Compliance That The Private Limited Company Has To Follow Annually | Ebizfiling

   Introduction 

 

The Annual General Meeting must be conducted within 6 months from the closure of the financial year i.e., 30th March every year. Once the AGM is concluded, the Private Limited Company compliances must file annual returns, financial statements, DIN eKyc and any other compliance with the Registrar of the Company.

 




 What is a Private Limited Company? 

 

A Private Limited Company is a separate legal entity from its directors or shareholders. For it to remain operational, it needs to be kept in check by submitting regular paperwork to the Ministry of Corporate Affairs (MCA)

 

 Annual Compliance for Private Limited Company 

 

1. Conduct an Annual general meeting (AGM)

 

Companies should hold their AGM within six months from the closure of the financial year. The AGM should be conducted with the purpose of preparing financial statements, annual returns, director's reports, etc.

 

2. Appoint an auditor

 

All companies are to appoint a statutory auditor within 15 days from the date of AGM and submit the ADT-1 Form with the auditor's information. The fine for delay of filing this form depends on the days of delay like if up to 30 days the then fine is 2 times of normal fees or for more than 30 days and for less than 60 days the then fine is 4 times of normal fees and so on.

 

3. File the financial statement of the Private Limited Company

 

For submitting the company's financial statements, the AOC- 4 Form must be filed within 30 days of the date of AGM. Failure to file it will result in a penalty of Rs.100 per day. This form is an annual compliance for a Private Limited Company.

 

4. File the annual returns of the Private Limited Company

 

For submitting the company's annual returns, the MGT-7 Form must be filed within 60 days of the date of AGM. Failure to file it will result in a penalty of Rs.100 per day. This form is an annual compliance for a Private Limited Company.

 

5. File the DIN eKYC

 

It must be filed for every director of the company. The Director must include a separate mobile number and a personal email address in DIR-3 eKYC. Failure to submit DIN eKYC will lead to a fine of Rs.5000. It is mandatory compliance for a Private Limited Company.

 

6. Prepare the Director's report

 

It is a financial document that was filed by very a Private Limited Company in India. All the information required by Section 134 will be included in the preparation of the Director's report. The purpose of a directors' report is to provide the shareholders with the company's affairs, including those of its subsidiaries, and the type and extent of the company's activity.

 

7. File Income tax return for the Private Limited Company

 

According to the Income Tax Act of 1960, all companies are required to file ITR-6. It must be filed on or before 30th October (for the year 2022). It should be noted that the ITR-6 deadline is constantly shifting and is announced by the authorities each year.

             

 Conclusion 

 

In the absence of professional guidance, Private Limited Companies frequently experience compliance stress and must incur penalties. Therefore, you must comply with the filing of the annual compliance for Private Limited Company as per the due date announcement by the authorities because it will help you build goodwill for your company.

 

 

Comments

Post a Comment

Popular posts from this blog

All About ITR 6 Company Annual Filing | Ebizfiling

Image
    Introduction     If a company does not eligible for an exemption under Section 11 of the Income Tax Act of 1961, it must file an ITR 6 Form electronically to file its income tax returns. It is an annual compliance for a Private Limited Company . The companies that receive income from real estate held for charitable or religious purposes are eligible to seek an exemption under Section 11 ((Income from property held for charitable or religious purposes) of the Income-tax Rules. Therefore, companies that do not claim tax exemption under section 11 have to file an ITR 6.       What is ITR 6 form?     The ITR 6 form is an electric form filed by companies that do not claim an exemption under section 11 of the Income Tax Rules. It is a form that represents the company's income and expenses for the specific year. It is a mandatory compliance that a Private Limited Company has to file annually.     Who is qualified for filing ITR 6 form?     The following are eligible for filing ITR 6 f
Read more

How Professional Employer Organizations (PEO) are helpful for new emerging start-ups?

Image
  Introduction      Professional Employer Organizations (PEO) with experience in the local markets can assist the business to improve and grow. A person who wants to expand a freshly formed business in a foreign country needs some time to do market research, understand local consumer trends, and get to know the demands of the public. A PEO functions under the co-employment idea, which enables you to delegate tasks to multiple companies. In this blog, we will talk about- How PEO benefits your start-up?   What is a PEO (Professional Employer Organization)?      A full-service co-employment human resource outsourcing structure is referred to as a PEO ( Professional Employer Organization ). They usually act as professional employers for the employees of their clients.  When the client company reports its salary using the PEO's federal employer identification number (FEIN), employee obligation is transferred to the PEO.  In this arrangement, the PEO oversees payroll and other administra
Read more

Annual Compliance Filed By An LLP | Ebizfiling

Image
  Introduction All Limited Liability Partnerships (LLP) that are registered in India must comply with certain annual compliances that are specified by the Ministry of Corporate Affairs (MCA). An LLP should also comply with the requirement of Income Tax Filings and the Registrar of Companies (ROC). In this blog, we will discuss all the required annual compliance filed by LLP.   What Limited Liability Partnership?   An LLP is a hybrid form of business entity. The partners of an LLP enjoy the benefits of limited liability like companies and the flexibility of a partnership. It is governed by the Limited Liability Partnership Act, 2008. The existence of an LLP cannot be affected from the death or removal of any partner. Every year an LLP needs to comply with LLP Annual filing.   Annual compliance filed by an LLP   Once you incorporate an LLP, there are certain annual compliance to be filed annually. The required annual compliance by a Limited Liability Partnership is listed below in a ta
Read more