Pvt Ltd Annual Compliance- An Overview
Annual compliance is an essential aspect of running a private limited company. Failing to comply with the legal requirements can result in severe consequences such as fines, penalties, and even legal proceedings. It’s important to stay informed about the latest regulations and laws that apply to your business and take the necessary steps to remain compliant. In this blog, we’ll discuss some of the key compliance requirements that private limited companies need to be aware of.
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- Appointing of Auditors: The company must appoint an auditor who will be responsible for auditing the financial statements. The auditor must be a member of the Institute of Chartered Accountants of India (ICAI).
- Holding of Annual General Meeting (AGM): The AGM must be held once a year within 6 months from the end of the financial year. The AGM is an opportunity for the shareholders to review the company’s performance and make important decisions.
- Preparing Director’s Report: Section 134 of the Companies Act, 2013 says that Form AOC-4 is needed to file the Director’s Report. The purpose of preparing a Director’s Report is to give shareholders a preview of the financial position of the company and the scope of its business. The signed ‘minutes of meetings’ is required to be maintained at the Registered Office.
- Filing of Financial Statements: The financial statements must be filed with the MCA (Form AOC-4) 30 days from the date of AGM. The statements must accurately reflect the company’s financial performance for the year.
- Filing of Annual Return: The annual return must be filed with the MCA (Form MGT-7/7A) within 60 days from the date of AGM. It must contain accurate information about the company’s shareholders, directors etc.
- Filing of Income Tax Returns: The company must file its income tax returns with the Income Tax Department on an annual basis.
- DIR- 3 KYC: All the directors must file form DIR-3 KYC with the MCA within 30th September each year, otherwise their DIN will be deactivated.
In conclusion, annual compliance is an important aspect of running a private limited company. By staying informed about the latest regulations and laws and taking the necessary steps to remain compliant, companies can avoid fines, penalties, and legal action. It’s also a good idea to seek professional advice from a chartered accountant or a legal expert to ensure that your company is in compliance with all relevant laws and regulations.
Get Your Pvt Ltd Annual Compliance Done Today Starting at Rs.6,999/-
Our expert will ensure that your Private Limited Company is in compliance with all relevant laws and regulations. By doing so, Private Limited Company can maintain good standing with the government, improve their reputation, and ensure their long-term success.
What will you get?
Auditor Appointment
Financial Statement
Audit Report
Board Report
AGM Resolution
DIR-3 KYC
AOC-4 Filing
MGT-7 Filing
Income Tax Filing
Documents Required for Pvt Ltd Compliance
Incorporation Documents
Bank Statement
Bills and Vouchers
Accounts if Available
DSC of Directors
Shareholders List
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Benefits of Pvt Ltd Compliance
Maintains good reputation
Complying with the legal requirements shows that a company is responsible, reliable, and operates within the law. This helps to maintain a good reputation with customers, suppliers, shareholders, and other stakeholders.
Avoids legal penalties
Failing to comply with the legal requirements can result in severe consequences such as fines, penalties, and even legal proceedings. By filing annual compliance, a private limited company can avoid these penalties and maintain good standing with the government.
Maintains credibility
Filing annual compliance helps to demonstrate that a private limited company is financially stable and transparent, which in turn helps to maintain credibility with customers, suppliers, and other stakeholders.
Attracts investment
Investors are more likely to invest in a company that is financially stable, transparent, and operates within the law. By filing annual compliance, a private limited company can demonstrate these qualities, making it more attractive to investors.
Increases transparency
Filing annual compliance helps to increase transparency by providing important financial and business information to the government and other stakeholders. This information can be used to make informed decisions about the company's future.
Protects the company
By complying with the legal requirements, a private limited company can protect itself from legal action and ensure that its operations are in line with the law. This helps to reduce the risk of potential lawsuits, which can be costly and time-consuming.
How we work?
Step 1: Consultation with Expert
Step 2: Preparing the Documents
Step 3: Filing Returns
Step 1: Consultation with Expert
Our expert will call you after your contact form submission, then after consultation you will submit all the required documents to us for further processing.
Step 2: Preparing the Documents
After your documents submission we will prepare the financial statements and draft all the resolution, board report etc.
Step 3: Filing Returns
After getting audited financials we will file the required forms with MCA and Income tax dept.
Are you still confused?
Our team of experts can help you out finding the best solution for you. Contact us today!
Frequently Asked Questions
Annual compliance refers to the set of legal obligations and requirements that a private limited company must fulfill on an annual basis. These include filing of documents, holding meetings, and adhering to regulations to maintain legal status and transparency.
The financial statements must be filed with the MCA (Form AOC-4) 30 days from the date of AGM and the annual return must be filed with the MCA (Form MGT-7/7A) within 60 days from the date of AGM.
An AGM is a mandatory yearly gathering of shareholders and directors where financial statements are presented, important decisions are made, and discussions about the company’s performance occur.
Missing the deadline for filing the annual return can result in penalties and fines. It’s essential to submit the required documents within the stipulated time to avoid such consequences.
An auditor for a private limited company must be a practicing Chartered Accountant in India. They are responsible for auditing the company’s financial statements and ensuring their accuracy.
Financial statements must be filed with the Registrar of Companies (RoC) within 30 days from the date of the AGM.
Yes, private limited companies are subject to income tax on their profits. They must file income tax returns with the Income Tax Department every year.
Yes, a private limited company can change its registered office address by following the legal procedure and obtaining necessary approvals from the RoC.
Yes, certain exemptions are available for small companies in terms of holding AGMs and financial reporting. However, it’s important to review the latest regulations to understand the specific criteria for eligibility.
Non-compliance can lead to penalties, legal actions, and even the potential striking-off of the company’s name from the official records. It’s crucial to meet annual compliance obligations to avoid such issues.
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