Annual Compliances for PVT/ OPC

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Annual Compliances for PVT/ OPC Companies


The Ministry of Corporate Affairs (MCA) governs all companies in India under the Companies Act 2013. All companies registered in India, such as private limited company, one-person company, limited company, and section 8 company, are required to submit annual MCA returns and income tax returns each year. All companies registered in India are required to comply with various regulations. Failure to comply may result in a penalty or disqualification of directors. Before filing an annual return, the company must hold an annual general meeting at the end of each financial year.

The Annual General Meeting will be held within 18 months from the date of incorporation or 9 months from the date of ending of the financial year for newly formed corporations, whichever is earlier.Initial Annual General Meeting are supposed to take place within six months from the close of the financial year. In India, the financial year generally begins on April 1, and ends on March 31.

In addition to an annual return from MCA, businesses do have to file income tax returns regardless of profits, revenue or loss. Consequently, even dead companies without sales are expected to file income tax returns every year. Private limited companies, small partnerships and one person business will be expected to file Form ITR -6.

Advantages

Higher Credibility

Annual compliance provides a company with greater credibility for loan approval or some other related criteria.

Record of Financial Worth

Company annual compliance filings provide many businesses with information of their financial worth, which may contribute to new and interested investors

Stays Active and No Penalties

Companies are not declared as defunct with routine filings, and remain active. Annual compliance reports are also mandatory and may involve fines (additional fees) for the Company when reports are defaulted.

Conversion or Closure

Regular annual compliance filings promote faster transfer to other forms of companies, as well as quicker settlements in the event of partnership breakup.

Key Components of Annual Compliance

The below are the mandatory compliance with due dates which has to be followed by a company registered in India.

Commencement of Business (Within 180 Days)

Companies registered in India are supposed to obtain a commencement of business certificate before beginning any company or exercising any borrowing capacity. The commencement of the business certificate shall be obtained within 180 days of the incorporation of the company. Failure to receive a business certificate would result in a fee of Rs.50,000 for the client and a liability of Rs.1000 for the client.

Auditor Appointment (Within 30 Days)

Any registered companies in India are expected to appoint a statutory auditor within 30 days of incorporation. Failure to designate an Auditor would result in a monthly fine of Rs.300 and the firm will not be permitted to start business

Income Tax Return (30th Sep)

For every financial year, Any company incorporated in India is expected to file an Income Tax Return on or before 30 September 2020. Failure to file income tax may result in a fine of Rs.10,000.

MCA Form AOC-4 (30th Nov)

Any companies incorporated in India must submit MCA Form AOC-4 on or before November 30th, 2020. Failure to submit AOC-4 may result in a penalty of Rs.200 each day of default or delay.

MCA Form MGT-7 (31st Dec)

For every financial year, Any companies incorporated in India will be expected to file MCA Form MGT-7 on or before 31 December. Failure to submit AOC-4 may result in a penalty of Rs.200 each day of default or delay.

DIR-3 eKYC

For all company directors DIN eKYC or DIR-3 eKYC form must be submitted. For DIR-3 eKYC filing, the directors mobile number and personal email address must be provided and verified. Failure to register DIN eKYC would incur a Rs.5000 penalty per DIN.

Documents Required

Passport size Photograph

Aadhaar Card

Proof of Business Address

Details of the employees and manager of the business

HIGHLIGHTS

ANNUAL COMPLIANCES OF PRIVATE LIMITED COMPANY

Limited Liability

Preparation of Books of Accounts

Company book of accounts includes vouchers, minutes, deeds, writings, documents, and registers pertaining to the transactions of the company.

Separation of Mangement & Shareholders

Preparation of Financial Statement

Preparing general-purpose financial statements; includes the balance sheet, income statement, statement of Profit & Loss, and statement of cash flows.

Separate Legal Entity

Statutory Audit by Independent Auditor

Statutory audits performed by qualified auditors are conducted in order to report the state of a company's finances and accounts to the Indian government. .

Perpetual Succession

Filing of Annual ROC Returns

Companies incorporated are required to E-File the audited financial statements & books of accounts with the Registrar of Companies (ROC).

Easy Equity Funding

Filing of Income Tax Returns

All companies registered Under the Companies Act in India are required to file income tax returns each year on or before 30th September. .

Taxation

Maintenance of Statutory Registers

Every company incorporated under the Companies Act, 2013 are required maintain certain records about the company in the form of statutory registers.

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