ANNUAL COMPLIANCES FOR A PRIVATE LIMITED COMPANY

Annual compliances for a Private Limited Company include all the requirements undertaken by the private limited company.

 

Statutory Compliances

 

Description and Timeline
First Board Meeting The First Meeting of the Board of Directors is required to be held within 30 days of the Incorporation of the Company. Notice of BM must be sent to every director at least 7 days before the meeting.
Subsequent Board Meetings Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings.
Filing of Disclosure of interest by Directors Every director at:

‐ First meeting in which he participates as director; or

‐ First meeting of Board in every FY; or

‐ Whenever there is a change in disclosures Shall disclose in Form MBP1 (along with a list of relatives and concern of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm, or other association of individuals (including shareholding interest).

Form MBP‐1 shall be kept in the records of the company.

First Auditor The First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation and shall hold the office till the conclusion of the 1st AGM. In the case of the First Auditor, filing ADT-1 is not mandatory.
Subsequent Auditor The BOD shall appoint the auditor in the first AGM of the company who shall hold the office till the conclusion of the 6th AGM and shall inform the same ROC by filing ADT-1. The responsibility to file Form ADT 1 is that of the company and not of the auditor within 15 days from the date of appointment.
Annual General Meeting Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6 pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated. A 21 clear days notice is required to be given for the same.
Filing of Annual Return (Form MGT-7) Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.
Filing of Financial Statements (Form AOC-4)

 

Every Private Limited Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.
Statutory Audit of Accounts

 

Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.

 

Event-Based Compliances:

 

Even based compliances are those which get triggered upon happening of certain events like changes in directors, change of registered office, change in authorized share capital, etc. Hence, it is necessary that the happening of such events get tracked and compliances met on time in order to avoid penalties or additional fees. Some of the Event-based compliances are mentioned below along with the time limit:

Events Form No. Time Limit
Change in registered office INC-22

 

Within fifteen days from the date of such change
Change in Directors or KMP

 

DIR-12

 

Within 30 Days of such a change
Increase in Authorized Share capital

 

SH-7

 

Within 30 days of passing Ordinary Resolution
Filing of resolution and agreements

 

MGT-14

 

Within 30 days from the date of passing a resolution
Increase in Paid up share capital (Issue of security) PAS-3 Within fifteen days from the date of the allotment
Change in secured borrowing (Creation, modification and satisfaction of charge) CHG-1

 

All types of Charges within 30 days of its creation
Application for KYC of Directors

 

DIR-3 KYC

 

On or before 30th April of immediate next Financial Year (Annual Compliance)
ACTIVE (Active Company Tagging Identities and Verification) INC-22A On or before 25th April 2019 (Applicable to all companies registered before 31st December 2017)
Declaration of Commencement of Business INC-20A

 

Within a period of 180 days from the date of incorporation of the company. (Applicable to companies incorporated after 2nd November 2018.)

ROC FILLING

 

  • DIR 3 KYC: If any director holds DIN, then for the actions they need to submit DIR 3 KYC. It ensures to MCA each direct correct and updated details every year.
  • FORM MSME: All MSMEs should file a half–yearly return with the registrar for outstanding payments to micro or small enterprises.
  • ADT – 1: To be filled in less than 15 days from the conclusion of AGM. Every company should intimate the ROC about the appointment of an auditor.
  • FORM AOC – 4: To be filled 30 days from the conclusion of AGM. Specified companies should file the financial statements with the ROC. For example, auditor reports, balance sheets, statements of profit and loss director’s reports,s, etc.
  • MGT – 7: To be filled within 60 days from the conclusion of AGM. Every company should file an annual return, furnishing details about the company.
  • MGT – 14: If any changes happened in AGM, then it must be filled.
  • DPT – 3: The loan outstanding as of 31st March of the previous financial year must be filed.

GST COMPLIANCE

 

  • GSTR – 1: To be filled within the 11th of every month. Companies should file sales details invoice–wise. The penalty for this is 20/50 Rs per day for each monthly return.
  • GSTR – 3B: To be filed by the 20th of every month. Companies should file sales and purchase summaries otherwise the penalty fees will be 20/50 Rs per day for each month.
  • GSTR – 9: To be filed by 30th September of the next financial year. Companies should file an annual summary of sales and purchase invoices otherwise the penalty for this is 200 Rs per day.
  • GSTR – 9C:  To be filed by 30th September of the next financial year. Specified companies should file audits by CA of sale and purchase details filed in GST returns otherwise the penalty is 200 Rs per day.
  • GSTR – 2A: To be filed by 30th September of the next financial year. Specified companies should file GST input credit which is available only when your vendor has filed your purchase invoice in his/ her GST return. The penalty is charged when ITC is unavailable or if the purchase invoice is not showing online.
  • CORRECTION: To be filed by 30th September of the next financial year. Specified companies should file corrections of details if they are filed wrongly by mistake.

 

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