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ANNUAL COMPLIANCE filling OF PVT.LTD. PRIVATE LIMITED COMPANY

“Annual compliance” refers to the set of legal and regulatory obligations that individuals, businesses, and organizations must fulfill on an annual basis to remain in good standing and in 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 Auriga Accounting For COMPLIANCE FILLING OF PVT.LTD. PRIVATE LIMITED COMPANY?

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Why Should I Use Auriga Accounting For COMPLIANCE FILLING OFPVT.LTD. PRIVATE LIMITED COMPANY ?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF PVT.LTD. PRIVATE LIMITED 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 registration

Complete your COMPLIANCE FILLING

Your COMPLIANCE FILLING IS DONE .

OVERVIEW - ANNUAL COMPIANCES OF PRIVATE LIMITED COMPANY

“Annual compliance” refers to the set of legal and regulatory obligations that individuals, businesses, and organizations must fulfill on an annual basis to remain in good standing and in compliance with the laws and regulations applicable to them. These annual compliance requirements vary significantly depending on factors such as the type of entity, the jurisdiction, and the industry.

ELIGIBILITY for ANNUAL COMPLIANCE OF PRIVATE LIMITED COMPANY

In India, as per the Companies Act, 2013, annual compliance requirements apply to all private limited companies, regardless of their size or turnover. Private limited companies are considered separate legal entities, and they are required to fulfill various statutory and regulatory obligations on an annual basis. These annual compliance requirements are essential for maintaining the company’s legal and financial standing. Here are some of the key annual compliance obligations for private limited companies under the Companies Act, 2013:

  • Annual General Meeting (AGM): Private limited companies are required to hold an AGM every year. The AGM must be held within six months from the end of the company’s financial year. During the AGM, matters such as the approval of financial statements, appointment of auditors, and the declaration of dividends (if any) are typically addressed.
  • Financial Statements: Private limited companies must prepare and present financial statements, including the balance sheet, profit and loss account, cash flow statement, and notes to accounts, at the AGM. These financial statements must comply with the accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI).
  • Auditor Appointment: Private limited companies are required to appoint an auditor or auditors at the AGM. The appointed auditor(s) will examine and report on the company’s financial statements to ensure their accuracy and compliance with accounting standards.
  • Filing of Financial Statements: Within 30 days of the AGM, private limited companies must file their financial statements, including the balance sheet and profit and loss account, with the Registrar of Companies (RoC). These documents are filed in electronic format as per the prescribed e-forms.
  • Annual Return (MGT-7): Private limited companies are required to prepare and file an annual return (Form MGT-7) with the RoC. The annual return contains information about the company’s shareholders, directors, share capital, and other key details. It must be filed within 60 days of the AGM.
  • Income Tax Return (ITR): Private limited companies must file their income tax returns with the Income Tax Department. The due date for filing income tax returns varies based on the company’s turnover and income.
  • Board Meetings: Private limited companies are required to hold a minimum number of board meetings during the year. The exact number of meetings may vary based on the company’s Articles of Association, but it is typically at least four meetings in a year.
  • Statutory Registers: Private limited companies must maintain various statutory registers, including the register of members, register of directors and key managerial personnel, register of loans and investments, etc. These registers must be updated regularly.
  • Corporate Governance: Compliance with corporate governance requirements, such as the appointment of independent directors, audit committees, and vigil mechanisms, is essential for certain private limited companies, especially those with a larger turnover or public interest.
  • Compliance with Other Laws: Depending on the industry and activities of the private limited company, additional compliance requirements under other laws and regulations may apply, such as environmental compliance, labor laws, and industry-specific regulations.

ADVATNAGES OF FILLING ANNUAL COMPLIANCE OF PRIVATE LIMITED COMPANY.

