Annual Compliance for Private Limited Company
When you have successfully registered your private limited company. You are going to maintain and run business in an open manner. As per the Companies Act, 2013, every private limited company is required to complete some compliances. Further, the compliance or filing is completed on annual basis like Form AOC-4, MGT-7 etc filing. Therefore, these yearly returns can be on a yearly, half-yearly or quarterly.
There are two kinds of private limited company compliances:
- Yearly Compliances: It means compliances, which a company makes on yearly basis. Therefore, yearly compliances are done within given timlines. They are compulsory compliances that the private limited company should be always ready for.
- Event Based Compliances: These are compliances that are filed on receiving certain MCA notices or changes in the business.
Further, the annual compliance of a private limited company has following issues:
- Annual Filing for ROC
- Similarly, Profit and Loss account Submission
- Likewise, Financials submission
- Annual return
3 Main Reasons
- Improved stakeholders Relations; or/and
- Employee retention; or/and
- Smooth operations; or/and
- Increased faith in company
Here is the list of compliances which every kind of company should go for:
- Each company is required to fix a board outside the registered office of the organization. The board ought to contain the name of the organization and the registered location of the organization. The data printed on the board will be in English language and the local language.
- The letterhead and invoices of the organization contain the complete name of the organization alongside the registered office address of the organization, telphone number, corporate personality number and E-mail ID. Name can be printed in Header and CIN No, Add of enrolled office and Email id of the organization in Footer.
- The official website of each company will contain the accompanying data about the organization on its arrival or landing page.
- Name of the organization
- Address of its registered office
- Corporate Identity Number
- Email Address and
- Name of the individual who might be reached if there should arise an occurrence of any questions or complaints.
Compliance to begin the Annual Process
- Acquiring stationery Minutes covers
- Appointment of First Auditor.
- Share ceritificates
- Setting up the statutory registers in E Form
Quarterly Compliances (After Every 90 Days)
- Holding the Board Meeting
- Drafting the notice of Board meetings,
- Planning minutes thereof
- Planning of participation sheets of the executive gathering
- Setting up the executives’ exposures of enthusiasm for different concerns; and
- Setting up the affirmations from the executives; and
- Drafting of Board’s report; and
- Drafting of Annual return; and
- Acquiring the financials from Auditor; and
- Email ID of all the proposed executives; and
- Drafting the minutes for the pre AGM executive gathering; and
- Drafting of Director Report, Annual return and financials; and
- Examiner’s reappointment Document must be readied; and
- Preparation and issuance of Fresh Appointment letters to Auditors assuming any; and
- Drafting of Annual General Meeting Minutes and related records; and
- Preparation and documenting of accounting report; P&L and Auditors arrangement, with the RoC; and
- Filling of AOC 4 , ADT 1 , MGT 7 with their particular connections; and
- Statutory Auditing of the Company/LLP upto 300 exchange or 10 Lakhs turnover whichever is prior; and
- Accounting Entries will be finished by our group upto 300 passages and more than that will be charged at Rupee 1 for each section ; and
- Filling of structure “ITR 6” for Income Tax Return with the division with Digital Signature.
Tax Return Filing
- Estimation and Quarterly Payment of Advance Tax
- Recording of Income Tax Returns
- Tax Audit – That means it is Mandatory if the turnover of the business crosses Rs. 1 Crore.
- Documenting of Tax Audit Report
Keeping up Statuary Registers and Records
It is compulsory for each organization to keep up different statutory registers and records as required by the Company law. Beneath referenced are a portion of the registers and records which are required to be kept up-
- Register of Allotments
- Shareholders or Register of Members
- Board of director’s register and other registers.
- Fuse reports of the organization
- Goals of the gatherings of the Board of Directors
Minutes of the Board Meetings and Annual General Meeting and so on
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