Annual Compliance for Private Limited Company2023-09-22T17:02:08+05:30

Annual Compliance for Private Limited Company

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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    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 bookkeeping 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.

    Managing various day-to-day business operations in line with complex corporate and tax laws can be a challenging task for a company.  Therefore, it is advisable to carry out various activities under the guidance of a professional to understand the legal requirements and timely fulfillment 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 FormDue Date
    Form DPT-3 – Return of Deposits30th June after the end of the financial year
    Form DIR-3-KYC – KYC of Directors30th June to 30th September
    Form ADT 1 – Appointment of AuditorWithin 15 days from the date of appointment or Annual General Meeting (AGM)*
    Form AOC – 4 – Filing of financial statement and other documents with the ROCWithin 30 days from the date of the Annual General Meeting (AGM)*
    Form MGT-7 or MGT 7A – Filing of annual return with the ROCWithin 60 days from the date of the Annual General Meeting (AGM)*
    Income Tax Return (ITR) of the Company30th 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 Pvt Ltd Company

    • Avoid Heavy Penalty

      Companies must mandatorily follow statutory compliances under the law. If a company fails to adhere to these compliances regularly or does not file required returns within the specified time period, the government imposes heavy penalties on the company and its directors.

      Therefore, filing various compliances on time will help the company to avoid heavy penalties, as the cost of non-compliance is always greater than the cost of compliance.

    • Attracts Potential Investors

      The potential investors usually check the financial records and compliance status of the company under various laws, before investing in any company. Therefore, the companies with proper and regular compliance are preferred more by the investors.

    • Get easy loan, finance and subsidies

      The company’s credibility and reliability are measured by the financial statements and regularity in compliances. A company with good track record can easily approach government and private organisations for loan, financial assistance, subsidies, tenders, and such other similar purposes based on its established credibility, reliability, and reputation.

    • Necessary for Active status of Company

      If a company fails to comply with the compliance requirements under Companies Act, then apart from heavy penalties the Registrar of Companies (ROC) shall also declare the company as a defunct company and remove its name from the register, after which the company losses its existence and becomes ineligible to carry out further business operations.

    Consequences of Non-Compliance by Private Limited Company

    Payment of Additional Fees on Delayed Filings

    If a company files Form AOC-4 or MGT-7 after the due date, then it shall be liable to pay the additional government fees of Rs. 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 the 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 a company fails to file a 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  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.

    Pvt Ltd Company Annual Compliance Package: Inclusions

    • Share certificates to initial shareholders

    • Filing Declaration of Commencement of Business (INC-20A) for the Company.

    • Appointment of a Statutory Auditor for the Company

    • Accounting and Book-keeping of the Company

    • Preparation of Financial Statement such as Balance Sheet, Profit & Loss Account, Cash Flow Statement etc.

    • Calculation and Assessment in of Income Tax and Filling of respective Income Tax Return (ITR)

    • Issuing Audit Report

    • Preparing Board’s report, Annual return, list of shareholders and directors

    • Preparation of Board Meeting and Annual General Meeting (AGM) resolutions

    • Filling of ROC forms ADT 1, AOC 4, MGT 7 with their respective attachments.

    • Filing of Form DIR-3-KYC certified by a Professional

    • Advisory and Consultation with respect to miscellaneous corporate law matters.

    Annual Compliance for Private Limited Company Procedure

    • Collection of required Information and Documents

      In the first step, we shall collect the required information and documents required as per the checklist. Then, we will verify and confirm the documents and information provided.

    • Allocation of a Dedicated Compliance Professional

      Once we receive the information and documents, we will allocate a dedicated compliance professional to understand your business model and provide a list of required compliances applicable to the company.

    • Carrying out Compliance Process of the Company

      Our representative shall carry out the preparation and finalization of various documents, forms, statements, and returns as per the compliance requirements of the company.

    • Submission of Forms and Returns

      After the forms and returns are prepared and finalized, it shall be signed by directors and Practicing Professionals and shall be submitted to the government authorities for approval purposes. Afterward, an Acknowledgement Number will be generated.

    • Get approval in few days

      Once the form is successfully approved by the respective authorities, you shall receive the mail of approval within few days from the government.

    Documents Required for Pvt Ltd Company Annual Compliance

    • Certificate of incorporation of Company

    • Memorandum of Association (MOA) and Article of Association (AOA)

    • GST Certificate (if registered under GST)

    • Bank Account Statements of Company for the relevant Financial year

    • Sale/Purchase/Expense/Payment invoices and receipts

    • Digital signature of the authorized director of the company

    • Other information and documents as may be necessary


    Do I need to be physically present during this process?2021-09-18T14:20:48+05:30

    No, the process is a completely online process. All the required forms and returns are filed electronically, so you would not need to be physically present at all. You would just need to send us scanned copies of all the required documents and information.

    My company has not done any business during the year, do I need to file the annual returns?2021-09-18T14:20:21+05:30

    Yes, even if there is loss / no business in the company during the year, the filing of annual returns along with Income Tax Return (NIL) and such other applicable compliances are required to be filled by the company.

    What is a financial year in terms of annual compliance?2021-09-18T14:19:48+05:30

    The financial year shall mean the period ending on 31st March of the year. For Example, if a company is registered on 22nd April 2020, then its first financial year will end on 31st March 2021 (i.e., FY 2020-2021). For companies registered on or after 1st January onwards, then its first financial year will end on 31st March of subsequent financial year. For Example, if a company is registered on 22nd January 2020, then its first financial year will end on 31st March 2021.

    Is the appointment of auditor mandatory for Private Limited Companies?2021-09-18T14:19:08+05:30

    Yes, every Private Limited Company is mandatorily required to appoint an Auditor within 30 days from the date of company registration. The company may appoint an auditor at the Annual General Meeting (AGM) for a period of 5 years.

    Are audited financial statements mandatory for annual filling?2021-09-18T14:17:52+05:30

    Yes, the company has to file audited financial statements with the government authorities.

    I have not filed annual ROC returns for the past financial year, whether my company is eligible to file annual returns in the current financial year?2021-09-18T14:17:34+05:30

    Yes, the company can file the pending annual returns in the current financial years with payment of applicable additional fees and penalties.

    Whether board meetings and general meetings are mandatorily required to be held by the company?2021-09-18T14:16:35+05:30

    Yes, as per the Companies Act 2013 and other applicable rules, there must be 4 board meetings held during the financial year. Additionally, company is also required to hold an Annual General Meetings (AGM) every year.

    What is the purpose of Form ADT-1, Form AOC-4, and Form MGT-7?2021-09-18T14:16:13+05:30

    Form ADT- 1 is an E-Form that is used by the company to intimate the Registrar of Companies (ROC) about the appointment of an auditor. Form AOC-4 is used for filing financial statements, boards report, and other documents with ROC. Whereas, Form MGT-7 is used for filing annual return details to the ROC.

    Is Income Tax Return (ITR) mandatory to be filed every year by Companies?2021-09-18T14:15:49+05:30

    Yes, Income Tax Return (ITR) is mandatory to be filed by every company, irrespective of income or loss during the financial year.

    Is DIR-3-KYC form to be filed every year?2021-09-18T14:15:22+05:30

    Yes, DIR-3-KYC has to be filed every financial year by 30th September of next financial year and it is valid till 31st March of such financial year

    What is Form DPT-3?2021-09-18T14:15:05+05:30

    DPT-3 is a Return of deposits is required to be filed every year by companies furnishing information about outstanding deposits and/or particulars of transactions not considered as deposits to the Registrar of Companies (ROC)

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