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Annual Compliance - Company

File annual compliance of Pvt. Ltd. company with Tax Rupees. Private limited companies must file their annual return (MGT-7 and AOC-4), income tax return, INC-22A and DIN eKYC for the Directors.

Standard Plan

Standard Plan

19499 incl. GST
25000 (22% off)

Bookkeeping, Auditor appointment, 1 year accounting, Financial statement preparation, MCA annual return filing, 1 year Income Tax return filing, 1 year Dedicated Compliance Manager support and 1 year Dedicated Accountant and LEDGERS accounting software for a company with a turnover upto 20 lakhs per annum.
  • Auditor Appointment
  • 1 Year Accounting
  • Financial Statement Preparation
  • 1 Year Dedicated Accountant
  • 1 Year Income Tax Filing
  • 1 Year Dedicated Compliance Manager
  • 1 Year DIN KYC for upto 2 Directors
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Annual Compliance - Company

Documents Required For Annual Compliance - Company

Annual Compliance for a Private Limited Company

 

Compliance refers to the ability to follow instructions, rules, or requests.

A private limited company incorporated in India must ensure that the compliances concerning to the Companies Act, 2013 are properly complied with.

The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the directors of companies. It also regulates how boards of directors conduct meetings and how shareholders can vote..

The RoC compliance for a registered Private Limited Company in India is mandatory. The company must comply with the annual compliance requirement, irrespective of the total turnover or the capital amount.

All businesses that have been registered in India, including private limited companies, one-person businesses, limited corporations, and section 8 businesses, are required to maintain annual compliances, including filing annual returns and income tax returns. Even though company registration is the most common way to launch a business, after the enterprise is incorporated, a number of compliances must be followed.

The entrepreneur may find it challenging to manage daily operations while adhering to the complex corporate laws. Therefore, it is always preferable to seek the assistance of professionals and comprehend the legal requirements in order to assure prompt completion of these compliances and avoid penalties or fines.

We'll examine some of the common compliances that a private limited business is required by law to maintain in this section.

What regulations must the Private Limited Company comply with?

Over time, there have been significant changes to the Private Limited Company's compliance requirements. The private limited company compliance deadlines for 2021 are listed below.

Compliance Description
Commencement of business ( within 180 days) Before starting a business or using their borrowing powers, firms with a share capital that were registered in India after November 2019 must first get a commencement of business certificate. After a company is incorporated, the commencement of business certificate must be received within 180 days.
If the person does not receive this certificate, the company will be fined Rs. 50,000, and the directors will be fined Rs. 1000 per day for each day of default.
Auditor Appointment (Within 30 days) Within 30 days of incorporation, all Indian companies that are registered are required to engage a Statutory auditor. The company won't be permitted to start doing business if an auditor isn't appointed. In addition, there is a monthly fine of Rs. 300.
Income Tax Return For the fiscal year 2020–21, income tax returns must be filed on or before September 30, 2021.
MCA Form AOC-4 The MCA Form AOC-4 for the FY2020–21 must be submitted by the registered private limited enterprises on or by November 30, 2021. AOC-4 failure carries a fine of Rs. 200 each day of default or delay.
MCA Form MGT-7 For FY2020–21, MCA form MGT-7 must be submitted on or before December 31, 2021. A fine of Rs. 200 is assessed for each day of default or delay in filing MGT-7.
DIN eKYC The DIN eKYC or DIR-3 eKYC must be filed for each and every director of the company. The Director must enter a distinct personal mobile number and a personal email address in DIR-3 eKYC. Failure to submit DIN eKYC carries a Rs.5000 fine.
Hold Annual General Meeting A private limited company must hold an annual general meeting once a year, and companies are required to keep their AGM within six months from closing the financial year.
Director's report The Directors report will be prepared using all the data required by Section 134.
 

Statutory Audit Compliances

By examining the bank balances, bookkeeping records, and financial transactions, the statutory audit compliances are conducted to ascertain whether a business gives correct facts of the financial condition.
  • A company's statutory auditor is appointed.
  • The company's auditors will complete the yearly accounts.


Annual ROC Filings

Private Limited Companies are required to submit annual accounts and reports to the company registrar that include information on its shareholders, directors, and other stakeholders.
The ROC must receive the following forms as part of the annual filing:
  • The annual general meeting must be followed by the filing of Form MGT-7 (Annual Returns) within 60 days.
  • A private limited business must provide Form AOC-4 (Financial statements) along with the balance sheet, the statement of profit and loss account, and the Director report within 30 days.


