Annual Compliances for Private Limited Company in India

Once you have registered your private limited company, you can run your business legally. However, you still have to file annual returns to the MCA to be legitimate in the eyes of the law. These annual returns or compliances for private limited company must be filed annually, biannually, half-yearly, and quarterly.  

 

Fulfilling annual compliances for private limited company is an important step to ensuring compliance with the Companies Act, 2013. For assistance in ensuring pvt ltd annual compliance, connect with Registrationwala pvt ltd co consultants.  

Private Limited Company Compliances

 

There are two types of private limited company compliances:

Event-based Compliances

These are compliances that are filed on certain MCA notifications.

Annual Compliances

The annual compliance for pvt ltd company needs to be filed regularly. They are mandatory compliances that the private limited companies need to prepare for. The Annual Compliance of a company contains the following matters:

• ROC Filing
• Finance Statement Submission
• Profit and Loss Statements
• Income Tax Returns
• Annual Returns
• Minutes of Meeting

• ROC Filing
• Finance Statement Submission
• Profit and Loss Statements
• Income Tax Returns
• Annual Returns
• Minutes of Meeting

Filing Compliances… Where to begin?

These are legal matters that can be attended to best through the aid of business experts. Therefore, these experts should only file Compliance for a Private Limited Company. This is where we step in.

We are Registrationwala, India's leading business registration, and compliance experts team. We provide the best Annual compliance services for a Private Limited Company in India. So contact our experts, give us your details and leave the rest to us.

Why must every Private Limited Company be compliant?

The reasons for which every Private Limited Company should stay compliant are as follows:

Improved Public Relations

Once a company has met all its legal obligations, it can market it positively on websites or through ads. It can be put in job applications and all other places the Company is reaching the market. Managing Compliance brings a good name to the Company.

Better Employees Retention

Many compliance issues deal with the benefit of the employees. Some even talk about protecting the employees. For a company that adheres to these guidelines, it becomes easy to retain the employees as the workforce feels at home. The Company must strive to work to improve the business and the product.

Thus, for a Private Limited, which is bound by many compliance guidelines, it is paramount to manage all that. Moreover, in the long run, it showers the Company with all the benefits that may or may not be visible initially.

Smoother Operations

Certain rules help more than they harm. For example, regulations related to discrimination and harassment help create a better working environment for employees, leading to better productivity. Also, better security – financial as well as physical – help employees provide more to the Company.

Benefits of filing Annual Compliances

Considering that the needs and burdens of Compliance will never go away, it is time to embrace them—not only as a cost of doing business but for the many benefits they bring, including the 5 listed here.

Risk Reduction (Organisational & Individual)

Once a company has lived up to the compliance requirement, it saves itself from many legal and financial troubles. By legal troubles, we mean the investigation and business interruptions that follows.

Better Organized Framework

In cases where Compliance is done on time, certain filters and reference points always help eliminate paraphernalia and ensure the Company is stuck to what is best suited for developing its services.

Better relationship with Stakeholders

Any stakeholder or regulator, while doing business with a company, ensures that the business he is stepping into is ethically and morally a well-set unit.

More Transparency in Business

Compliance ensures that there is transparency in the way a business functions. The customers, when provided with a true and honest story, which happens when you complete the Compliance on time about a company, they are lured into it.

Realization of the Company's Mission 

Compliance programs ensure that everyone in the Company knows the actual agenda. Because of its legal nature, it is like a whip to ensure everyone is on the same page regarding the Company's mission.

All organizations need to be managed efficiently and in a professional manner. So it is very important how it is controlled and adapted to these rules and regulations. It's always better to hire compliance filing experts to take care of all the due dates and avoid last-minute hassle and government penalties.

Eligibility Criteria for Annual Compliances for Private Limited Company in India

If you're a private limited company, then regardless of your turnover, you need to file the annual Compliance of your Company.

Documents required for filing Annual Compliances for Private Limited Company in India

The documents you need to fulfill your annual Compliance are as follows:

• Company Incorporation Certificate
• Balance Sheet
• Financial Statements
• Minutes of Meeting

Process for filing Annual Compliances for Private Limited Company in India

List of Compliances for Private Limited Company

The Compliance related filing includes legal compliances for Private Limited Companies. Here is the list of compliance requirements that every form of Company is required to fulfill:

Private Limited Company's Self-Compliances

Fixing a Board: Every Company must fix a board outside the registered office of the Company. The Board must contain the name of the Company and the registered address of the Company. The information printed on the Board shall be in English and the regional languages.