  • Legal Compliance: Meeting annual compliance obligations ensures that the company operates within the framework of the law. This helps prevent legal issues, fines, and penalties that can arise from non-compliance with statutory requirements.
  • Business Credibility: Maintaining proper records, filing annual returns, and holding AGMs enhance the company’s credibility and reputation. This can be especially important for attracting investors, lenders, and business partners.
  • Transparency: Annual compliances involve the preparation and disclosure of financial statements and other essential information. This transparency builds trust among stakeholders, including shareholders, directors, and employees.
  • Shareholder Protection: Annual compliances protect the interests of shareholders by ensuring that the financial health of the company is accurately reflected in the financial statements. This helps prevent fraudulent activities and misappropriation of funds.
  • Access to Finance: Banks and financial institutions often require audited financial statements and compliance with legal requirements before extending loans or credit to a company. Meeting annual compliance obligations can facilitate access to financing.
  • Risk Mitigation: Regular audits and compliance checks help identify and address financial irregularities, operational inefficiencies, and potential risks early, reducing the likelihood of significant financial losses.
  • Board Accountability: Annual compliances, including AGMs, provide a platform for the board of directors to be accountable to shareholders. They can discuss the company’s performance, strategy, and key decisions during these meetings.
  • Investor Confidence: Compliance with annual reporting and disclosure requirements instills confidence in existing and potential investors. It demonstrates that the company is committed to transparency and good corporate governance.
  • Statutory Benefits: Compliant companies enjoy statutory benefits and protections, such as limited liability for shareholders. Compliance helps maintain the separate legal identity of the company, protecting personal assets of directors and shareholders.
  • Access to New Markets: Compliance with legal requirements is often a prerequisite for entering new markets, bidding for government contracts, or participating in tenders.
  • Employee Trust: Employees are likely to have more trust in a company that complies with legal and regulatory requirements. This can boost morale and employee retention.
  • Efficient Operations: Regular compliance checks and audits can uncover operational inefficiencies and areas for improvement. Correcting these issues can lead to cost savings and improved productivity.
  • Avoiding Penalties: Non-compliance can result in fines, penalties, and legal actions. By meeting annual compliance requirements, a company avoids these financial and legal repercussions.
  • Stakeholder Communication: Annual compliances provide a structured way to communicate with stakeholders. It allows the company to update them on its financial performance, future plans, and challenges.
  • Long-Term Sustainability: Companies that prioritize annual compliances are more likely to achieve long-term sustainability and growth, as they operate with a focus on governance and legal adherence.

Documents for FILLING ANNUAL COMPLIANCE OF PRIVATE LIMITED COMPANY.

  • Financial Statements:
      • Balance Sheet: A statement of the company’s financial position, including assets, liabilities, and equity, as of the end of the financial year.
      • Profit and Loss Account: A statement of the company’s income, expenses, and net profit or loss for the financial year.
      • Cash Flow Statement: A statement that shows the cash inflows and outflows of the company during the financial year.
      • Notes to Accounts: Explanatory notes providing additional information about the financial statements.
  • Annual Return (Form MGT-7):
      • The annual return contains details about the company’s registered office, shareholders, directors, and changes in share capital, among other information.
  • Auditor’s Report (Form ADT-1):
      • The auditor’s report is prepared by the company’s statutory auditor and includes their findings on the accuracy of the financial statements and compliance with accounting standards.
  • Director’s Report:
      • This report includes information on the company’s performance, operations, financial results, and future plans. It is typically prepared by the board of directors.
  • Corporate Governance Report (if applicable):
      • Companies with certain paid-up capital and turnover thresholds may need to provide a corporate governance report, including details about the composition of the board of directors, audit committee, and other governance-related information.
  • Board Resolutions and Minutes:
      • Copies of board resolutions and minutes of board meetings held during the financial year.
  • Shareholder Resolutions and Minutes:
      • Copies of shareholder resolutions and minutes of the Annual General Meeting (AGM) and any extraordinary general meetings (EGMs) held during the financial year.
  • Income Tax Returns (ITR):
      • Copies of the income tax returns filed by the company for the relevant financial year.
  • Statutory Registers:
      • Registers maintained as per the Companies Act, including the register of members, register of directors, register of contracts and arrangements, and other relevant registers.
  • Agreements and Contracts:
      • Copies of significant agreements, contracts, and arrangements entered into by the company during the financial year.
  • Investment and Loans Details:
      • Information about investments made by the company and details of loans or advances given to other entities.
  • GST Returns (if applicable):
      • Copies of Goods and Services Tax (GST) returns filed by the company for the relevant financial year.
  • Trademark and Intellectual Property Registrations (if applicable):
      • Details of trademark registrations and other intellectual property assets owned by the company.
  • Environmental Compliance Reports (if applicable):
      • Reports related to environmental compliance and initiatives undertaken by the company, if applicable.
  • Any Other Relevant Documents:
      • Any documents or reports required under specific industry regulations or as per the company’s activities.

