All the Private Limited Companies, One Person Companies, LLP’s are regulated by Companies Act, 2013 and are governed by MCA and Incorporation Rules, 2014. Under these regulatory bodies it is mandatory for the companies to fulfill some legal and tax compliance yearly. It is required to file annual returns with ROC, statutory compliance as per provisions of Companies Act, 2013. Every company as per its foundation and company type is required to file all tax compliances, failure in same will lead towards heavy penalties, interests, blocking DIN, will impact of the existence of company.
Once the company is registered, company needs to appoint the auditor, get books of accounts audited annually, file the annual returns, holding annual general meeting 6 months before end of financial year i.e. on 30th September of every year. In case of newly formed company’s annual general meeting is held within 18 months from date of incorporation or 9 months before the end of financial year whichever is earlier.
Forms filed with ROC:
- Form ADT1: This form is filed for appointing auditor need to file within 15 days from AGM
- Form MGT7: This is filed for annual return filing, it contains the information about the shareholders, debenture holders, share transfer it is to be filed within 60 days from the AGM.
- Form AOC4: This form is filed for filing the annual accounts of company within 30 days from AGM
- DIR3 KYC: This form is filed with every person who is allotted DIN (Director Identification No.) as per rules of MCA this form is submitted online on or before 30th April of financial year.
Other Tax Compliances to be carried out by Company:
- Appointment of first auditor
- INC-20A Commencement of Business Certificate
- Holding the Board Meeting
- Drafting the notice of Board Meeting
- Preparing Minutes Book
- Preparing of Attendance Sheets of Board Meetings
- Preparing the Directors disclosure of interest in other concerns
Non filing of compliance will levy heavy penalties:
- On non-filing of compliance Rs.50000/- penalty is levied on Company,
- Whereas Rs.1000/- per day penalty levied on each of dire.
- On failure of appointment of auditor within 90 days penalty will be Rs.100 per day. Also in failure or late filing of Form AOC4, ADT1, MGT7 will cost penalty of Rs.100 per day.
- If DIR3 KYC form is not filed, MCA will block such DIN, will disqualify the director and penalty cost at Rs.5000/-
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