The compliance requirement for the private limited company has drastically changed over the years 2020 and 2021. Every company registered in India, including private limited, limited company, one-person company, and section 8 company must file annual returns with ROC every year. It requires conducting an Annual General Meeting and filing annual accounts with ROC. AGM must be held within 6 months from the end of the financial year i.e. 30th September every year. In the case of new companies, the first AGM should be held within 18 months from the date of incorporation or 9 months from the close of the financial year whichever is earlier. Companies Act 2013 mandates that your financial year should start from 1st April and end on 31st March. The following is a summary of private limited compliance due dates in 2020-21.
Roc and Income tax. Company Act Compliance
Event-Based Compliances In ROC: Even-based compliances are those that get triggered upon following certain events like change in directors, change of registered office, change in approved share capital, etc. Hence, it is essential that the happening of such events get tracked, and the docility met on time to avoid penalties or additional fees. Some of the Event-based agreements are mentioned below, along with the time limit:
- First Board Meeting: Holding of first Board Meeting of Directors within 30 days of incorporation of Company
- Subsequent Board Meeting: Holding of a minimum of four Board meetings in a calendar year and not more than 120 days gap should be there between two meetings For Small The company, a minimum of two meetings in each half of the calendar year with a minimum gap of 90 days
- First Annual General Meeting: Within a period of nine months from the date of closing of the first financial year of the Company
- Subsequent Annual General Meeting: Within a period of six months from the date of closing of the financial year Not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next;
- Disclosures of Interest by Directors/Declaration: Every Director shall in the first Board meeting of the Board in every financial year disclosure his interest in form MBP-1 and declaration in form DIR-8
- Appointment of First Auditor; Appointment of the first auditor in Board meeting within 30 days of incorporation, ROC Form ADT 1 is filed for auditor appointment. The due date for ROC Form ADT 1 would be 14th October i.e within 15 days from the conclusion of AGM.
- Appointment of Subsequent Auditor: Within 15 days from the date of appointment in Annual General Meeting, Will be appointed for 5 years in AGM.Filing of form ADT-1:Within 15 days from the date of appointment of Auditor
- Filing of Financial Statements i.e. form AOC-4:Within thirty days of Annual General Meeting, ROC Form AOC4: which contains details and annexure relating to the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details, and information about the Management of the Company. The due date for ROC Form AOC 4 would be 29th October i.e. 30 days from the conclusion of the AGM.
- Filing of Annual Return i.e. from MGT-7: Within sixty days of Annual General Meeting, which contains details of the shareholding structure, change in directorship, and details of the transfer of shares during the year if any. The due date for ROC Form MGT 7 would be 28th November that is 60 days from the conclusion of AGM.
- Statutory Audit of Accounts: By a Chartered Accountant
- Filing of Income Tax Return of Company:30th of September every year: Private limited companies registered in India must file Income Tax Return on or before 30th September 2020 for the FY2019-20. Failure to file an income tax return attracts a penalty of Rs.10,000.
- Maintenance of Statutory Registers, Minutes books, and records: All the Companies are advised to maintain few statutory registers in the prescribed format such as a register of members, register of charges, register of directors and KMP, register of loan and guarantee, etc. Minutes of the Board meeting and general the meeting, Attendance Register, Books of Accounts, etc. are to be maintained
- Proof of circulation of Notice, Draft, and Signed Minutes: Should be maintained for a period of three years from the date of the meeting
- Directors KYC*- 30th of September: DIN eKYC or DIR-3 eKYC form must be filed for all the Directors of the company. In DIR-3 eKYC filing, the Director must provide and verify a unique personal mobile number and personal email address. Failure to file DIN eKYC attracts a penalty of Rs.5000 per DIN.
- E-Form MSME-I: Every Company having outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline:
- For April to September by 31st October
- For October to March by 30th April
- E-Form DPT-3*: All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June.
Rajput Jain and Associates