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ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

“Annual compliance filing” refers to the set of legal and regulatory obligations that individuals, businesses, and organizations must fulfill annually to remain in good standing and compliance with the laws and regulations applicable to them. With “India’s BEST TAX CONSULTANT.” Connect with our Experts.

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Why Should I Use ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY?

Auriga Accounting has a team of registration experts who can provide complete guidance to ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY.

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Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Nidhi Company

Complete your Annual compliance filing for nidhi company

Your ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

Why Should I Use Auriga Accounting of ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY?

Auriga Accounting has a team of registration experts who can provide complete guidance to ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Nidhi company

Complete your ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

Your ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

OVERVIEW - ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

A Nidhi Company is a type of non-banking financial company (NBFC) in India that primarily caters to the borrowing and lending needs of its members. While its operations are relatively simple, Nidhi Companies are governed by strict compliance requirements under the Companies Act, 2013, and Nidhi Rules, 2014. Adhering to these obligations is crucial to ensure smooth operations and avoid penalties.

What is ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY?

What is Annual Compliance For a One person Company?

A Nidhi Company is a type of non-banking financial company (NBFC) in India that primarily caters to the borrowing and lending needs of its members. While its operations are relatively simple, Nidhi Companies are governed by strict compliance requirements under the Companies Act, 2013, and Nidhi Rules, 2014. Adhering to these obligations is crucial to ensure smooth operations and avoid penalties.

ELIGIBILITY ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

  • Tax Audit – In India, the turnover limit for Nidhi company is ₹1 crore for the financial year. Nidhi company exceeding the turnover limit must get their accounts audited by a chartered accountant.
  • Gst Return Filling – Nidhi company with a yearly turnover of more than Rs. 40 Lakhs (for goods) and Rs. 20 lakhs (for services) are required to register for GST and pay taxes on their taxable goods and services.
  • ITR-6 Form – The ITR-6 Form is to be filed by the company having Income under the head ‘Profits or Gains of Business or Profession.
  • EPF Return Filling – The Nidhi company is required to get EPF registration if it employs more than 20 persons and accordingly, filing of EPF Return becomes mandatory.
  • Accounting and Book- Keeping – The Nidhi company is required to maintain books of account, if the sale/turnover/gross receipts from the business is more than Rs. 25,00,000 or the income from the business is more than Rs.2,50,000 in any of the 3 preceding years.
  • TDS return filing – Nidhi company functioning as deductors (with a valid TAN) must deduct tax at source (TDS) on specific payments exceeding prescribed limits (Single payment: Rs. 30,000 and Aggregate payment: Rs.75,000) in Contract – Transporter not covered under 44AE under Section194C.
  • GST Audit – Turnover-based Audit under Section 35(5) of CGST Act. If the annual turnover of a registered taxpayer is more than Rs. 2 crores in a financial year, he is required to get his accounts audited by a Chartered Accountant or Cost Accountant every year.
AURIGA ACCOUNTING PRIVATE LIMITED Elgibility Farmer Producer
Benefits of ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY
  1. Legal Recognition and Good Standing
  2. Avoidance of Penalties and Fines
  3. Access to Financial Assistance
  4. Enhances Credibility and Trust
  5. Facilitates Smooth Operations
  6. Protects Members’ Interests
AURIGA ACCOUNTING PRIVATE LIMITED Benefit Nidhi
Documents for ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

– Certificate of Incorporation
– Moa And Aoa
– GST number, if applicable
– Details of sales and purchases
– Bank statements
– Details of Creditors and Debtors
– Tds Report, If any

AURIGA ACCOUNTING PRIVATE LIMITED document nidhi company
PROCESS ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY
  • Review Compliance Requirements: Understand the specific compliance obligations applicable to sole proprietorships in your jurisdiction. This may include tax filings, statutory filings, regulatory requirements, etc.
  • Gather Documents: Collect all relevant documents necessary for This could include financial statements, income tax returns, balance sheets, profit and loss statements, business licenses, permits, etc.
  • Prepare Financial Statements: If required, prepare financial statements such as balance sheets and profit and loss statements for the relevant
  • Income Tax Filing: File income tax returns for the sole proprietorship, ensuring accurate reporting of income and expenses.
  • GST Filing: If applicable, file Goods and Services Tax (GST) returns, reporting sales and purchases made during the financial year.
  • Review and Verification: Double-check all documents and filings for accuracy and completeness. Ensure that all information provided is up to date and in compliance with applicable laws and regulations.
AURIGA ACCOUNTING PRIVATE LIMITED Process nidhi company