PROCESS OF FILLING ANNUAL COMPLIANCE OF PRIVATE LIMITED COMPANY.

Step 1: Preparation and Documentation

      1. Financial Statements: The financial statements, including the balance sheet, profit and loss account, and cash flow statement, should be prepared as per the prescribed format and accounting standards.
      2. Audit: Engage a qualified auditor to conduct an audit of the company’s financial statements for the financial year.
      3. Board Meetings: Hold board meetings to approve the financial statements, appoint auditors, and discuss other compliance-related matters.
      4. AGM Notice: Issue notice to convene the Annual General Meeting (AGM) of the company. The AGM should be held within six months from the end of the financial year.
      5. Director’s Report: Prepare the director’s report, which provides an overview of the company’s performance, operations, and future plans.

Step 2: Annual General Meeting (AGM) AGM Conduct: Conduct the AGM as per the notice. During the AGM, shareholders approve financial statements, appoint auditors, and discuss other business matters.

Step 3: Auditor’s Report and Financial Statements

    1. Auditor’s Report: After the audit, the auditor prepares an audit report (Form ADT-1) with their findings on the financial statements. The report should be submitted to the board.
    2. Financial Statements Approval: Once the AGM approves the financial statements, they are considered final.

Step 4: Filing of Documents

    1. Income Tax Return (ITR): File the company’s income tax return (ITR) with the Income Tax Department before the due date, providing details of income, deductions, and taxes paid.
    2. Annual Return (Form MGT-7): File the annual return in Form MGT-7 with the Registrar of Companies (RoC) within 60 days from the date of the AGM. The return should include information about shareholders, directors, and changes in share capital.
    3. Auditor’s Report (Form ADT-1): File the auditor’s report (Form ADT-1) with the RoC within 30 days from the date of the AGM.
    4. Board Resolutions and Minutes: Maintain copies of board resolutions and minutes of board meetings and shareholder meetings, making them available for inspection.
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Step 5: Compliance with Additional Requirements (if applicable)

    1. Corporate Governance Compliance: If the company falls under the prescribed thresholds, comply with corporate governance requirements, including appointing independent directors and maintaining governance-related records.
    2. GST and Other Regulatory Filings: Ensure compliance with Goods and Services Tax (GST) laws and any other industry-specific regulations. File GST returns and other reports as required.
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Step 6: Record-KeepingMaintain Records: Keep copies of all documents and records related to annual compliances, including financial statements, audit reports, board resolutions, and annual returns, for a minimum of eight years.

Step 7: Compliance ReviewRegular Compliance Checks: Continuously monitor and review the company’s compliance with all statutory and regulatory requirements throughout the year.

Step 8: Professional AssistanceConsult Professionals: Consider seeking guidance and assistance from qualified professionals, such as chartered accountants, company secretaries, and legal advisors, to ensure accurate compliance with all legal and regulatory obligations.

COMPLIANCES FOR ANNUAL FILLING OF PRIVATE LIMITED COMPANY.