Letterheads and Invoices: It should also ensure that every letterhead and invoice of the Company contains its full name, registered address, telephone number, corporate identity number, and E-mail ID. In addition, the name shall be printed in Header and CIN No, Add of registered office and E-mail id of the Company in Footer.

Maintaining Company's website: The official website of every Company shall contain the following information about the Company on its landing or home page.

• Name of the Company
• Address of its registered office
• Corporate Identity Number
• E-mail Address and
• Name the person who may be contacted in case of any queries or grievances.

Private Limited Company's One-time Compliance for Annual Process

• Obtain the Stationery Minutes binders.
• Appoint the first Auditor of the Company.
• Prepare and print the share certificates. 
• Prepare the statutory registers in E-form.

Private Limited Company's Quarterly Compliances (After Every 90 Days)

• Hold the scheduled Board Meeting.
• Draft the notice of BM.
• Prepare the meeting minutes.
• Prepare the attendance sheets for the board meeting.

Private Limited Company's Annual Compliances

• Prepare the directors' disclosures of interest in other concerns.
• Prepare the declarations from the directors.
• Draft the Board's Report.
• Draft the Annual Returns.
• Obtain the finances from the Auditor.
• Submit the E-mail ID of all the proposed directors:
• Draft the minutes for the pre-AGM board meeting.
• Draft the Director Report, Annual return, and other financials.
• Prepare the Auditor's Reappointment document.
• Prepare the Fresh Appointment letters to Auditors (if any).
• Prepare the Annual General Meeting minutes and related documents.
• Prepare and file the balance sheet, Profit & Loss Statements, and Auditors Appointment with the RoC.
• File the forms AOC-4, ADT-1, and MGT-7 with their respective attachments.
• Statutory Auditing of the Company/LLP upto 300 transactions or 10 Lakhs turnover, whichever is earlier.
• Do the Accounting Entries by our team upto 300 entries and charge Rupee 1 per entry.
• File the form "ITR 6" for Income Tax Return with the department with Digital Signature.

Income Tax Return filing

• Calculate and pay the Quarterly Payment of Advance Taxes.
• File the Income Tax Returns.
• Conduct Tax Audit, mandatory if a business's sales, turnover, or gross receipts exceed Rs. One Crore in the previous year is relevant to the assessment year.
• File the Tax Audit Report.

Maintaining Statuary Registers and Records

Every Company must maintain various statutory registers and records as required by the Company law. Below mentioned are some of the logs and records which are required to be maintained:

• Register of Shares
• Register of Members
• Register of Directors
• Incorporation Documents of the Company
• Resolutions of the Meetings of the Board of Directors
• Minutes of the Board Meetings and Annual General Meeting

Our Assistance in filing Annual Compliance for Pvt Ltd Company

We at Registrationwala provide end-to-end solutions for filing Annual Compliances. Our services include:

• Collection of information and starting the process
• Creating the first compliance draft
• Reviewing the draft and making changes if necessary
• Filing the Compliance

Registrationwala.com is a leading legal consultancy firm providing comprehensive annual compliance services for private limited Companies. To know more about the Private Limited Company's Annual Compliance Services in India or to file your yearly Compliance, reach out to us now.

FAQs on PVT LTD Annual Compliance

Q1. What is an Annual Compliance?

A. Once you have registered your Company, you will run a business freely. However, you still have to file annual returns to the MCA to be legitimate in the eyes of the law. These annual returns or compliances for the private limited Company must be filed annually, biannually, half-yearly, and quarterly.  

Q2. What are the types of Pvt Ltd Company Compliances?

A. There are four kinds of Compliances for a Private Limited Company:

• Self-Compliance
• Quarterly Compliance
• Annual Compliance
• One-time Compliance

Q3. What is the cost of filing Annual Compliance for a Private Limited Company?

A. To know about the pvt ltd company annual compliance charges, connect with compliance experts at Registrationwala.

Q4. What is Compliance Filing meaning?

A. Annual Compliance filing for Private Companies at regular intervals are mandatory compliance provisions the Company must prepare. They contain the following matters:

• ROC Filing
• Finance Statement Submission
• Profit and Loss Statements
• Income Tax Returns
• Annual Returns
• Minutes of Meeting

Q5. What is the cost of filing Annual Compliance for a Private Limited Company?

A. To know about the compliance filing processing fee, connect with compliance experts at Registrationwala.