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Company Compliance
Annual Package For Accounting, Tax & Audit
Inr 10000/- Onwards (Excl Taxes)
Income Tax
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Company)
- Din E-Kyc For 2 Directors
- Mca Compliance
Inr 20000/- Onwards (Excl Taxes)
Income Tax & Gst
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Company)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
- Monthly GST Computation
- Din E-Kyc For 2 Directors
- Mca Compliance
Inr 30000/- Onwards (Excl Taxes)
Income Tax & Gst & Audit Compliance
- Accounting In Tally
- Prepration Of Finance Statement
- Income Tax Return (Company)
- Monthly Gst Computation
- Monthly Gstr 1
- Monthly Gstr 3B
- Income Tax Audit
- Qurterly Tds Returns
- Gstr 9
- Gstr 9C
- Din E-Kyc For 2 Directors
- Mca Compliance
- Adt-1
Compliances for Private Limited Company
- Definition of Compliance: Compliance refers to adhering to rules, guidelines, or directives.
- Companies Act of 2013: This law governs various aspects of private limited companies in India, including director appointments, qualifications, compensation, and shareholder/board meetings.
- RoC Compliance: Private limited companies must comply with the Registrar of Companies (RoC) annually, irrespective of their sales or capital.
- Annual Compliances: All registered companies in India, including private limited, section 8, limited, and one-person companies, must fulfill yearly obligations like income tax filings and annual returns.
- Post-Incorporation Compliance: After incorporation, companies face numerous compliance requirements, which can be challenging for entrepreneurs managing day-to-day operations.
- Importance of Professional Assistance: To ensure timely fulfillment of compliances and avoid penalties, it’s advisable for entrepreneurs to seek professional help and understand legal requirements thoroughly.
What are compliances to be maintained by the Private Limited Company?
- Compliance Changes: Compliance requirements for Private Limited Companies have evolved significantly over time.
- 2021 Compliance Summary: Here are the key due dates for private limited company compliance in 2021.
| Compliance | Description |
|---|---|
| Commencement of Business | Companies registered in India after November 2019 with share capital must obtain a commencement of business certificate within 180 days of incorporation. Failure to do so incurs penalties. |
| Auditor Appointment | All Indian companies must appoint a statutory auditor within 30 days of incorporation, failing which they can’t commence business and face penalties. |
| Income Tax Return | Income tax returns for the financial year 2020-21 must be filed by September 30, 2021. |
| MCA Form AOC-4 | Private limited companies must file MCA Form AOC-4 for FY2020-21 by November 30, 2021, with penalties for delays. |
| MCA Form MGT-7 | MCA Form MGT-7 for FY2020-21 needs to be filed by December 31, 2021, with penalties for delays. |
| DIN eKYC | All directors must file DIN eKYC or DIR-3 eKYC, with penalties for non-compliance. |
| Hold Annual General Meeting | Private limited companies must hold an annual general meeting within six months of the financial year’s closure. |
| Director’s Report | Preparation of the Directo |
Statutory Audit Compliances
Description: Statutory audit compliances verify the accuracy of an organization’s financial status through the examination of bank balances, bookkeeping records, and financial transactions.
Key Steps:
- Appointment of Statutory Auditor: The company selects a statutory auditor.
- Finalization of Annual Accounts: Auditors conclude the company’s annual accounts.
Advantages of Proprietorship
- Yearly accounts and returns are submitted to the registrar of businesses for private limited companies, disclosing information about directors, shareholders, and other stakeholders.
- The annual general meeting should take place within sixty days after filing Form MGT-7 (Annual Returns).
- Form AOC-4 (Financial Statements), including the balance sheet, profit and loss account, and director’s report, must be filed within 30 days by private limited companies.
Annual General Meeting
- A shareholder meeting must occur annually, within six months after the fiscal year ends.
- AGMs are convened to approve financial statements, declare dividends, appoint or re-appoint auditors, authorize director payments, and discuss other relevant matters.
- The meeting is typically scheduled during regular business hours on a non-public day, taking place where the business is registered or where its registered office is situated in a city, village, or town.
Board Meeting
- The first board meeting of a company should be convened within 30 days of its incorporation.
- Quarterly, the board is required to hold four meetings, with a minimum attendance of either two directors or one-third of the total directors, whichever is higher.
- Discussions during these meetings must be recorded in writing, documented as meeting minutes, and stored at the company’s registered office.
- Seven days prior to each meeting, notification regarding the date and purpose of the meeting should be dispatched.
Directors Report
- Annually, the director must disclose details of their directorship in other companies by providing a written declaration to the company.
- Quarterly, advance tax payments should be made.
- Income tax returns must be filed.
- If a business’s turnover or gross receipts exceed Rs. One crore in the previous year relevant to the assessment year, a tax audit becomes mandatory.
- Following the tax audit, the tax audit report should be filed.
Other event-based Compliances
- Change in authorized capital or paid-up capital necessitates filing a specific form with the registrar.
- Allotment or transfer of new shares requires filing another form within the stipulated timeframe.
- Providing loans to other companies or directors triggers compliance filings.
- Appointment of managing or whole-time directors and their compensation entails filing relevant forms.
- Opening or closing a bank account or changing signatories mandates filing the necessary form.
- Appointment or change of statutory auditors necessitates filing a separate form. Failure to adhere to these compliances may lead to additional costs or penalties, emphasizing the importance of timely compliance.
Non-compliance
- Failure to adhere to the Companies Act guidelines results in fines for both the organization and its members until the default is rectified.
- Additional fees are incurred for delayed annual filings, highlighting the importance of timely compliance to avoid financial penalties.
Dedicated Advisor
- A compliance manager will be assigned to your business to help ensure compliance, serving as your main point of contact for any compliance-related inquiries.
- At the end of each fiscal year, our compliance manager will assist in maintaining accounting records and preparing financial statements for your business.
- Our compliance manager will aid in creating secretarial reports and preparing minutes for the required four board meetings, including the annual general meeting and directors report.
- The compliance manager will handle the preparation and filing of your company’s MCA annual return, ensuring it is submitted by the deadline.
- Income tax return filing, required annually regardless of business activity, will be managed by our compliance manager for your company.
Company Compliance FAQs
Yes, but it's recommended to register for benefits and legal compliance. Common unregistered structures include Sole Proprietorship, Partnership Firm, and Hindu Undivided Family (HUF).
Choose a structure, register the business name, obtain Director Identification Number (DIN), incorporate the business, obtain PAN and TAN, acquire necessary licenses and permits, comply with labor and tax laws, get insurance, and open a business bank account.
Yes, as per the Companies Act, 2013, it's mandatory to hold annual general meetings to discuss yearly results and appoint auditors.
Yes, all Private Limited Companies need to undergo statutory audits annually.
Companies incorporated under the Companies Act, 1956, are required to file balance sheets in form 23AC and profit and loss accounts in form 23ACA with the ROC.
Yes, private limited companies must file annual accounts and returns disclosing shareholder and director details to the ROC.
Private limited companies must file the annual return within 60 days of holding the AGM.
ROC ensures Private Limited Companies and LLPs comply with statutory requirements, functioning as their regulator under the MCA.
Form ADT-1 is filed for appointing or replacing the statutory auditor.
The main purpose is to adhere to internal policies, governmental laws, and prevent violations, thereby protecting the company's reputation and improving its vision and value.
There are two main types: External and Internal, encompassing regulations, practices, and rules.
