Compliances For Private Limited Company | Ebizfiling

  

 

 Introduction 

 

The Register of Companies (ROC) is an office that works under the Ministry of Corporate Affairs (MCA) that handles the administration of Private Limited Companies in India. A Private Limited Company is one which has at least 2 minimum directors and the liability of such director is limited to the shares they acquire. All the Private Limited Company are required to file their compliances to ROC. So in this blog we will learn the importance of filing compliance and all required E-Forms.




 

 What is ROC filing? 

 

ROC filing refers to the company submitting audited financial statements and annual returns that is the annual compliance for Private Limited Company to the ROC.  Every company is obligated by sections 129 and 137 of the Companies Act, 2013 to submit its audited financial statements to the ROC. Similar to this, annual returns must be filed to the ROC according to section 92 of the Companies Act, 2013. The Forms AOC-4 and Form MGT-7 of the Private Limited Company must be filed within 30 and 60 days of the completion of the Annual General Meeting.

 

 Importance of filing E-Forms with ROC 

 

  • The business will be shielded from the levy of fines and penalties if the ROC returns are filed on time.

 

  • The companies do prepare the proper documents for filing the ROC documents and it will result in knowing its precise and accurate situation.

 

  • A company that complies with the ROC filing method can improve its public image and put an impression of its business in public.

 

  • The company will abide with the requirements of the Companies Act, 2013 which will assist the company in preventing government intervention.

 
E-forms filed by Private Limited Company to ROC 

 

Here is the list of E-Forms that every Private Limited Company has to file after incorporation after the closure of every financial year.

 

Form ADT-1: This form is filed to appoint an auditor for preparing the financial statements, annual returns and profit and loss statement, director report etc. The 1st auditor is appointed within thirty days of the incorporation of the Private Limited Company in India OR according to section 139 of the Companies Act, 2013. He is appointed by the Board of the company. The auditor holds the office for a maximum period of five or ten consecutive years. In the E-Form ADT-1 the Private Limited Company should add the details of the auditor such as PAN number of the auditor, CA membership number, address, email-id, the period for which the appointment is made, date of appointment along with the date of AGM etc. The Form ADT-1 must be filed by a company within 15 days from the date of the end of the AGM every year annually. Failure to file Form ADT-1 depends on the days of delay like if up to 30 days then fine is 2 times of normal fees or more than 30 days and less than 60 days then fine is 4 times of normal fees and so on.

 

Form AOC-4: This form is filed to submit the financial statement of the Private Limited Company each year. It includes four main statements such as the balance sheets, cash flow statements, income statements, and statements of shareholders equity. The company should attach all the necessary documents with duly signed by the concerned authority. The Form AOC- 4 should be filed by the company within 30 days from the date of the end of the AGM every year. The company or individual person can download Form AOC-4 from the annual E-filing category of the MCA portal. This form is mandatory compliance for Private Limited Companies. A company has to pay Rs. 100 per day for non-filing of Form AOC-4 annually.

 

Form MGT-7: This form is filed to submit the annual return of the Private Limited Company each year. It includes details like registered office address, CIN, PAN, principal business activity, particulars of the subsidiary, holding and associate companies etc. The company should attach all the necessary documents with duly signed by the concerned authority. The Form MGT-7 should be filed by the company within 60 days from the date of the end of the AGM every year. The company or individual person can download Form MGT-7 from the annual E-filing category of the MCA portal. This form is mandatory compliance for Private Limited Companies. A company has to pay Rs. 100 per day for non-filing of Form MGT-7 annually.

 

DIN eKYC - This form is filed to submit the details of every Director of the company who holds the digital Identification Number (DIN). The purpose to file Form DIN eKYC is to keep the DIN of every holder active. PAN card, nationality, address, email id, driving license, etc details are attached to the form. A company must file this form on or before 30th September every year. Failure to file the DIN eKYC of any Director, then the company has to pay Rs.5000 only.

 

DPT-3: It is a one-time loan return Form that must be filed by any Private Limited Company with outstanding loans which are not acknowledged as deposits. Auditors certificate, copy of Trust deed, deposit Insurance contract, wherever applicable and mentioned in the form, copy of the instrument creating the charge, etc these documents that need to be attached to the form. The Companies(acceptance of deposits)Rules, 2014 will be applicable for non-filing of Form DPT-3. According to Rule 21, the company and every officer of the company who is in default shall be punished with a fine that may extend to 5,000 rupees and where the contravention is a continuing one, with a further fine that may extend to 500 rupees for each additional day that the contravention continues after the first day.

 

 Bottom line  

 

All the E-Form are filed with MCA. The above list of annual compliance must be properly filed otherwise, the company will be liable to pay a fine. However, it would be great for the companies to have a strict check on ROC compliance of Private Limited Company.

 

 

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