COMPANY ANNUAL FILING
STARTUP PLAN
COMPANY ANNUAL FILING:
o The term compliance describes the ability to comply with orders, set of rules, or requests.
o A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are met adequately.
o The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company’s Directors and other aspects such as conducting board meetings and shareholder meetings.
o The ROC compliance for registered Private Limited Companies is necessary. o Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
» MCA Annual Return Filing.
» Minutes.
Rs 11,999/-
COMPANY ANNUAL FILING
MEDIUM PLAN
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
» MCA Annual Return Filing.
» Minutes.
Rs 14,999/-
COMPANY ANNUAL FILING
STANDARD PLAN
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
» MCA Annual Return Filing.
» Minutes.
Rs 19,999/-
COMPANY ANNUAL FILING
PREMIUM PLAN
» Preparation of:
- Balance sheet.
- Profit and Loss statement.
» Income Tax Return Filing.
» MCA Annual Return Filing.
» Minutes.
Rs 29,999/-
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COMPANY ANNUAL FILING
- PRIVATE LIMITED COMPANY ANNUAL COMPLIANCES:
- The term compliance describes the ability to comply with orders, set of rules, or requests.
- A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are met adequately.
- The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company’s Directors and other aspects such as conducting board meetings and shareholder meetings.
- The ROC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
- All companies registered in India like a private limited company, limited company, one person company, and section 8 company need to maintain the annual compliances like annual returns and income tax return each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated.
- Managing the business’s everyday operations while complying with the difficult corporate laws can be a difficult task for the entrepreneur. So, it is always better to take the professionals’ help and understand the legal requirement to ensure timely fulfillment of these compliances to waive off the penalties or fines.
- For completing the Company Annual Filing in time, the following Documents / process have to be completed.
- Annual Financial Accounts
- Board Meeting Records and Minutes
- Audit of Account by the Statutory Auditors.
- Directors Report.
- Annual General Meeting.
- Filing Form AOC-4 and Form MGT-7 with ROC
- Check on Appointment of Auditors and filing Form ADT-1 for appointments.
- These yearly filings are mandatory for every registered Company whether the Company carries on business or not.
- Annual Financial Accounts (Form AOC-4).
- Financial Accounts refers to the financial statements which include Balance Sheet and Profit and Loss Account prepared in accordance with the accounting standards and as per Schedule III of Companies Act.
- The annual financial accounts must be audited by the statutory auditor of the company and shall give a true and fair view of the state of affairs of the company.
- The Board of Directors has to also prepare a Directors Report in the prescribed format and has to forward the same to the shareholders along with audited accounts.
- The aforesaid financial statements shall have to be placed before the Annual General Meeting (AGM) of the Company and has to be adopted by the meeting.
- Annual Return (Form MGT-7)
- Every company shall prepare a return containing the following particulars as on the close of the financial year.
- Its registered office, principal business activities, particulars of its holding, subsidiary and associate companies
- Its shares, debentures and other securities and shareholding pattern.
- Its members and debenture-holders along with changes therein since the close of the previous financial year.
- Its promoters, directors, key managerial personnel along with changes therein since the close of the previous financial year.
- Meetings of members or a class thereof, Board and its various committees along with attendance details.
- Remuneration of directors and key managerial personnel.
- Penalty or punishment imposed on the company, its directors or officers and details of compounding of offences and appeals made against such penalty or punishment.
- Matters relating to certification of compliances, disclosures as may be prescribed.
- Details, as may be prescribed, in respect of shares held by or on behalf of the Foreign Institutional Investors.
COMPANY ANNUAL COMPLIANCES
| Compliance | Description | |
|---|---|---|
| Commencement of business (within 180 days) | For companies having share capital and registered in India after November 2019, it is necessary to obtain a commencement of business certificate before commencing any business or exercising the borrowing powers. The commencement of business certificate must be obtained within 180 days of incorporating a Company. In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default. | |
| Auditor Appointment (Within 30 days) | All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won't be allowed to commence business. Also, there is a penalty of Rs. 300 per month. | |
| Income Tax Return | Income tax returns need to be filed for every Financial year. | |
| MCA Form AOC-4 | The registered private limited companies must file MCA Form AOC-4 for every Financial year. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay. | |
| MCA Form MGT-7 | It is necessary to file MCA form MGT-7 for every Financial year. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. | |
| DIN eKYC | All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There's a penalty of Rs. 5000 in case of failure to file DIN eKYC. | |
| Hold Annual General Meeting | For a private limited company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the Financial year. | |
| Director's report | Preparation of the Directors report will be done with all the information required under Section 134. | |
COMPANY ANNUAL FILING
STATUTORY AUDIT COMPLAINCE
The statutory audit compliances are carried to determine whether an organization provides accurate details of the financial position by examining the bank balances, bookkeeping records, and financial transactions.
COMPANY ANNUAL FILING
ANNUAL ROC FILINGS
- The Private Limited Companies must file the annual accounts and returns disclosing the details of its shareholders, directors, etc., to the companies’ registrar.
