Private Limited Company Annual Compliance
Annual Compliance for Private Limited Company includes mandatory legal compliances with various government authorities like MCA, Income Tax Department, GST Department, etc. under various laws.
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Annual Compliance for Private Limited Company
A private limited incorporated under the Companies Act 2013 has to comply with different laws provided by authorities such as the Ministry of Corporate Affairs (MCA), Income Tax Department, GST Departments etc. Annual Compliance is all about book-keeping and accounting, auditing, holding meetings of directors and members, regular filing of annual returns, financial statements, Directors KYC, payment of taxes, and other compliances as required from time to time. Every private limited company incorporated in India irrespective of its size and turnover has to carry out annual compliances as applicable to it.
A company is required to manage various operations in day-to-day business in line with the complex corporate and tax laws, which can be a difficult task. Therefore, it is advisable to carry out various activities under the guidance of a professional for understanding the legal requirements and timely fulfilment of the compliances so as to avoid penalties and fines.
What is the Due Date for Annual Compliance for Private Limited Company?
The due date for filing forms and returns with authorities are different for each form and returns. The table below shows the illustrative list of application due dates for the company.
|Purpose of Form||Due Date|
|Form DPT-3 – Return of Deposits||30th June after the end of the financial year|
|Form DIR-3-KYC – KYC of Directors||30th June to 30th September|
|Form ADT 1 – Appointment of Auditor||Within 15 days from the date of appointment or Annual General Meeting (AGM)*|
|Form AOC – 4 – Filing of financial statement and other documents with the ROC||Within 30 days from the date of the Annual General Meeting (AGM)*|
|Form MGT-7 or MGT 7A – Filing of annual return with the ROC||Within 60 days from the date of the Annual General Meeting (AGM)*|
|Income Tax Return (ITR) of Company||30th September of the relevant Assessment year|
*A company must hold an Annual General Meeting (AGM) within a period of 6 (six) months from the end of the financial year. However, in the case of the 1st AGM, the company can hold the AGM within 9 (nine) months from the end of the first financial year.
Advantages Of Annual Compliance for Private Limited Company
Consequences of Non-Compliance by Private Limited Company
Payment of Additional Fees on Delayed Filings
If the company fails to file the Form AOC-4 or MGT-7 within the required time period, and files the same after the due date, then it shall be liable to pay the additional government fees of 100 per day per form. For other forms, it shall vary from 2 times to 12 times of the normal government fees, depending on the delayed time period.
Penalty on Company for default in filing Annual Return and Financial Statement
If the company fails to file financial statement and annual return in Form AOC-4 and MGT-7 within the required time period, then it shall also be liable to a penalty of Rs. 10,000 which shall extend to Rs. 2 lakhs, with further penalty of Rs. 100 for each day.
Penalty on the Officer who is in default in filing Annual Return and Financial Statement
If the company fails to file financial statement and annual return in Form AOC-4 and MGT-7 within the required time period, then the officer who is in default or the directors shall also be liable to a penalty of Rs. 10,000 which shall extend to Rs. 50,000, with a further penalty of Rs. 100 for each day.
Company liable for Strike Off or Closure by ROC
If the company does not file a financial statement and annual return to the ROC for a period of 2 years and if the ROC believes that the company is not carrying on any business or operation, then it shall send a notice to company/directors and remove its name from the Register of Companies (ROC)
Disqualification of Director
If a Company does not file financial statement and annual return for a continuous period of 3 years, then the Directors of such company shall be disqualified from being appointed as Director in any company for a period of 5 years.
Penalty for Not Filing Income Tax Return (ITR)
As per Income Tax Laws, if company files ITR after the due date then a penalty of Rs. 5000 to 10,000 shall be payable by the company. Further, company won’t be able to carry forward or set off your losses to subsequent years.
What Is Included In Our Annual Compliance for Private Limited Company package?
Process of Annual Compliance for Private Limited Company
Documents Required for Annual Compliance of Private Limited Company
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