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ANNUAL COMPLIANCE filling OF Public 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 PUBLIC LIMITED COMPANY?

Auriga Accounting has a team of registration experts who can provide complete guidance to COMPLIANCE FILLING OF PUBLIC 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 PUBLIC LIMITED COMPANY

Annual compliance for a public limited company refers to the set of legal and regulatory obligations that such a company must fulfill on an annual basis to ensure adherence to corporate governance standards, statutory requirements, and regulatory frameworks. These obligations are typically mandated by the laws and regulations of the jurisdiction in which the company operates and are designed to ensure transparency, accountability, and the protection of stakeholders’ interests. Key components of annual compliance for a public limited company may include:

ADVATNAGES OF FILLING ANNUAL COMPLIANCE OFPUBLIC LIMITED COMPANY.

  • Legal Compliance: Meeting annual compliance obligations ensures that the company remains in good standing with regulatory authorities and complies with relevant laws, regulations, and corporate governance standards. This helps mitigate the risk of legal penalties, fines, and other enforcement actions that may result from non-compliance.
  • Maintaining Corporate Status: By filing annual compliance documents such as financial statements, annual returns, and other required reports, the company maintains its status as a valid legal entity. This is essential for conducting business activities, entering into contracts, and accessing financial services.
  • Enhancing Transparency: Annual compliance filings provide stakeholders, including shareholders, investors, creditors, and regulatory bodies, with accurate and up-to-date information about the company’s financial performance, operations, and governance practices. This transparency fosters trust and confidence in the company’s management and enhances its reputation in the marketplace.
  • Access to Capital: Compliance with regulatory requirements and transparency in financial reporting can attract potential investors and lenders, facilitating access to capital for growth, expansion, and investment opportunities. Investors are more likely to invest in companies that demonstrate sound corporate governance and financial discipline.
  • Protecting Shareholder Interests: Annual compliance ensures that shareholders’ interests are safeguarded by providing them with timely and accurate information about the company’s financial health, management practices, and strategic direction. This transparency enables shareholders to make informed decisions and hold management accountable for their actions.
  • Avoiding Disputes and Litigation: By adhering to legal and regulatory requirements, companies can minimize the risk of disputes, litigation, and regulatory investigations arising from non-compliance or allegations of misconduct. Proactive compliance measures help mitigate legal risks and protect the company’s reputation and financial interests.
  • Facilitating Business Operations: Compliance with annual requirements, such as filing tax returns, maintaining statutory records, and conducting annual meetings, ensures smooth and uninterrupted business operations. It helps prevent disruptions, delays, and administrative hassles that may arise from regulatory non-compliance.
  • Demonstrating Corporate Responsibility: Commitment to annual compliance reflects the company’s commitment to corporate responsibility, integrity, and ethical business practices. This can enhance relationships with stakeholders, including customers, employees, suppliers, and the community, and contribute to long-term sustainability and success.

Documents for FILLING ANNUAL COMPLIANCE OF PUBLIC 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 PUBLIC 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 PUBLIC 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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MD SAHIL
MD SAHIL
2023-06-10
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
Prince Kushwaha
2023-06-10
Workplace must be peaceful and be active during work , the Auriga Accounting Private Limited provides relevant and necessary things so employees save their time and complete their task before time period effectively and efficiently
Prince Singh
Prince Singh
2023-06-10
Auriga accouting private limited and it's team provide best service at affordable price. I have done my previous year GSTR and ITR they did it before the time
Priyanka Kumari
Priyanka Kumari
2023-04-07
They are best coordination with me. Time to time inform me how to work and what work is my pending. Time to time updated me about my company profile work like ROC Filling last date, GST filling last date, ITR etc... I have no paid any penalty since I started working with Auriga..
Vishal Singh
Vishal Singh
2023-04-07
Best company for providing services, I recommended to all. They give me the best rate of price and finished work before the time.
Sameer khan
Sameer khan
2023-04-07
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
Vivek Shakya
Vivek Shakya
2023-04-07
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
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find way
2023-04-06
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
2023-04-06
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
2023-04-06
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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