What is the Private Company Annual Compliance?
An organisation with a distinct identity known as a private company must regularly file reports with the MCA in order to preserve its active status. Every corporation must submit an annual return and audited financial statements to the MCA at the end of each fiscal year. No matter the turnover, whether it is zero or in crores, the RoC filing is required. Every registered firm is required to submit annual compliances for private limited, whether any transactions are made or not.
Both forms are submitted in order to report the financial data and operations for the relevant Financial Year. A company’s annual filing deadlines are determined by the date of the annual general meeting.
The company’s name could be struck from the RoC registry as a result of persistent failure, and directors could also lose their qualifications. Additionally, it has been noted that MCA has aggressively taken decisive action to address any failures of this nature.
List of Private Limited Company Annual Compliance
- Choosing an auditor ( within 15 days of Incorporation)
- Date for annual ROC filing ( 29th October 2022)
Annual returns (a)
- a) Accounting records
3.General assembly every year (AGM)
- Board sessions
- director’s reports
- Income Tax – Deadline ( 30th November 2022)
- keeping of records
- Other adherences
What paperwork is needed for public companies to comply annually?
The following documents are necessary for public company annual compliances:
- P&L account and the balance sheet
- Consolidated Financial Statements are a type of financial statement.
- Executives document
- Information on the Members
- Details of the Shareholder
- Information on the directors, a secretarial certificate (if applicable), and other required paperwork.
The reputation of the Private Limited Company and its partners will improve if they abide by the rules set forth by the Registrar of Companies and the Ministry of Corporate Affairs. A Private Limited Company might raise its compliance standards through this approach. When a Private Limited Company complies with the law, more investors are eager to participate in it.
The Private Limited Company might avoid all compliance obligations if all compliances were filed within a specific time frame. An Private Limited Company can achieve its goals by taking this into account.
Less Work –
The burden of complying with the authorities’ regulations would be lessened for PRIVATE LIMITED Companies if they did so. The development of the Private Limited Company may suffer if compliances are not tracked down or filed. Therefore, it is vital that the partners of the Private Limited Company adhere to all compliance-related standards.
Package for Annual Compliance
A dedicated in-house CA/CS will be assigned to your order after order confirmation and will serve as your single point of contact for managing your business compliance. Regarding the company’s compliance, taxation, and regulatory issues, you are free to ask any inquiries.
After reviewing the company’s accounts at the end of the fiscal year, our team will finalise your company’s balance sheet and profit & loss accounts.
Services in support of annual audits
The statutory audit of the organisation will receive the support it needs from internal dedicated professionals.
Filing an income tax return
In addition to filing income tax forms, our tax advisory will occasionally offer advice on tax planning, advance tax payments, and other related topics.
Services for Company Secretaries
According to the 2013 Companies Act, our in-house CS will draught or evaluate the minutes of your company’s meeting. For organisations other than small businesses, a minimum of 4 board meetings must be held in a fiscal year; for small businesses, just 2 meetings must be held.
Financial Reports and Annual Return Submission
Our team of professionals will file your financial statements & annual report with MCA in Form AOC-4 & MGT-7, respectively, once shareholders approve your financial accounts in the AGM (Annual General Meeting).
Penalties ranging from Rs.25,000 to Rs.5,000,000 and/or jail may be imposed for noncompliance. It can also lead to the company and its directors being blacklisted for some time.
- Do all private limited corporations have to comply annually?
Yes, all Indian private limited enterprises are required to submit yearly reports. Companies are responsible for paying fines levied by the government if they fail to comply with the aforementioned regulations. Therefore, annual compliance is necessary for all Indian private limited firms.
- What do MCA and ROC compliance entail in the context of a private limited company?
A private limited corporation is required to comply with the MCA and ROC regulations in particular.
Ministry of Corporate Affairs is referred to as MCA. The compliance criteria for Indian private firms are examined by this registry.
Registrar of Companies is referred to as ROC. Registrar of Companies is referred to as ROC. This type of compliance has to be completed either every quarter, every six months, or every year.
- What kind of aid does the Indian government offer?
The Indian government offers a variety of sorts of assistance. All businesses that are registered in India in accordance with the standards for a private limited company will be eligible for this relief.
- Would a private limited corporation be subject to the same annual compliance standards as a public firm?
A private limited corporation would have comparable annual compliance requirements as a public limited firm.
Why SRV Associates
SRV Associates has expertise aiding Section 8 businesses with appropriately completing forms and annual returns, ensuring that any data submitted to department and ministry websites is acceptable.
On your behalf, our CA/CS will complete and submit the application. We assist you at every step of the way. Simply exchange the necessary login information to proceed. You can accomplish anything while relaxing in your house.
SRV Associates has experience working with thousands of NGOs and is knowledgeable about their needs.
With us, your information is always secure.