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Mandatory ROC Compliances for Private Limited Company

End-to-End Business Services of Tax & Compliance for Pvt Ltd

It is mandatory for entrepreneurs to satisfy income tax, companies act, state laws and GST. Every company needs to submit income tax returns by 30th September each year. We at One Click Business Solutions Private Limited guarantee compliance for private limited on time when they are due.

One Click Business Solutions Private Limited offers end to end professional consulting and services of tax & compliance for pvt ltd to its clients. We are committed to focus on the business services of our clients. Our dedicated team of professionals can take utmost care of tax and compliance for businesses like private limited, public limited etc.

We have in-house dedicated experts to provide you with important advisory services of tax and compliance. Our qualified professionals guide you about the advance tax payments, tax planning etc. and they also submit income tax returns. We will review the accounts of the company at the end of each financial year.

So why are you waiting for? Contact us as soon as possible to manage your tax and compliance for private limited.

Mandatory ROC Compliances for Private Limited Company

Compulsory Compliances Description and Timeline
First Board meeting First Board of Directors' meeting must be held within 30 days since when incorporation of company was done. Notice regarding board meeting is required to be sent to each director before 7 days of the same.
Subsequent Board Meetings At least 4 board meetings must be arranged every year and there should not be a gap of more than 120 days between 2 meetings.
Filing of disclosure of interest by directors Each director at:
First meeting of Board
First meeting in which he attends as director
Whenever there is certain modifications in disclosures
Must reveal in Form MBP-1 (with list of relatives and their concerns in the company according to RPT), body corporate, his interest or concern in any company, firm or other association of persons(includes interest related to shareholding) Form MBP-1 must be retained in the company's records.
First Auditor First auditor of the company needs to get appointment by the board of directors within 30 days of incorporation. In the case of Board's failure, an EGM (Extraordinary General Meeting) shall be done within 90 days to appoint the first auditor.
He / they should hold his office till the end of 1st annual general meeting. Filing of ADT-1 is not compulsory for the first auditor.
Following auditor The auditor will be appointed by the Board of directors in first annual general meeting of company who must hold his office till the end of 6th annual general meeting. The same should be informed by him to Registrar of Companies by filing ADT-1. The company is liable to file Form ADT 1 within 15 days since the date of appointment.
Annual General Meeting Each company must hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6pm), except on any public holiday. AGM should be arranged either at the registered office of the Company or within the town, city or village where the registered office is located. A notice of 21 days is necessary to be given for the same.
Filing of Annual Return (Form MGT-7) Every Private Limited Company must file its Annual Return within 60 days of its Annual General Meeting. Annual Return must include the period 1st April to 31st March.
Filing of Financial Statements (Form AOC-4) Each Private Limited Company must file its Balance Sheet with statement of Profit and Loss Account along with Director Report in this form within 30 days of its Annual General Meeting.
Statutory Audit of Accounts Each Company must make its Accounts and obtain the same audited by a Chartered Accountant at the end of the Financial Year. The Auditor shall give an Audit Report and the Audited Financial Statements for filing it with the Registrar.

Event based Compliances - Even based compliances are filed due to occurrence of certain events like change of registered office, change in directors, change in authorized share capital and others. Therefore, it is essential to track such events and compliance on time to prevent additional fees or penalties. Let us know some of the Event based compliances with the time limit:

Form No: INC-22 Form No: DIR-12 Form No: SH-7
Events Alteration of registered office Events Alteration of Directors or KMP Events Raise of Authorised Share Capital
Time Limit Within 15 days since above change took place Time Limit Within 30 days of above change Time Limit Within 30 days since Ordinary Resolution was passed
Form No: MGT-14 Form No: PAS-3 Form No: CHG-1
Events Filing of Resolution and agreements Events Raise in Paid up share capital (Issue of security) Events Modification in secured borrowing (creating, modifying and satisfaction of charge)
Time Limit Within 30 days since the date of passing resolution Time Limit Within 15 days since date of allotment Time Limit All kinds of Charges within 30 days since when it was created
Form No: DIR-3 KYC Form No: INC-22A Form No: INC-20A
Events Application for KYC of Directors Events ACTIVE (Active Company Tagging Identities and Verification) Events Declaring the Commencement of Business
Time Limit On or before 30th April of next Financial Year (Annual Compliance) Time Limit On or before 25th April 2019 (Applicable for companies registered before 31st December 2017) Time Limit Within 180 days of the date of registration of the company. (Applicable for companies incorporated after 2nd November, 2018.)

Effects of Non-Compliances - If a company cannot complete any of the regulatory compliances then the Company and its executives will be considered default and punishable with fine for the period for which default took place. Therefore penalties will be increasing as the time period of non-compliance enhances.

Advantages of Annual Compliance for Private Limited Company

Attract Investors -
While accepting funds for a company from the investors, the investors claim all financial records and date before confirming the proposal. The investors may either come to the company directly or can also verify the financial records from the portal of Ministry of Corporate Affairs. They support the companies that maintain compliance records regularly.

