Company Annual Compliance
Private limited companies in India are required to comply with a set of annual requirements under the Companies Act, 2013, and other applicable laws and regulations. These requirements are designed to ensure that companies are operating in a transparent and accountable manner. Here is list of Company Annual compliance that every company Need to follow –
- Director KYC (DIR-3 KYC)
- Statutory Audit
- Annual ROC return filing
- Income Tax Return Filing
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Annual Compliances for Private Limited Company
All businesses that have been registered in India, including private limited companies, one-person businesses, limited corporations, and section 8 businesses, are required to maintain annual compliances, including filing annual returns and income tax returns. Even though company registration is the most common way to launch a business, after the enterprise is incorporated, a number of compliances must be followed.
The entrepreneur may find it challenging to manage daily operations while adhering to the complex corporate laws. Therefore, it is always preferable to seek the assistance of professionals and comprehend the legal requirements in order to assure prompt completion of these compliances and avoid penalties or fines. We’ll examine a few of the common compliances that a private limited corporation must maintain here.
What are the Annual Compliances that the Private Limited Company must maintain?
List of Compliance | Description |
|---|---|
DIN eKYC | All of the company's directors must be registered for the DIN eKYC or DIR-3 eKYC. The Director must provide a personal mobile number and a personal email address in DIR-3 eKYC. Failure to file DIN eKYC results in a Rs. 5000 penalty. |
Statutory Audit Compliances | Statutory audit compliances are performed to assess whether a company offers correct financial facts by analyzing bank balances, bookkeeping records, and financial transactions. |
Hold Annual General Meeting | An annual general meeting is required for a private limited company once a year. Companies are expected to have their AGM within six months of the end of their financial year. AGMs are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc. |
Auditor Appointment | After Closing of AGM, its manadatory to Appoint first audtior of company within 15 day from date of AGM. |
Director's report | The Director has to disclose details about his directorship in other companies every year. This can be done by giving a declaration in writing to the company every year. |
MCA Form AOC-4 | The registered private limited companies must file Form AOC-4 on or before 30th Oct 2024 for the FY 2023-24. Failure to file AOC-4 will attract a penalty of Rs. 100 per day of default or delay. Under AOC -4 we declare audited financial statement to ROC. |
MCA Form MGT-7 | It is necessary to file MCA form MGT-7 on or before 30th Nov 2024 for FY 2023-24. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. |
Income Tax Return | Income tax returns need to be filed on or before 30th October 2024 for the Financial year 2023-24. |
In addition to the above requirements, private limited companies may also be required to comply with other specific requirements depending on their industry and business activities. For example, companies that operate in regulated industries such as pharmaceuticals, food, and financial services may have additional compliance requirements.
It is important to note that failure to comply with annual compliance requirements can result in serious penalties, including fines, imprisonment, and even the striking off of the company from the register of companies. Therefore, it is essential for private limited companies to ensure that they are in compliance with all applicable requirements.
If you are a director or shareholder of a private limited company in India, it is important to consult with a qualified professional to ensure that your company is complying with all annual compliance requirements.