Annual Compliance For Private Limited includes:
- Annual ROC Compliance
- Filing of ROC Forms
- Filing DIR3 KYC
- Statutory Audit By CA
- Company Income Tax Return
- GST Monthly and Annual Return Filing
- Directors, Shareholders, Board Reporting
- TDS Depositing and Return
- Advance tax Deposition
Company Annual Filings refers to the filing of
- Audited Annual Financial Accounts of the Company, Auditors Report, along with Directors Report and Annual Return of Company with Registrar of Companies.
- Certifications(if any) Registered Office Address, Shares and Debenture details, Register of Members, Debt details and information about the Management of the Company.
- The annual return would also disclose the shareholdings structure of the Company, changes in Directorship and details of the transfer of securities.
These yearly filings are mandatory for every registered Company whether the Company carries on business or not.
Every Company whether private limited company, one person company, Public Limited company, and section 8 company registered under the Companies Act is required to file their MCA annual return with the Registrar of Companies and income tax return with Income tax Department.
Important Points for Annual ROC Filing
- Preparation of Annual Financial Accounts are mandatory for every Company.
- Every Company has to get the accounts audited by a Chartered Accountant in Practice.
- For filing annual return, the company must conduct an Annual General Meeting at the end of each financial year.
- Except First Annual General Meeting, All AGM should be held within 6 months from the end of that financial year.
- The financial year in India starts on April 1st and ends on 31st March
- Every Company has to file Form AOC-4 and MGT-7 with ROC every year even if the Company is not carrying on any business.
- Delay in filing Form AOC4 and MGT7 will attract an additional fee of Rs.100.00 per day till the date of filing.
- Non-Filing of Accounts and Annual Return for more than 2 years would result in Closure of Company by ROC.
- Non-Filing of Accounts and Annual Return for more than 3 years will result in Disqualification of Directors u/s 164 of Companies Act.
- If the DIN holder does not file his annual KYC within the due date of each financial year, such DIN shall be marked as ‘Deactivated due to non-filing of DIR-3 KYC’ and shall remain in such Deactivated status until KYC is done with a fee of Rs.5000.
- In addition to MCA annual return, companies must also file income tax return irrespective of income, profit or loss.
- Private limited companies, limited companies and one person companies would be required to file Form ITR -6.
- The due date for filing income tax return for a company is on or before the 30th of September.
- Failure to file income tax return attracts a penalty of Rs.10,000.
Advantages Of Annual Roc Filing
- Annual filing ensures the transparency of the company and it’s working.
- The cost of non-compliance can be removed while completing all the compliances on time.
- Burden of additional fees can be avoided.
- Non filing of annual returns for the consecutive 3 years may be the ground of strike off of the company and there are many forms and compliances which cannot be done by the company if they have not completed their annual filing within the due period
- A penalty of rupees 200 per day is to be revived by the registrar if the filing is not completed within the time
Documents Required For Company Annual Filing
- Certificate of incorporation along with memorandum and article of the company
- Copy of last year financials if any.
- Copy of signed Balance Sheet, Profit & Loss Account, Auditor Report with all the annexes certified by the chartered accountant.
- Valid digital signature of any of the director of the company
- Bank Statement and Sale-Purchase Bills.
- GST Login ID Password or All months GST Return.
- Details of Expenses, assets, liabilities etc.
- All Sale & Purchase GST Bills Monthly basis.
- Details of TDS Deducted monthly basis
- Advance tax quarterly basis.
Information Required for Annual Return Company
- Registered office details of the company.
- Shareholding pattern
- Share Transfer Details during the year if any.
- Directors, Promoters, key managerial personnel along with changes
- Members meeting.
- Director’s remuneration and key managerial personnel;
Documents Required For Company Statutory Audit:-
- Invoices – Sales and Purchases.
- Gst Sale & Purchase data.
- Assets and Liabilities details / Loans statements.
- Sale & purchase of assets.
- Income sources – All.
- Vouchers – Expenses
- Electricity/water.
- Rent
- Telephone
- Salary
- Stationery
- Transportation / Conveyance expenses.
- Directors Remuneration.
- Other expenses details
- TDS Certificates, if any.
- Bank statements with explanations form April to march
- TDS Certificates, if any.
Due Dates for Annual ROC Forms of Companies 2020
| Name of E-form | Purpose of E-form | Attachments | Due date of filing | Last Date | Applicability on Company |
| Form ADT-1 | Appointment of Auditor | Appointment Letter, Confirmation Letter from Company | 15 days from the date of AGM. | 14th October 2020 | Private Company, Public Limited Companies, Listed Company, One Person Company |
| Form AOC-4 and Form AOC-4 CFS
(in case of Consolidated financial statements) |
Filing of Annual Accounts | Board Report along with annexures: MGT-9, AOC-2, CSR Report, Corporate Governance Report, Secretarial Audit Report etc.. as per the nature of Company and financial statements | 30 days from the date of the AGM (In case of OPC within 180 days from the close of financial year) | 29th October 2020 | Private Company, Public Limited Companies, One Person Company |
| Form MGT-7 | Filing of Annual Return | List of shareholders, debenture holders, Share Transfer, MGT-8 | 60 days from the date of AGM. | 29th November 2020 | Private Company, Public Limited Companies, Listed Company, One Person Company |
| Form DIR-3KYC | DIN KYC of all directors | Copy of Pan card and address proof along with OTP verification of mobile & email. | 6 months of closure of financial year | 30th September 2020 | On all DIN Holders whether DIN is using or not |
| Form MGT-14 | Filing of resolutions with MCA regarding approval of Board Report and Annual Accounts | Certified true copy of the resolution. | 30 days from the date of concerned Board Meeting | 29th October 2020 | Public Companies and Listed Companies (Exempted for private companies) |
DISCLAIMER: The entire contents have been developed on the basis of relevant information and are purely the views of the authors. Though the authors have made utmost efforts to provide authentic information however, the authors expressly disclaim all or any liability to any person who has read this document, or otherwise, in respect of anything, and of consequences of anything done, or omitted to be done by any such person in reliance upon the contents of this document. Reader should seek appropriate counsel for their own situation. I shall not be held liable for any of the consequences directly or indirectly.
Any other suggestions /opinions are welcomed.
Regards
Author: CS Megha Sharan (Company Secretary in Practice)
Contact No 9650082009
Email: ezzusindia@gmail.com
Website: www.ezzus.com
Ezzus India Team
Comment here