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Annual Compliance for Private Limited Company
One should first understand first what compliance means, it means filling of required forms and documents with central government as it is mandatory and statutory requirement, forms must be filled in the prescribed form and manner timely, all the companies registered in India are bound to file annual return and income tax each year with MCA.
If the company is newly incorporated the annual general meeting should be conducted within 18 months from the date of incorporation of the company or 9 months from the date of closing of the financial year whichever is earlier. In normal and for ongoing companies they should conduct the meeting within 6 months of the closing of financial year, so the due date would be 30th September for financial year 1st April to 31st March.
Along with the annual return companies should also file the Income tax return irrespective of loss, profit even if there is case of no transaction then also it is mandatory.
Why Annual Compliances Need to be Managed?
It avoids all unnecessary legal actions for a growing and developing private limited company.
It helps in avoiding the legal fines and penalties that can hinder the work and any lawsuits against the company.
We are having a team of best and experienced compliance management team providing the services includes financial statement preparation, income tax return filing ,secretarial services and MCA annual return filing. Give us a chance if you want the best.
Document Required
Documents Required for Annual Compliance for Pvt Ltd Company
Private Limited companies has to follow more rules and compliances than compared to any other form of legal business structure. As they're more scrutinized, there are certain compliances that are mandatory in mandatory. It could be further segregated into Registrar-related compliances and Non-Registrar compliances. Below is the list of few mandatory compliances:
1. Auditor's appointment
Auditor will be appointed for the five years and form ADT-1 will be filed for 5-year appointment. The first Auditor will be appointed within one month from the date of incorporation of the Company.
2. Statutory Audit of Accounts
It is mandatory for the company to its Accounts and get the same audited by a certified Chartered Accountant at the end of the Financial Year. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
3. Filing of Annual Return (Form MGT-7)
The firm should file its Annual Return within 60 days of holding of Annual General Meeting(AGM). Annual Return will be for the period 1st April to 31st March.
4. Filing of Financial Statements (Form AOC-4)
Every Private Limited Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.
5. 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.
6. Preparation of Directors’ Report
Directors’ Report will be prepared with a mention of all the information required under Section 134.