All this at affordable prices.