Increase credibility of the company -
Compliance of law is the primary requisite for any business. The date of annual return filing of the companies is shown on the Master Data on the portal of MCA. Loan approval, Government tenders or for similar other reasons, the reliability in compliance is a major factor to assess the trustworthiness of an organization.

Maintenance of active status and avoid penalties -
Constant failure in filing the return changes the status of the company to default and heavy penalties are charged. The company may be announced as defunct or eliminated from the RoC (Registrar of Companies). The associated directors are also debarred and expelled from their further appointment. From July 2018, an additional fee of Rs. 100 for each day of delay will be imposed till the date of filing.

We, at One Click Business Solutions ensure to meet the corporate compliances on time as and when they are due. Our professionals offer end-to-end advisory services to clients so that they can concentrate on their important business activities. We have a dedicated team of CA, CS and Lawyers to take care of business compliance of our clients.

Documents required for Private Limited Company Compliance

Incorporation Document : Certificate of Incorporation and MoA (Memorandum of Association) – AoA (Articles of Association) of
Private Company
PAN Card

Audited Financial Statements : Financial Statements need to be audited by self-directed auditor

Audit Report & Board Report : Report of self-directed auditor and Board should be produced

DSC of Director : Legitimate and active DSC of one of the directors should be produced

Detailed Annual Compliance Procedure

Dedicated CA or CS - Once order confirmation is completed, a dedicated team of in-house CA/CS will manage your business compliance. Our clients may ask any questions about the compliance, taxation and regulatory problems of the company.

Accounting Support - We will review the accounts of the company at the end of the financial year on account of its final Balance sheet & profit & loss accounts.

Annual Audit Services - Our professionals will offer necessary support for the statutory audit of the company.

Filing of Income tax returns - Our tax advisory will submit income tax returns and provide you with guidance from time to time about the advance tax payments, tax planning and others.

Company Secretary Services – We have in-house CS to prepare or review minutes of the meeting of your company according to Companies Act 2013. Minimum 4 board meetings must be held in one financial year while in case of small companies only 2 board meetings should be arranged in one financial year.

Financial Statements and Annual Return Filing - Once your financial accounts in the Annual General Meeting (AGM) is approved by shareholders, our team of professionals shall file your financial statements and annual return with Ministry of Corporate Affairs in Form AOC-4 and MGT-7.

Private Limited Company compliance calendar for Financial Year 2019-20

In 2019, a number of other compliances needs to be maintained for Ministry of Corporate Affairs.

Accounting- The Company must keep its accounts and finalise its financial statements (Balance Sheet and Profit and Loss Account) depending on its accounts for the previous year.

Audit of Accounts - Audit includes independent scrutiny of statutory records, books of accounts and vouchers to determine whether the financials show true and fair value. For auditing books of accounts, an auditor needs to be appointed by the company within 30 days from the date of incorporation.

Income Tax Compliances - Every company must file Annual income tax returns by 30th September of the next financial year. Also, companies should stick on maintenance of tax compliance. While making particular payments, a company must deduct tax at source (TDS) that is applicable on payments like salary, interest, dividend, rent, fee for technical and professional services, commission, brokerage and others.

It is compulsory for the payer to deduct a particular percentage from the payment and pay the balance to the recipient. A quarterly return is required to be filed by the payer to the Income tax department including details of payee, date of remittance to department, date of deduction etc.

The due dates to file TDS returns

Quarter Due date of filing
1st Quarter 31st July
2nd Quarter 31st October
3rd Quarter 31st January
4th Quarter 31st May

GST Compliance

Once online GST registration as normal taxpayer is done, the entity must file the GST returns on time. The GST Returns depends on the annual turnover of a taxable individual. If annual turnover is less than Rs 1.5 Crore then registered taxpayer can file quarterly returns. On the due date of GST returns, details of purchase and sale are needed to be submitted. Failure to file GST Returns will cause penalty.

Frequently Asked Questions

Ques: What is known as Annual Return of a Private Limited Company?

According to the Companies Act, 2013, every Private Limited Company in India must file annual return each year. Balance Sheet, Profit & Loss Accounts and other associate documents like audit report, board report, shareholders' details etc. are required to be filed with Ministry of Corporate Affairs. The Annual Return is governed by Ministry of Corporate Affairs and it is different from the income tax department.

Ques: Who should sign on Annual Return?

Any of two directors of the company must sign on the Annual Return.

Ques: Is there any due date to file Annual Return?

Yes, Private limited company needs to file the Annual Return before the due date which is 30th September of each year and 6 months from the completion of the Financial Year.

Ques: Can Annual Return be filed by a company on its own?

No, the Annual Return cannot be filed by company unless it is certified by Chartered accountant or Company Secretaries.

Ques: Is there any penalty for non-filing of Annual Return?

Yes, if the company fails to file Annual Return within the specific time then the company must pay additional Fees as penalty according to the Additional Fees Rule of the Companies Act, 2013. The amount of penalty depends on the number of days in default till its continuation.

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