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COMPLIANCE LIST FOR PVT LTD COMPANY!!

ANNUAL COMPLIANCE FOR PRIVATE LIMITED COMPANY

@12,000/-

18% GST Benefit Available

In order to maintain the reputation of your Private Limited Company, following are the mandatory Statutory Annual Compliance for Companies which must be filed so as to avoid heavy penalties.

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Regitration

Compliances of Private Limited Company

Start the Annual Compliance at just Rs. 12000/- (per FY)

A legal entity registered as a Private Limited Company is required to comply with the rules and regulations that are set under the Companies’ Act, 2013. It is important to note that the appointment, remuneration, retirement, etc of the company’s directors and other crucial aspects like conducting annual general board meetings and shareholder meetings are all governed by the MCA department (Registrar of Companies RoC) under Companies’ Act, 2013. Irrespective of the annual turnover of the company, RoC Compliance or Annual Compliance for a registered Private Limited Company is mandatory.

Every business entity such as a Private Limited Company Registration, One Person Company Registration, Limited Company Registration, or Section 8 Company Registration are required to maintain the filing of annual return and Income Tax Return each year.

It becomes quite tricky for the directors and related authorities to comply with these regulations and failing to file these compliances may lead to heavy fine and penalties. So, it is better to seek for the professional aid for understanding the legal requirements thus ensuring the on-time filing of the annual compliance for Private Limited Company.

Now, let us look at the checklist for compliance of private limited company that needs to be taken care off.

COMPLIANCE CALENDAR FOR PRIVATE LIMITED

Annual Compliance for Pvt Ltd Company

Here is important compliance list for pvt ltd company:

Mandatory Compliance Forms
Mandatory Compliance Forms Details
Commencement of business (Within 180 days) For a registered Private Limited Company, a commencement form known as INC-20A needs to be filed within 180 days of the incorporation date. INC-20A form serves as a proof that the business operation have started and the shareholders have claimed their shareholding from the company. Failing to file the commencement form can attract penalty of upto INR 5200.
Auditor Appointment (Within 30 days) For all registered Private Limited Companies, within the 30 days post incorporation, a Statutory auditor must be appointed to look after the financial sheets of the company. Before the appointment of an Auditor, a company is not eligible to commence business operations. Failing to file this compliance can lead a penalty of Rs. 300 per month.
Income Tax Return Company’s Income tax returns need to be filed on or before 30th September for the previous Financial year.
Form AOC-4 (MCA) Filing Form AOC-4 on MCA Portal is mandatory for a registered private limited company providing all the details of the balance sheet of the company and the details of board meetings. The AOC-4 form must be filed on or before November 30th each year. Failing to file the AOC-4 form can attract a penalty of INR 200 per day.
Form MGT-7 (MCA) The registered private limited companies are required to file Form MGT-7 on MCA portal providing the details of the shareholders mentioning any changes in the shareholdings (if any). The form must be filed on or before December 31st each year. Failing to file the MGT-7 form can attract a penalty of INR 200 per day.
DIR-3 KYC (For Directors) Director’s KYC is the Director’s DIN KYC that needs to be filed every year informing that the aforementioned director is still active within the company. In case of non-filing of DIN eKYC, a penalty of INR 5000 per director is charged. It is mandatory for each person holding a valid DIN (Director Identification Number).
Annual General Meeting It is mandatory for a registered private Limited Company to hold an Annual General Meeting once a year.
Report of Directors All the directors of a Private Limited Company must submit a report stating their directorship in other companies in accordance with the provisions mentioned under Section 134 of Companies’ Act, 2013.
The filing of above mentioned compliance list for pvt ltd company might prove a hectic job for the directors to comply with, hence to avoid the penalties or delay in fulfilment of these compliances, it is advised to hire a Legal Consultancy Firm like Vakilgiri to take care of the Annual Compliances of your Private Limited Company so that you can focus on the overall operations and growth of your company.

CHECKLIST FOR PRIVATE LIMITED COMPANY

Statutory Compliance of Private Limited Company

Here are the detailed post incorporation compliances of private limited company under Companies Act 2013 that must be filed each year:

Auditor Appointment

A Statutory Audit is mandatory for a Private Limited Company in order to determine whether that company is submitting fair & honest financial statements by providing balance sheets, financial transactions, etc. To check the statutory audit report, appointment of auditor is required for every private limited company. As per the provisions under the Companies’ Act, 2013; in a Private Limited Company, an auditor must be appointed for the term of 5 years and it should be appointed within 30 days of incorporation.

Annual General Meeting (AGM)

An Annual General meeting refers to a meeting between a company’s shareholders which is help once a year inorder to discuss essential managerial discussions such as financial statement approval, auditor appointment, salary & remuneration of directors, dividend declaration, etc. An AGM must be held 6 months prior to the closing of that financial year. Points to remember: – AGM must not be held on Public Holidays. – An AGM must be held at the registered office of the company during the business hours only. – It should be held six months before the closing of that financial year.