Annual General Meeting

A meeting of the shareholders must be held once a year within six months of the end of the fiscal year.
AGMs are convened to approve financial statements, declare dividends, appoint or re-appoint auditors, award commissions, and pay directors, among other things.
The meeting takes place on a day that is not a public holiday during regular business hours. It must take place at the company's registration or in the city, village, or municipality where the registered office is located.


Board Meeting

Within 30 days of the business's incorporation, the Board of Directors of that company must convene for the first time.
Every three months, the board should meet four times, with a minimum of two directors or one-third of the total number of directors present, whichever is higher.
The discussion from the meeting must also be written down, included in the meeting minutes, and kept on file at the registered office of the firm.
Seven days before to the meeting, a notification about the time and reason for the gathering should be sent out.


Directors Report

Every year, the Director is required to provide information regarding his directorships in other firms. Giving the corporation a written proclamation each year will accomplish this.


Income Tax Compliances

  • Quarterly payment of the advance tax
  • Filing of the Income Tax returns
  • Tax audit (mandatory in case the turnover or gross receipts of a business exceeds Rs. One crore in the previous year relevant to the assessment year.
  • Filing of the Tax Audit report.


Other event-based Compliances

In addition to the annual filings, there are numerous more compliances that must be completed whenever an event occurs within the organisation.
The following are examples of such incidents in detail:
  • Change in the authorized capital or the paid-up capital of the company.
  • Allotment of new shares or transfer new shares
  • giving loans to other companies
  • giving loans to directors
  • Appointment of managing or whole-time Director and their payment
  • when a bank account is opened or closed, or there is a change in the signatories of a bank account
  • if there is an appointment or change of the statutory auditors of the company
For each of these events, a particular form must be submitted within a certain timeframe to the registrar. If this is missed, further fines or penalties might be assessed. Thus, timely compliance with such requirements is required.


Non-compliance

If a corporation violates the norms and regulations of the Companies Act, the firm and any of its members who are in default will be fined for the time the default has been ongoing.
Additional fees are due in the event that the yearly filing is delayed. Consequently, it is always preferable to complete the compliances on time.


MCA Annual Return Filing

Within six months following the end of the financial year, a firm must hold its annual general meeting. Additionally, the MCA annual return must be submitted by September 30th at the latest. Your company's MCA annual return will be prepared and filed by our Compliance Manager.


Income Tax Return Filing

Regardless of income, profit, or loss, a firm must file an income tax return. As a result, even inactive businesses that have no transactions must file an income tax return each year. All the paperwork will be created by our Compliance Manager, along with the income tax return for your business.
 

FAQ

If you don't see an answer to your question, you can send us an email from our contact form.

Structure ADT-1 is petitioned for appointing or replacing the Statutory Auditor.

MGT-9 is joined to the organization's chief report, which is a concentrate of MGT - 7

Evaluated budget reports are fundamental for each organization from its consolidation. The organization should document the evaluated assertions as it were.

An association can name a lawful analyst either for five consecutive years or till the completion of the accompanying Annual customary social event. Thusly, a game plan of the lawful overseer can't be considered as a piece of yearly consistence.

An organization is expected to keep up with the compliances once the organization is joined. The inspector is to be delegated in 30 days or less. Also, there is personal expense recording and yearly return documenting that will be done consistently.

The yearly regular gathering (AGM) is held for the administration and the investors to connect with one another. The Companies Act,2013 makes it necessary to hold gatherings to examine the yearly outcomes and name evaluators.

The legal review as the name recommends is a required review for all organizations. Every one of the elements that are unregistered under the Companies Act as the need might arise to get the books of records examined consistently.

The organizations consolidated under the Companies Act,1956 are expected to record the accompanying reports with the ROC The accounting report in structure 23AC which is to be documented by every one of the organizations Profit and misfortune account in structure 23ACA which is to be record by every one of the organizations.

The Private Limited Companies are expected to record the yearly records and the profits that unveil the subtleties of the investor and the chiefs to the ROC.

After the AGM every one of the private restricted organizations are expected to record the yearly return in no less than 60 days of holding the yearly general meeting.

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Annual Compliance - Company in State