  • Annual General Meeting (AGM): Every private limited company is required to hold an AGM within six months from the end of the financial year (usually held by September). During the AGM, various matters such as approval of financial statements, declaration of dividends, and appointment or reappointment of auditors are discussed.
  • Financial Statements: Prepare and adopt financial statements, including the Balance Sheet, Profit and Loss Account, and Cash Flow Statement, during the AGM. These statements should be prepared in accordance with the applicable accounting standards.
  • Board of Directors Report: Prepare and present a report of the board of directors containing important information about the company’s operations, financial performance, and other relevant details. This report is usually included in the annual report.
  • Appointment of Auditors: Appoint or reappoint auditors for the company. Auditors must be chartered accountants and should not have any conflict of interest with the company.
  • Filing of Annual Returns: File the annual return (Form MGT-7) with the Registrar of Companies (RoC) within 60 days of the AGM. The annual return contains information about the company’s shareholders, directors, and other key details.
  • Financial Statements with RoC: File the financial statements (Form AOC-4) along with the director’s report and auditor’s report with the RoC within 30 days of the AGM. These documents should be filed in e-form with the RoC.
  • Income Tax Returns: File the income tax returns for the company by the due date (usually July 31 for companies not subject to tax audit and September 30 for those subject to tax audit). Comply with the tax audit requirements if applicable.
  • TDS and TCS Compliance: Ensure timely deduction and deposit of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) and file relevant returns as per the Income Tax Act.
  • GST Returns: If the company is registered under the Goods and Services Tax (GST), it must file monthly or quarterly GST returns depending on its turnover.
  • ESI and PF Compliance: If applicable, ensure compliance with the Employees’ State Insurance (ESI) and Provident Fund (PF) regulations by depositing the contributions and filing necessary returns.
  • Compliance with Other Applicable Laws: Ensure compliance with other laws and regulations applicable to your specific business or industry, such as environmental regulations, industry-specific licenses, and permits.
  • Statutory Registers: Maintain and update various statutory registers, including the Register of Members, Register of Directors, and Register of Charges.
  • Changes in Company Structure: Inform the RoC about any significant changes in the company’s structure, such as changes in directors, registered office, or share capital.

WHY AURIGA ACCOUNTING ?

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

  • Financial Statement Preparation: Auriga Accounting can assist in preparing accurate and compliant financial statements, including the balance sheet, profit and loss account, and cash flow statement, as per the prescribed format and accounting standards.
  • Auditor Engagement: They can help you engage a qualified auditor and coordinate the audit process, ensuring that the auditor examines the financial statements thoroughly and prepares the audit report (Form ADT-1).
  • AGM Preparation: Auriga Accounting can help in drafting AGM notices, resolutions, and minutes of meetings, ensuring that the AGM is conducted in compliance with legal requirements.
  • Annual Return Filing (Form MGT-7): They can assist in preparing and filing the annual return (Form MGT-7) with the Registrar of Companies (RoC), including the compilation of information about shareholders, directors, and share capital changes.
  • Tax Compliance (ITR): Auriga Accounting can help in the preparation and filing of the company’s income tax return (ITR) with the Income Tax Department, ensuring accurate reporting of income, deductions, and tax liabilities.
  • Auditor’s Report (Form ADT-1): They can facilitate the filing of the auditor’s report (Form ADT-1) with the RoC, ensuring compliance with the timeline for submission.
  • Corporate Governance Compliance (if applicable): For companies subject to corporate governance requirements, Auriga Accounting can assist in complying with governance standards, including the appointment of independent directors and governance-related disclosures.
  • GST and Other Regulatory Filings: They can provide guidance and support for Goods and Services Tax (GST) compliance and any other industry-specific regulatory filings.
  • Record Maintenance: Auriga Accounting can help in maintaining organized records of all compliance-related documents, ensuring easy access for future audits or reference.
  • Compliance Review: They can conduct periodic compliance checks to identify and address any potential issues or discrepancies, helping to maintain continuous compliance throughout the year.
  • Professional Guidance: As financial experts, Auriga Accounting can provide expert advice on financial and compliance matters, ensuring that your company adheres to best practices and remains in good legal standing.
  • Timely Reminders: Auriga Accounting can help you stay informed about compliance deadlines and ensure that all filings and submissions are made within the prescribed timelines.
  • Communication with Authorities: In case of any communications or queries from regulatory authorities related to compliance, Auriga Accounting can represent your company and provide the necessary documentation and responses.

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