Annual Compliances for Private Limited Company in India
Once you have registered your company, you are going to run a business freely. However, you still have to file annual returns to the MCA in order to legitimate in the eyes of law. These annual returns or annual compliances for private limited company are needed to be filed on an annual, biannual, half-yearly and quarterly basis.
There are two types of private limited company compliances:
- Annual Compliances: These annual compliances for Private Company are needed to be filed on regular intervals. They are mandatory compliances that the private limited companies need to prepare for.
- Event-based compliances: These are compliances that are filed on certain MCA notifications.
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
These are legal matters that can be attended to best through the aid of business experts. Therefore, compliance for a private limited company should only be filed by these experts. This is where we step in.
We are Registrationwala, India’s leading team of business registration and business compliance experts. We provide the best Annual compliance services for private limited company in India. Just contact our experts, give us your details and leave the rest to us.
Reasons that you should stay compliant are as follows:
- Improved Public Relations
Once a company has met all its legal obligations it can actually market it positively on websites or through ads. It can be put in job applications and all other places via which the company is reaching the market. Managing the compliance brings good name to the company.
There are many compliance issues that deal with the benefit of the employees, some these even talk about protecting the employees. For a company that adheres to these guidelines, it becomes easy to retain the employees as the workforce of the company feels home in the company and strives to work for the betterment of the business and the product.
Thus, for a Private Limited, which anyway is bound by a lot of compliance guidelines, it is paramount to manage all that. As in the longer run it showers the company with all the benefits that may or may not be visible in the beginning.
Certain rules help more than they harm. Rules related to discrimination and harassment help create a better working environment for employees which can lead to better productivity. Also better security – financial as well physical – help employees provide more to the company.
Benefits of compliance are as follows:
Considering that the needs and burdens of compliance will never go away, it is time to embrace them—not as only a cost of doing business, but for the many benefits that they bring, including the 5 listed here.
- Risk reduction – organisational as well as individual: Once a company has lived up to the entire compliance requirement it saves itself from lot of legal and financial troubles. By legal troubles we mean the investigation and business interruptions that follows.
- Crisp and better organized framework: In cases where compliance is done on time, there are always certain filters and reference points which help in getting rid of paraphernalia and make sure the company stuck to what is best suited for the development of its services.
- Better relationship between 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.
- The more the transparency the better the business: Compliance ensures that there is transparency in the way a business functions. The customers when provided by a true and honest story, which happens when you complete the compliance on time, about a company, they are lured into it.
- Helps realize the mission of the company: Compliance programs are what make sure that everyone in the company is aware of the actual agenda. Because of its legal nature it is like a whip to ensure that everyone is on the same page as far as the mission of the company is concerned.
It is important for all organizations 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 the last minute hassle and govt. 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 fulfil your annual compliance are as follows:
o Company incorporation Certificate
o Balance Sheet
o Financial Statements
o Minutes of Meeting
Process for filing Annual Compliances for Private Limited Company in India
Here is the list of compliance requirement which every form of company is required to fulfil l-
- Every company is required to fix a board outside the registered office of the company. The board should contain the name of the company and the registered address of the company. The information printed on the board shall be in English language and the regional language.
- It should also assure that every letterhead and invoice of the company contain the full name of the company along with the registered address of the company, telphone number, corporate identity number and E-mail ID.Name shall be printed in Header and CIN No, Add of registered office and Email id of the company in Footer.
- 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 of the person who may be contacted in case of any queries or grievances.
One time Compliance to start the Annual Process
- Obtaining stationery Minutes binders
- Appointment of First Auditor.
- Preparing and printing Share certificates
- Preparing the statutory registers in E Form
Quarterly Compliances (After Every 90 Days)
- Holding the Board Meeting
- Drafting the notice of BM,
- Preparing minutes thereof
- Preparation of attendance sheets of the board meeting
- Preparing the directors’ disclosures of interest in other concerns
- Preparing the declarations from the directors;
- Drafting of Board’s report
- Drafting of Annual return;
- Obtaining the financials from Auditor;
- Email ID of all the proposed directors:
- Drafting the minutes for the pre AGM board meeting.
- Drafting of Director Report, Annual return and financials.
- Auditor’s reappointment Document has to be prepared;
- Preparation of Fresh Appointment letters to Auditors if any;
- Preparation of Annual General Meeting Minutes and related documents;
- Preparation and filing of balance sheet; P&L and Auditors appointment, with the RoC;
- Filling of AOC 4 , ADT 1 , MGT 7 with their respective attachments.
- Statutory Auditing of the Company/LLP upto 300 transaction or 10 Lakhs turnover whichever is earlier.
- Accouting Entries will be done by our team upto 300 entries and more than that will be charged at Rupee 1 per entry.
- Filling of form “ITR 6” for Income Tax Return with the department with Digital Signature.
Income Tax Return Filing
- Calculation and Quarterly Payment of Advance Tax
- Filing of Income Tax Returns
- Tax Audit – Mandatory in case sales, turnover or gross receipts of a business exceed Rs. One Crore in the previous year relevant to the assessment year.
- Filing of Tax Audit Report
Maintaining Statuary Registers and Records
It is mandatory for every company to maintain various statutory registers and records as required by the Company law. Below-mentioned are some of the registers and records which are required to be maintained-
- Register of shares
- Register of Members
- Register of Directors etc.
- Incorporation documents of the company
- Resolutions of the meetings of the Board of Directors
- Minutes of the Board Meetings and Annual General Meeting etc
Our Assistance to file the annual compliance for private limited company
We, at Registrationwala provide end to end solutions for filing annual compliance. 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 the comprehensive services relating to annual compliance for private limited company.
To start filing your annual compliance, reach to us now.