Annual Compliance For Private Limited Company
- August 29, 2022
- Posted by: admin
- Category: Blog
What is annual compliance?
Compliance refers to the capacity to follow instructions, a set of regulations, or demands.
A private limited company that was established in India must make sure that the requirements of the Companies Act, 2013, are properly followed.
The Companies Act of 2013 oversees the holding of board meetings and shareholder meetings, as well as the selection, training, compensation, and retirement of the company’s directors.
For registered Private Limited Companies, RoC compliance is required. The business must meet the annual compliance requirement, regardless of overall revenue or capital investment.
All businesses that have been registered in India, including private limited companies, one-person businesses, limited corporations, and section 8 businesses, are required to maintain annual compliances, including filing annual returns and income tax returns.
What is the annual compliance for private limited companies?
| Compliance | Description |
| Commencement of business ( within 180 days) | Before starting a business or using their borrowing powers, firms with a share capital that was registered in India after November 2019 must first get a commencement of business certificate. After a company is incorporated, the commencement of business certificate must be received within 180 days. If the person does not receive this certificate, the company will be fined Rs. 50,000, and the directors will be fined Rs. 1000 per day for each day of default. |
| Auditor Appointment (Within 30 days) | Within 30 days of incorporation, all Indian companies that are registered are required to engage a Statutory auditor. The company won’t be permitted to start doing business if an auditor isn’t appointed. In addition, there is a monthly fine of Rs. 300. |
| Income Tax Return | For the fiscal year AY 2022-23 is 31 December 2022. |
| MCA Form AOC-4 | The MCA Form AOC-4 for the FY2022-23 must be submitted within 30days of AGM (in case of OPC – within 180 days from the closure of the Financial Year)
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| MCA Form MGT-7 | For FY2022-23, MCA form MGT-7 must be submitted Within 60days from the date/due date of AGM. OPC: within 60 days after 6months of closing of FY
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| DIN eKYC | The DIN eKYC or DIR-3 eKYC must be filed for each and every director of the company. The Director must enter a distinct personal mobile number and a personal email address in DIR-3 eKYC. Failure to submit DIN eKYC carries a 5000 rupee fine. |
| Hold Annual General Meeting | An annual general meeting must always be held for a private limited business. Companies must hold their AGMs within six months after the fiscal year’s end. |
| Director’s report | The Director’s report will be prepared using all the data required by Section 134. |
What is the LLP annual compliance?
The following mandatory compliance criteria must be filed by registered LLPs with the Ministry of Corporate Affairs (MCA):
I. Annual Return – LLP Form 11 Filing
II. Submitting the LLP Form-8 Statement of Account and Solvency