Annual ROC Compliance's for Private Limited Company

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ROC Compliance's Process

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Drafting of necessary documents & attchments.

Filing of AOC-4 & MGT-7 returns

What is the Annual Compliance for Private Company?

Company compliance is an important legal aspect For Private Limited Company it is compulsory to file an annual return and audited financial statements with MCA for every financial year. The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.

Every company registered in India, including private limited, limited company, one person company and section 8 company must file annual returns with ROC every year. It requires conducting of an Annual General Meeting and filing annual accounts with ROC

Annual return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Members, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship, and details of transfers of securities.

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Annual Compliance's for Companies

Just like how you follow rules for your own stuff, private limited companies also have rules they must follow each year. It’s really important to do everything they’re supposed to do on time. Here are some things they have to do that are really important to remember.

1. Filing of INC-20A

The filing of Form INC-20A is mandatory for all companies incorporated in India. If a company fails to file this form within 180 days of incorporation, the Registrar may initiate action against it and may even strike off the name of the company from the Register of Companies. The filing of this form assures the Registrar and other stakeholders that the company is not a shell company and is actively engaged in business activities.

3. Filing Income tax Returns

For private limited companies, this annual compliance is crucial. Every year the income tax returns have to be filed on or before the due date. regardless of the level of revenue or loss, filing an income tax return is mandatory for every PVT LTD company. They must file form ITR- 6.

5. Submitting Form MGT-7

This form is for filing the company’s annual returns and must be submitted within 60 days following the Annual General Meeting (AGM). Failure to file this form will result in a penalty of ₹100 per day of default.

7. Hold Annual General Meetings (AGM)

The first AGM should be conducted within nine months from the closure of the first financial year. For subsequent years, the AGM must be held every year within six months from the end of the financial year, ensuring that the gap between two AGMs is at most 15 months.

2. Appointing an Auditor

When a company is formed, it needs to appoint an auditor within 30 days. Every year, the company must submit certain documents to the government, including information about the auditor. If a company doesn’t follow these rules, it can be fined ₹300 per month. Form ADT-1 confirming the auditor’s appointment must be filed with the Registrar of Companies (ROC) within 15 days.

4. Submitting Form AOC-4

This form is for filing the company’s financial statements and must be submitted within 30 days following the Annual General Meeting (AGM). Failure to file this form will result in a penalty of ₹100 per day of default.

6. Filing of DIR-3 KYC.

As per the ROC compliance, every private limited company should have a director. To perform all the tasks without difficulty, a Director Identification Number (DIN) is required. The director of the company should file DIN eKYC within the speculated period.

8. Directors Report

Private company compliance involves providing director reports on time with the ROC and MCA. All the information should be submitted without fail as per Section 134.

Benefits of Annual Compliance

Raising Company’s Credibility: Compliance of law is the primary requirement for any business. The date of the company’s annual return filing displayed on the Master Data on MCA portal. Government tenders, loan approval or for similar other purposes, the regularity in compliance is a major criterion to measure the credibility of an organization.

Attract Investors: While pulling funds for a company from the investors, the investors demand all financial records and date before finalizing the proposal. The investors may either approach the company directly or can also check the financial records from the MCA portal. Investors also tend to favour the companies with regular compliance records.
 

Maintain Active Status and avoid penalties: Continuous failure in filing the return turns the company status to default and charges it with heavy penalties. The company may also be declared as defunct or removed from the RoC. The concerned directors are also disqualified and debarred from their further appointment. Since July 2018, an additional fee of ₹100 for each day of delay will be levied till the date of filing.

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Frequently Asked Questions

Whether the Annual Filing is necessary for all companies?

Yes, RoC compliance for Private Limited Companies are necessary for every registered company. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement. The annual compliance is due after the AGM of the company since its first financial year.

Which is the form filed for appointment of Statutory Auditor?

Form ADT-1 is required to be filed for appointment or replacement of Statutory Auditor.

 
Who is responsible for ensuring annual compliance?

The board of directors and company secretary are responsible for ensuring annual compliance.

 
Are there penalties for late filing of annual returns?

Yes, late filing attracts penalties, which increase with the delay.It is similar to a PAN Card number.DIN is to be mentioned in documents while appointing a person as a director of a company.

 
 
What are the Audit requirements under Companies Act, 2013?

It is mandatory irrespective of capital or turnover of the Company.