ANNUAL COMPLIANCE FILING FOR NIDHI COMPANY

    Form No
              Compliance
              Due Date
Form NDH1 Return of Statutory ComplianceForm NDH-1 contains all the details regarding members, deposits, loans, reserves, etc. for the full financial year e-Form GNL-2 is used for submission of the documents with the Registrar.Within 90 days from the close of the financial year along with fees.
Form NDH2 Application for Extension of Time.

       This form is filled in case :

  • The company fails to add at least 200 members within one year of incorporation.
  • Failure to maintain the Net owned Fund to deposit ratio of 1:20
NDH-2 must be filed with the Regional Director within 30 days from the closure of the financial year along with the prescribed fees.
Form NDH 3Half-yearly returnForm NDH 3to be filed with the ROC (Registrar of Companies).Within 30 days from the conclusion of half a year. It must be duly certified by a practicing professional.
Form NDH -4For filing an application for a declaration as Nidhi Company and updating of statusFor New Nidhi Company – Within 120 days after the expiry of 1 year from the date of its incorporation For existing Nidhi Company – Within 1 year from its date of incorporation OR within 6 months from the date of commencement of Nidhi Rules 2019, whichever is later
Form AOC-4For filing financial documents and other supporting documents to the Registrar of Companies.Within 30 days of the annual general meeting.
ITR-6Income Tax ReturnBy 30th September
Form MGT-7Annual ReturnWithin 60 days of the Annual General Meeting.

Consequences of Non-Compliance

  1. Payment of Additional Filing Fees

If a company fails to file statutory forms by the prescribed due dates, it must pay additional filing fees to the Registrar of Companies (ROC). For example:

  • Late filing of AOC-4 (financial statements) or MGT-7 (annual return) incurs an additional fee of ₹100 per day until the filing is completed.
  1. Penalties on the Company and its Officers

Non-compliance with annual filing requirements results in penalties for both the company and its officers. For instance:

  • Failure to file AOC-4 or MGT-7 on time leads to a penalty of:
    • ₹10,000 as a base penalty for the company and each officer in default.
    • An additional penalty of ₹100 per day for the period of default.
  • Maximum penalties:
    • ₹2,00,000 for the company.
    • ₹50,000 for each officer in default.
  1. Income Tax Filing Penalty:

If Form ITR-6 (income tax return) is filed after the due date (31st October), the penalties are as follows:

    • ₹5,000 if the company’s income exceeds ₹5 lakhs.
    • ₹1,000 if the company’s income does not exceed ₹5 lakhs.
  1. Disqualification of Directors
  • If a company fails to file its financial statements (AOC-4) or annual return (MGT-7) for three consecutive financial years, its directors face disqualification under Section 164(2) of the Companies Act, 2013.
  • Disqualified directors cannot:
    • Be reappointed in the same company. 
    • Be appointed in any other company for a period of five years.
  1. Inactive Company Status
  • If a company fails to file AOC-4 or MGT-7 for two consecutive financial years, the ROC may declare it an inactive company.
  • Consequences of being declared inactive:
    • The company’s name may be struck off from the register of companies.
    • This action is preceded by a notice served to the company.

WHY AURIGA ACCOUNTING ?

Auriga Accounting, like many professional financial and advisory firms, can provide valuable assistance to Nidhi companies in India looking to fulfill their annual compliance requirements under the Companies Act, 2013. Here’s how Auriga Accounting can help with annual compliance for Nidhi companies

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MD SAHIL
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2023-06-10
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2023-06-10
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2023-06-10
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2023-04-07
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2023-04-07
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2023-04-07
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2023-04-06
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2023-04-06
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