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Annual Compliance for Private Limited Company

As per Companies Act 2013, Every company is required to file their financial statement such as Balance Sheet, Profit and Loss account etc with Audit Report, Director Report with in certain time limit with the MCA (Ministry of Corporate affairs). So, Every year company is required to file Form AOC-4 and MGT-7/7A. The late fees for non filing of the above form is 100 Rs per day without any maximum limit. So, if you have not done your company Annual filing till date, you can contact us to complete the Annual Filing.

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Annual Compliance for Private Limited Company
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Annual Compliance for Private Limited Company

Every company registered in India needs to file its annual accounts and annual returns with the Registrar of Companies every year within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. It is crucial for all the companies to file all its ROC Return Filing Forms within the prescribed time limit specified by the MCA (Ministry of Corporate Affairs). If any company fails to comply with the provisions of ROC Annual Compliance, then they may have to bear hefty penalties. Such penalties would be over and above the normal fees charged by the Ministry of Corporate Affairs and there is no way to get away with it.

Director KYC

Directors KYC (DIR-3 KYC) form is a mandatory ROC filing if DIN is allotted on or before 31st March 2024. Non Filing May Attract Penalty of Rs. 5000 per director.  Learn More»

ROC Return Filing

After closing of Financial Year Every Company Need to file ROC Return in form of ADT 1 , AOC 4 and MGT 7, before 30th Sept. Non Filing may impose pealty at Rs 100 Per day.

Statutory Audit & AGM

Statutory Audit is mandatory in case of Private Limited  Companies. After closing of Financial Year, Its responsibility of directors to held AGM and do Audit of financial Statement.

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Income Tax Return Filing

Income tax Return apply to All companies  who incorporated on or before 31st March. Non -Filing of Income Tax Return  may impose penalty up to Rs10,000/- 

Director KYC or DIR 3 KYC Filing

Director’s KYC Filing is an annual activity and applies to every person who was allotted a DIN (Director Identification Number) on or before 31st March. The purpose of filing the DIR-3 KYC form to the ROC is to keep the records of the ROC updated with the correct address, mobile and email address of the directors/designated partners. It is a mandatory filing and Non Filing will result in to deactivation of DIN. 

Applicability

Directors KYC (DIR-3 KYC) form is a mandatory ROC filing if DIN is allotted on or before 31st March 2024. Learn More »

Due Date for Filing

It required to filled on or before 30th July of immediate next financial year.

Penalty For Non-Compliance

The DIN shall be inactive and the DIN holder will not eligible to appoint or resign in/from any company.
Penalty for Non filing DIR-3 KYC will be flat INR Five thousand 5000.

Auditor Appointment or ADT-1 Filing

Form ADT-1 is to be filed for the appointment of the auditor, duly approved by the shareholders in the first AGM. It needs to be filed within 15 days of the AGM.

Applicability

Applicable to all Companies who are incorporated on or before 31st Dec 2023.

Due Date for Filing

It required to filled within Fifteen (15) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

Penalty For Non-Compliance

The company and every officer of the company who is in default shall be liable to a penalty that depend on capital amount of company.

Financial Statement or AOC-4 Filing

Financial statements, i.e. Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report must be filed within 30 days of holding AGM. Non Filing May Impose penalty at Rs100 Per day.

Applicability

Applicable to all Companies who are incorporated on or before 31st Dec 2023.

Due Date for Filing

It required to filled within thirty (30) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

Penalty For Non-Compliance

The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of Thirty (30) days from the Date of Annual General Meeting (AGM)

Director Annual Report or MGT-7A Filing

Annual Returns for Small Company/OPC) Need to file in E-formMGT-7A. Non Filing will impose penalty at Rs. 100 per day.

Applicability

Applicable to all Companies who are incorporated on or before 31st Dec 2023.

Due Date for Filing

It required to filled within 60 days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

Penalty For Non-Compliance

The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of 60 days from the Date of Annual General Meeting (AGM).

Income Tax Return Filing for Private Limited Company

The company is a distinct legal person and is an assessee under the Income Tax Act, 1962. Irrespective of its transactions or profitability, every company has to file its Income Tax Return in the prescribed form ITR-6 for the previous year. For example, every company incorporated on or before 31st March 2024 shall be filing its ITR during the FY 2023-24. For filing the company’s income tax return, the financial statement and its audit should be completed.

Applicability

Apply to All company who incorporated on or before 31st March 2024.

Due Date for Filing

Between 1st April 2024 – 30th Sept 2024

Penalty For Non-Compliance

Non filing of ITR may impose penalty up to Rs10000.

Benefits of Filing Annual Compliance

Compliance:

ROC return filing is essential for businesses to comply with legal obligations. It helps in maintaining transparency and accountability in corporate governance.

Legal Protection:

Filing ROC returns on time protects the company from penalties, fines, or legal actions that may arise due to non-compliance. It ensures that the company operates within the legal framework.

Credibility:

Timely filing of ROC returns enhances the company’s credibility and reputation among stakeholders, including investors, customers, and financial institutions.

Statutory Audit for F.Y. 2023-24

In the realm of financial management, statutory audits play a critical role in ensuring transparency, accuracy, and compliance with regulations. A statutory audit is an independent examination of a company’s financial records and statements by a qualified auditor. It evaluates the company’s financial position, internal controls, and adherence to legal requirements.

The Purpose of Statutory Audit:

The primary purpose of a statutory audit is to provide an unbiased and objective assessment of a company’s financial health. It offers reassurance to shareholders, investors, and other stakeholders that the company’s financial statements are reliable and trustworthy. By analyzing financial data and verifying its accuracy, a statutory audit helps detect any potential misstatements, errors, or fraudulent activities.

