Annual Compliance for Private Limited Company Online - Cost, Requirements, Status
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What is Annual Compliance of a Private Limited Company?
Compliance, in essence, signifies the capability to adhere to directives, regulations, and requisitions. For private limited companies established in India, it is imperative to ensure strict compliance with the stipulations of The Companies Act, 2013.
The Companies Act, 2013 meticulously governs a spectrum of vital aspects, including the appointment, eligibility, compensation, and retirement of a company’s directors. It also extends to orchestrating board meetings, as well as shareholder meetings, fostering an environment of transparency and accountability.
Annual compliance with the Registrar of Companies (RoC) is non-negotiable for registered private limited companies. Irrespective of their annual turnover or capital, these companies must diligently adhere to the annual compliance requisites. For every type of company registered in India, be it a private limited company, one-person company, limited company, or section 8 company, the obligation to uphold annual compliances is a universal necessity. This encompasses the filing of annual returns and income tax returns on an annual basis. Although initiating a business through company registration is a popular choice, it is crucial to recognize that a series of compliance obligations follow the inception of the business.
Balancing the day-to-day operations of a business while navigating the complexities of corporate legislation can prove to be a challenging endeavor for entrepreneurs. Seeking professional assistance and comprehending the legal prerequisites is a prudent approach to ensure the punctual fulfillment of these compliances and avoid incurring penalties or fines. In the following sections, we will delve into some of the common mandatory compliances that a private limited company is obligated to adhere to. These practices are indispensable for maintaining legality and operational stability.
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Process for Annual Compliance of a Private Limited Company with Avery Biz Solutions
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What Are the Key Annual Compliance for Private Limited Companies?
A. Business Commencement Certificate
- Within 180 days of incorporation, private limited companies registered after November 2019 with share capital must secure a Business Commencement Certificate.
- Non-compliance leads to a ₹50,000 penalty for the company and ₹1,000 for each default day by the director.
B. Auditor Appointment
- Appoint an auditor within 30 days of incorporation to meet ROC compliance.
- Failure results in a ₹300 monthly fine, and the company cannot conduct business until an auditor is appointed.
C. Income Tax Returns (ITR)
- File annual income tax returns on or before the due date.
D. MCA Form AOC-4 Submission
- Submit MCA Form AOC-4 by October 30. 2023 to adhere to annual compliance.
- Non-compliance incurs a per day penalty.
E. MCA Form MGT-7 Filing
- File MCA Form MGT-7 by November 29, 2023 annually as part of private limited company compliance.
- Defaulters must pay a per day penalty.
F. DIN eKYC Filing
- Directors of private limited companies must file Director Identification Number (DIN) eKYC within the stipulated period.
- Any default or delay results in a ₹5,000 penalty.
G. Annual General Meetings (AGM)
- Essential for annual compliance, is holding the AGM within six months of the fiscal year’s end, as required by ROC compliance.
H. Directors Report
- Submit director reports on time to ROC and MCA as part of private company compliance under Section 134.
I. Income Tax Compliances
- Private limited companies are required to make quarterly advance tax payments.
- Submitting annual income tax returns is mandatory.
- A tax audit becomes mandatory when the turnover or gross receipts exceed Rs. 1 crore in the previous year relevant to the assessment year.
- Alongside the tax audit, filing a tax audit report is essential.
J. Event-Based Compliances
- Notify changes in authorized or paid-up capital.
- Comply with regulations when allotting or transferring new shares.
- Adhere to compliance rules when granting loans to other companies or directors.
- Comply with requirements for appointment and payment of managing or whole-time directors.
- When opening, closing, or altering bank account signatories, ensure compliance.
- Notify the appointment or changes in statutory auditors to the registrar.
What are Non-Compliance for Private Limited Companies?
A. Dedicated Compliance Advisor
✔ Your company will be paired with a dedicated Compliance Manager, offering a single point of contact for all your compliance needs.
✔ Reach out to your Compliance Manager whenever necessary for guidance on compliance-related matters.
B. Accounting Services
✔ All companies are obligated to maintain accounts and prepare financial statements at the end of each financial year.
✔ Our Compliance Manager will assist your company in maintaining accounts and preparing financial statements as needed.
C. Secretarial Support
✔ Companies must conduct a minimum of four board meetings, an annual general meeting, and create necessary reports, such as Directors Reports and Annual Reports each financial year.
✔ Our Compliance Manager will help you prepare meeting minutes and generate all required secretarial reports.
D. MCA Annual Return Filing
✔ Companies are required to hold an Annual General Meeting within six months of the end of the financial year and file the MCA annual return by September 30th.
✔ Our Compliance Manager will prepare all the necessary documents & complete your company’s MCA annual return filing.
C. Secretarial Support
✔ Companies must conduct a minimum of four board meetings, an annual general meeting, and create necessary reports, such as Directors Reports and Annual Reports each financial year.
✔ Our Compliance Manager will help you prepare meeting minutes and generate all required secretarial reports.
E. Income Tax Return Filing
✔ Income tax returns must be filed by companies regardless of their income status.
✔ Even dormant companies with no transactions need to file income tax returns annually.
✔ Our Compliance Manager will prepare the required documents and file your company’s income tax return efficiently.
What are the Benefits of Annual Compliance for Private Limited Company?
01.
Enhancing Organizational Credibility
Consistent compliance with annual requirements serves as a strong indicator of an organization’s trustworthiness and reliability.
02.
Appealing to Investors
Companies with a history of regular compliance tend to be more attractive to potential investors. It demonstrates a commitment to transparency and good governance.
03.
Maintaining Active Status and Avoiding Penalties
Timely compliance is vital to keep the company’s status in good standing. Frequent failures in filing returns can lead to default status and result in substantial financial penalties.
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