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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 Vakilsearch is here to help with the annual filings of
companies and provide information regarding company compliances.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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One solely committed account manager.
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