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Annual General Meeting (AGM) for F.Y. 2023-24

Alongside the statutory audit, companies are required to hold an Annual General Meeting (AGM) to discuss and approve various matters related to the previous financial year. The AGM provides an opportunity for shareholders to engage with the company’s management, raise concerns, and make informed decisions collectively.
An Annual General Meeting (AGM) is a mandatory yearly meeting held by the private limited company’s shareholders, directors, and auditors to discuss the company’s financial statements, governance, and future plans. The Companies Act, 2013, mandates every private limited company to hold an AGM within six months from the end of the financial year. For example, if the financial year ends on 31st March, the AGM should be held by 30th September of the same year.

Why is an AGM important?

The Annual General Meeting is essential for several reasons, including:

  1. Financial accountability: The AGM provides an opportunity to review the company’s financial performance and hold the directors accountable for their actions.
  2. Shareholder engagement: The AGM allows the shareholders to ask questions, raise concerns, and participate in decision-making.
  3. Compliance: The Companies Act mandates every private limited company to hold an AGM, failing which may lead to penalties or legal consequences.

What are the consequences of not holding an AGM?

Statutory audits and Annual General Meetings are indispensable components of corporate governance. Through statutory audits, companies demonstrate their commitment to transparency, compliance, and financial accuracy. AGMs facilitate shareholder engagement, informed decision-making, and collective accountability.

By prioritizing statutory audits and AGMs, companies can build trust, strengthen stakeholder relationships, and ensure compliance with legal and regulatory requirements. These practices contribute to the overall growth, stability, and sustainability of businesses in the long run.

Failing to hold an AGM can have severe consequences for the company and its directors. If a company fails to hold an AGM, it can be considered a violation of the Companies Act, 2013, and the company and its directors can face penalties, fines, or legal action. Additionally, the Registrar of Companies (ROC) can take action against the company, such as striking it off the register or even winding it up.

Cost of filing Company Annual Return

The overall cost of filing a roc return and the ITR depends on several factors such as the number of transactions, GST Return reconciliation, and the client’s particular situation. For ease of understanding, the cost of filing annual compliance for the company may be divided into Consultant Fee, ROC Fee and late fee, if any. On the first hand, the consultant fee is a very relative factor and depends on each case and the consultant CA, CS, CMA or the Corporate and Tax Lawyer.

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FAQ's On Annual Compliance

A private limited company must comply with a number of annual compliance requirements, including the following: filing an annual return, filing audited financial statements, holding an annual general meeting, and appointing an auditor.

The documents required for filing annual compliances include the following: your company’s incorporation certificate, your company’s annual return, your company’s audited financial statements, and a declaration from your company’s auditor.

An Annual General Meeting (AGM) is a meeting of the shareholders of a company held every year. The AGM is held to discuss the financial performance of the company and to elect the Board of Directors.

All the shareholders of the company are required to attend the AGM. The Board of Directors and auditors of the company are also required to attend the meeting.

The AGM has to be conducted at the registered office of the company or at any other place within the city, town or village wherever the registered office is situated. The Meeting should happen during the business hours (9 am-6 pm) on any day that is not a national holiday declared by the Central Government.

Annual General Meeting must be conducted within the stipulated timelines. However, if it is not conducted within the stipulated time frame, for the special reason, Registrar of companies may provide an extension for a period not exceeding three months, which can be applied before the last date for holding the AGM. According to section 97 of Companies Act, 2013, if any default is made in holding the AGM of a company U/S 96, the Tribunal may, notwithstanding anything contained in this Act or Articles of Association of company, on the application of any member of company may call or direct the company to call Annual General Meeting of the company. With the help of Section 97, if any company fails to call AGM and didn’t apply for an extension it can call AGM with the help of any member who can file the application to NCLT with Form NCLT-1. In case of any default in complying with provisions of Sections 96 & 97 or failed in complying with any directions of Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to Rs. 1,00,000/- and in case of continuing default, with a further fine which may extend to Rs. 5,000 for every day during which such default continues.

A Director has to be physically present to attend at least one Board meeting of the company. In absence of the original director, an alternate director may be appointed to attend the meeting. If a director absents himself from all the Board Meetings of the Company, he has to be vacated from the Office of Directorship of the company.

Yes, the Board of Directors can appoint a person for alternate directors. But he/she must not have been holding a similar post in any other company.

A Director’s Report is a report prepared by the Directors of the company that gives a summary of the company’s financial performance, its future plans and its achievements during the year.

Pursuant to Section 134 of the Companies Act 2013 and Rules made thereunder, the company shall be punishable with a fine between Rs. 50,000 and Rs. 25,00,000/- and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 3 years or with fine of mimimum Rs. 50,000 and maximum Rs. 5,00,000/- or with both.

The Income Tax Returns for a Private Limited Company needs to be filed every year by the 30th of September.

An Annual Return is a document that needs to be filed by a Private Limited Company every year. This document provides the details of the company’s shareholders, directors and the share capital of the company.

The penalties for failing to comply with annual compliance requirements can be severe, including fines, imprisonment, and even deregistration of the company.

You can file your annual compliances online through the Ministry of Corporate Affairs (MCA) website. You can also file your annual compliances through a registered chartered accountant.

There are a number of benefits to filing annual compliances on time, including the following: avoiding penalties, maintaining your company’s good standing, and protecting your company’s assets.

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