ROC Compliance For Private Limited Company | Ebizfiling

  What Is Annual ROC Filing? 

 

 Introduction 

 

Each year, all businesses with Indian incorporation must submit specific paperwork to the Registrar of Companies. If the rules are broken, the Company, the Directors, or the Officers maybe subject to penalties and fines. Therefore, it is an important thing for management staff of a firm to be aware of all the compliances required of them and to comply on time. In this article, we'll examine the paperwork a corporation needs to submit annually to the ROC.

 

 What is an ROC? 

 

The Ministry of Corporate Affairs (MCA), which oversees all company and limited liability partnership (LLP) administration in India, which is home to the Register Of Companies (ROC). All entities and LLPs covered by the Companies Act 1956 and the Companies Act 2013 are under the control and regulation of the MCA. The organization  is responsible for handling a company registration in India is known as the ROC. For example - the ROC compliance for a Private Limited Company and an annual filing of LLP.

 

 What Is an ROC Annual filing of a company? 

 

  • ROC filing refers to the submission of a company to the ROC of audited financial statements and annual returns.

  • Every firm is required by the Companies Act 2013,  sections 129 and 137 to submit its audited financial statements to the ROC.

  • Annual filing of a company must be submitted to the ROC in accordance with section 92 of the 2013 Companies Act.

  • The above documentation must be submitted between 30 and 60 days after the conclusion of the annual general meeting.

 

 What is the importance of submitting the ROC? 

 

  1. The company will be safeguarded from the imposition of penalties and punishments if the ROC returns are filed on time.

  2. The company must prepare the proper documents for filing the ROC in order for the company to know its precise and accurate situation.

  3. The business will follow the guidelines given in the Companies Act 2013, which will serve to safeguard its operations from government interference.

  4. A company that complies with the ROC filing method can improve its public image and the perception of its business.

 

 Advantages of filing ROCs 

 

Explicit The Financial Position:

 

  • Compiling the overall accounts of the company for the entire year is part of filing yearly filings.

  • Filing helps in the analysis or determination of financial status of the company. i.e., whether the business is making a profit or a loss.

 

 Evidence of the Company's Existence: 

 

  • Regular filings with the ROC serve as evidence of the existence of the company.

  • Based on the filings made by the company, the government will update the record of existence of the company.

  • A corporation is considered to be fake if it has been a long time since its last annual filing, and the ROC has the authority to remove the name of the company from the register.

 

 Protection from Penalties: 

 

  • Companies that fail to submit annual files may be subject to fines. Therefore, timely filings will shield the business from such claims.

  • A proper annual compliance program will protect the business from any legal issues.

 

 Points to be taken care while Annual ROC Filing- 

 

  • Primary operations of the corporation.

  • Information about the holding, subsidiary, and affiliated companies.

  • Pattern of shareholding.

  • Indebtedness.

  • Director remuneration and key managerial personnel.

  • Penalties, punishment, or compounding of sentence

 

 Documents required for filing Annual ROC 

 

Each company is required to attach specific documents while submitting the ROC-

 

  • Balance sheet

  • Loss and profit accounting

  • Annual return

  • Audit of Costs Report

 

 Conclusion 

 

According to The Companies Act, 2013, every business must submit its annual return and annual accounts within 30 and 60 days, respectively, of the completion of the annual general meeting. The ROC is responsible for handling a company registration (also known as incorporation) in the nation. It completes the regulation and reporting of businesses, as well as their shareholders' and directors' reporting to the government, including the yearly submission of the above documents. Any Director who has not filed annual returns of the company, may also be punished by imprisonment for a term that may be extended up to six months or by a fine up to 5 lakh rupees.

 

 

 

 

 

 

 

 

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