COMPLETE FILING OF YOUR COMPANY ROC ANNUAL COMPLIANCE- COMMON COMPLIANCE’S WHICH A PRIVATE LIMITED COMPANY HAS TO MANDATORILY ENSURE- TIME IS RUNNING OUT-: -
While you are busy planning the business strategies, there are various compliance’s which are required to be followed once your business is incorporated. Managing the day to day operations of your business along with complying the corporate laws can be little taxing for any entrepreneur. Hence, it is essential to take help of a professional and also understand such legal requirements to ensure timely fulfillment of compliance’s, without any levy of interest or penalty.
If You are Private Limited / Public Limited Company or LLP:
We have elaborated below some of the common compliance’s which a private limited company has to mandatorily ensure:
Compliance Requirement- Description and Timeline
- Appointment of Auditor- Auditor will be appointed for the 5 (Five) years and form ADT-1 will be filed for 5-year appointment.
- Appointment of Auditor- within one month
- Statutory Audit of Accounts- Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
- Filing of Annual Return (Form MGT-7)- within 60 days
- Filing of Financial Statements (Form AOC-4)- within 30 days
- Holding Annual General Meeting- It is mandatory for every Private Limited Company Company to hold an AGM in every Calendar Year. Companies are required to hold their AGM within a period of six months, from the date of closing of the Financial Year.
- Preparation of Directors’ Report- Directors’ Report will be prepared with a mention of all the information required under Section 134.
Besides this. Do you know?
- Being a Pvt Ltd Company / LLP you are liable for paying Profession Tax of Company, Directors & Employees from the 1stday of company inception.
- You are liable for deducting TDS in various rates applicable for various slabs from 1st
If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues. If there is delay in any filing, then additional government fees is required to be paid, which keeps on increasing as the time period of non-compliance increases.
Please take note of this very important proposed amendment in companies act. This is passed by Lok sabha and presented to Rajysabha. Once it is passed, for annual return and balance sheet late fees will be Rs. 100 per day. And if there is a repeat default (means for more than one year) for second year late fee will be Rs. 200 per day. If any company has not filed returns for 2015-16 or for earlier years; late fee per form will be minimum 36500 per year. We need to file all old returns before this amendment gets passed.