- As a part of the annual filing, the following forms are to be filed with the ROC:
- Form MGT-7 (Annual returns) must be filed within 60 days of holding the annual general meeting.
- Form AOC-4 (Financial statements) is to be filed by a private limited company within 30 days with the balance sheet and the statement of profit and loss account and Director report.
COMPANY ANNUAL FILING
ANNUAL GENERAL MEETING
- It is necessary to hold a meeting of the shareholders once every year within six months from the financial year’s closing.
- AGMs are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc.
- The meeting is held during business hours on a day that is not a public holiday. It shall occur at the registration of the company or the city, village, or town in which the registered office is situated.
COMPANY ANNUAL FILING
BOARD MEETING
- It is mandatory to conduct the first meeting of the Board of Directors of a company within 30 days of incorporation of the company.
- There should be four board meetings held every three months in which a minimum of 2 directors or 1/3 rd of the total number of directors, whichever is greater, are required to be present.
- Further, the meeting’s discussion needs to be drafted and recorded in the minutes of the meeting and maintained at the company’s registered office.
- A notice should be intimidated seven days in advance about the date and the purpose of the meeting.
COMPANY ANNUAL FILING
DIRECTOR'S REPORT
- The Director has to disclose details about his directorship in other companies every year. This can be done by giving a declaration in writing to the company every year.
COMPANY ANNUAL FILING
INCOME TAX COMPLIANCES
- Quarterly payment of the advance tax
- Filing of the Income Tax returns
- Tax audit (mandatory in case the turnover or gross receipts of a business exceeds Rs. One crore in the previous year relevant to the assessment year.
- Filing of the Tax Audit report.
OTHER EVENT BASED COMPLIANCES
- Besides the annual filings, there are various other compliances that need to be compiled.
- Some of the specific instances of such events occuring in the company are:
- Change in the authorized capital or the paid-up capital of the company.
- Allotment of new shares or transfer new shares
- Giving loans to other companies.
- Giving loans to directors
- Appointment of managing or whole-time Director and their payment.
- When a bank account is opened or closed, or there is a change in the signatories of a bank account.
- If there is an appointment or change of the statutory auditors of the company.
- It is necessary to file different forms with the registrar for all such events within a specific period.
- In case of missing out on this, additional fees or penalties might be levied.
- Hence, it is necessary to meet such compliances on time.
NON-COMPLIANCE
- In case if a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a fine for the period of which the default is continuing.
- In case there is a delay in annual filing, additional fees are required to be paid. Hence, it is always better to fulfill the compliances on time.
WHAT WE PROVIDE TO YOU WITH COMPANY ANNUAL RETURN FILING
- Your company will be assigned a dedicated Compliance Manager who will be a single point of contact to help you maintain the compliance for your company.
- You can get in touch with your Compliance Manager at anytime and get assistance on matters related to your Company’s compliance.
- All companies are required to maintain accounts and prepare financial statements at the end of each financial year.
- Our Compliance Manager will help your company maintain accounts and will prepare the financial statement for your business at the end of financial year.
- Companies are required to conduct a minimum of four board meetings, an annual general meeting, Directors Report and Annual Report each financial year.
- Our Compliance Manager will help you prepare minutes of board meetings and create all secretarial reports.
- Annual General Meeting should be held by a company within 6 months from the end of that financial year.
- MCA annual return must be filed before the financial year. Compliance Manager will prepare all the documents and file your company’s MCA annual return.
- Income tax return of a company must be filed irrespective of income, profit or loss.
- Hence, even dormant companies with no transactions are required to file income tax return each year.
- Our Compliance Manager will prepare all the documents and file your company’s income tax return.
FREQUENTLY ASKED QUESTION - FAQ.
Is it mandatory to get Private Limited Company Audited?
- The statutory audit as the name suggests is a mandatory audit for all companies.
- All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.
How to file Company Annual Filing Returns?
The companies incorporated under the Companies Act,1956 are required to file the following documents with the ROC:
- The balance sheet in form 23AC which is to be filed by all the companies
- Profit and loss account in form 23ACA which is to be file by all the companies.
Is audit report mandatory for all the Private Limited Companies?
The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.
When is Annual return to be filed after the AGM?
After the Annual General Meeting (AGM) all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.
What is ROC Compliance?
- The registrar of the companies (ROC) functions as the regulator for the companies registered with them.
- ROC is the officer governed by the MCA that deals with the functioning, the ROC has to ensure that the Private Limited Companies and the LLPs comply with the statutory requirement of the ACT.
Which Form is to be filed for the Appointment of Statutory Auditor?
Form ADT-1 is filed for appointing or replacing the Statutory Auditor.
Which Form is to be attached to the Companies Director Report?
MGT-9 is attached to the company’s director report, which is an extract of MGT -7.
Is the audited financial statements mandatory while annual filing of the Private Limited Companies?
Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.
Does the appointment of the statutory auditor fall under annual compliance?
A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.
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