Board Meetings

Board Meeting refers to a meeting between the board of directors of a Private Limited Company to discuss about the operational structure of the company and its future growth. Four Board Meetings within a Financial Year are required and a detailed crux of important points must be drafted as a file and should be kept at the registered office of that company. This information is provided to the RoC department at the time of annual compliance filing of a private limited company. Points to Remember: – Annual General Meeting is between the shareholders of a company to discuss its financial growth whereas a Board Meeting is held between the board of directors to discuss the operational growth of that company. – Annual General Meeting must be held once a year where as four Board meetings are required within a financial (2 Board Meetings in case of a small Private Limited Company) – The First Board Meeting must be held within 30 days from the date of incorporation of a private limited company. – The interval between two board meetings should not exceed 120 days. – 7 days’ notice must be given to the directors prior to the scheduling of a Board Meeting. – A total of 1/3rd or a minimum of 2 directors must be present in a Board Meeting.

Annual RoC Filing

The complete details of Annual Accounts & returns of the shareholders & directors needs to be submitted to the Registrar of Companies (RoC) once a year. It is a mandatory part of compliance which consists of following filings: a) Annual Returns : The annual returns of a Private Limited Company between the period of 1st April to 31st March i.e., a financial year must be filed disclosing the details of company’s annual returns within a period of 60 days counted from the Last Annual Meeting. b) Financial Statements : A registered Private Limited Company is supposed to disclose the details of its balance sheet, financial statement of profit & loss within 30 days of its incorporation.

Event-Based Compliances

In the event of any change in the below mentioned points, respective compliances must be filed (if required). a) If a Private Limited Company is providing loans to other companies. b) If a Private Limited Company is providing loans to its directors. c) If there is any change in the Paid-Up Capital of the company. d) In case of Opening or closing up of company’s bank account/s. e) In case of any change (i.e., appointment or resignation) of auditor of the company.

Reports of Directors

As per the provisions under Section 134 of the Companies’ Act, 2013, each and every director of a Private Limited Company are obliged to submit a report mentioning the details of his/her directorship in all the companies that are currently active. The Report of Directors must be written down in a special format only.

Income Tax

Every year, Income Tax Compliance must be submitted to the respective department. This includes, calculation of tax & advance payments, income tax return filing and filing of tax audits.

Eligibility for Grants

Registered organizations can apply for government and CSR (Corporate Social Responsibility) grants.

Tax Deduction for Donors

Donors to organizations registered under 80G are eligible to claim deductions (usually 50%) on their donations, which incentivizes contributions.

Increased Donations

Offering tax benefits encourages more individuals and corporates to donate, increasing fundraising capacity.

CSR Funding

Many corporates prefer donating to organizations with 80G registration to take advantage of tax benefits.

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WHY FINCAWORK ?

FINCAWORK AS YOUR COMPLIANCE EXPERTS!!

Fincawork Legals is a team of Highly Professional CAs, CSs, Advocates and Industry Experts whose aim is to provide a quick and hassle-free Company Incorporation process and its compliances. With Fincawork as the Annual Compliance Experts for your Private Limited Company, you just need to focus on the growth of your start-up business. Rest all legal requirements of a private limited company is taken care off by us. We ensure the smooth maintenance of your company’s records and make sure you comply with all these formalities on a timely basis so as to avoid heavy penalties (in case of non-compliance).

– On-time & complete filing of compliance for new Private Limited Company.
– Proper Book-Keeping.
– Expert Guidance in any Legal Matter.
– Appointment of a Chartered Accountant to manage your company.

FAQs

FINCAWORK AS YOUR COMPLIANCE EXPERTS !!

1 Is it mandatory to file Compliance requirement of private limited company every year?
Yes, you need to comply with the statutory compliance for new private limited company registered under Companies Act, 2013 every Financial Year. In case of non-compliance, penalties shall be charged.
2 Is it mandatory to file Income Tax return of the Company?
Yes, filing Income Tax Return is mandatory for every year. It is important to pay taxes to the government from the profit earned during the financial year. It is to be noted that in case of overall loss, filing ITR needs to be done.
3 I have just registered my company. What are the urgent compliances that needs to be taken care of?
It is important to note that 2 Post incorporation compliances of private limited company are required. First is, an Auditor to be appointed within 30 days from the date of Incorporation. Secondly, INC-20A (Business Commencement Form) is to be filed within 180 days from the date of incorporation. INC-20A from is filed to intimate the MCA Department that the Company has opened its Bank Account, deposited its paid capital and has started its operations.
4 Is it necessary to pass board resolution for every board meeting?
Yes, a Board Resolution for every important decisions taken by the directors of the company needs to be passed. It is mandatory to conduct at least one Board Meeting and pass at least 1 resolution every quarter.
5 Do I need to appoint or change auditor every year?
First Auditor needs to be appointed within 30 days from the date of incorporation of company through passing Board Resolution for the first financial year. After that, Auditor is to be changed after every five years.
5 Is GST Compliances mandatory to do every year?
Basically GST Registration and return filing is mandatory if your Turnover exceeds Rs.20 Lakhs (in case of Service Industry) or Rs.40 Lakhs (for manufacturing and trading entities). Once your Private Limited Company is registered under GST, it is mandatory to file GST Returns every month depending on the type of GST Registration you have.
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