Private Limited Annual Compliance
Focus on growing your business while we handle your company compliance. At Shlok Tax Wala, we ensure you stay updated and meet all legal requirements, allowing you to relax and enjoy peace of mind.
A company is a separate legal entity governed by the Companies Act 2013. Under the Ministry of Corporate Affairs, the Registrar of Companies (ROC) ensures compliance with these regulations. Regardless of size, every Pvt. Ltd. company must file returns and documents to meet ROC compliance requirements. Failure to adhere to these rules can result in substantial penalties for the company and its stakeholders.
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Filing of DIR- 8
According to Section 164(2) of the Companies Act 2013, every director must file with the company a disclosure of non-disqualification in each financial year.
Filing of MBP-1
As per Section 184(1) of the Companies Act 2013, every director must disclose their interests in other entities during the first meeting of the Board of Directors in each financial year using Form MBP-1.
Filing of MGT-7
Under Section 92 of the Companies Act 2013, every company must file its Annual Return (Form MGT-7) within 60 days of its Annual General Meeting, covering the period from 1st April to 31st March.
Filing of AOC-4
As mandated by Section 137 of the Companies Act 2013, every company must file its Balance Sheet, Profit and Loss Account, and Director’s Report using Form AOC-4.
Preparation & Filing of Financial Statements along with Form AOC-4
This includes the preparation and submission of financial documents such as Balance Sheet, Profit & Loss Account (including Consolidated Financial Statements), Director’s Report, Auditor’s Report, Cash Flow Statement, and Notice of AGM along with Form AOC-4.
Preparation of Director Report
In compliance with Section 134 of the Companies Act 2013, the Director’s Report must include all required information for a Small Company.
Circulation of Financial Statement
Under Section 136 of the Companies Act 2013, the company must send approved Financial Statements (including consolidated statements), Cash Flow Statement, Director’s Report, and Auditor’s Report to its members at least 21 clear days before the Annual General Meeting (unless AGM is called on shorter notice).
Scheduling of Annual General Meeting
Notice of the Annual General Meeting must be prepared as per Section 101 of the Companies Act 2013 and Secretarial Standard II.
Scheduling Board Meetings
According to Section 173 of the Companies Act 2013 and Secretarial Standard I, every company must hold a minimum of four Board Meetings each year with a maximum gap of 120 days between two meetings. At least one Board Meeting must be held every quarter.
Filing of ADT-1
Under Section 139 of the Companies Act 2013, the company must appoint an auditor for a five-year term and file Form ADT-1 for this appointment. Subsequently, the shareholders will ratify the auditor’s appointment annually during the AGM without the need to file ADT-1.
Preparation & Filing of Annual Return
According to Section 92 of the Companies Act 2013, the Annual Return of a Private Company (excluding Small Companies) must be signed by a practicing Company Secretary
OUR PROCESS
#1. Provide the required information and documents via email.
#2. Choose your package and pay online using various payment modes.
#3. Upon placing your order, a dedicated professional will be assigned to your task.
#4. Our professional will prepare the company’s books of accounts and financial statements.
#5. Our professional will file ROC and Income Tax Returns.
#6. Receive all the original compliance documents delivered to your doorstep.
Frequently Asked Questions
If a director fails to meet statutory compliance for three consecutive years, they will be disqualified from serving as a director in any other company.
As part of statutory compliance, it is mandatory to prepare and maintain the following: 1) Statutory Registers, 2) Minutes Book, 3) Books of Accounts, 4) Financial Statements, and 5) Register of Directors’ Attendance at Board/Committee Meetings.
One Annual General Meeting (AGM) must be held each calendar year, with no more than 15 months between two AGMs.
For Board Meetings: The first meeting must be held within 30 days of incorporation. A minimum of two meetings are required each year, one in each half of the calendar year, with at least a 90-day gap between the two meetings (this requirement is waived if more than two meetings are held during the year).
Here are the income tax compliances for companies:
- Calculation and Quarterly Payment of Advance Tax
- Filing of Income Tax Returns (Tax payable at a flat rate of 30% plus Education Cess)
- Tax Audit: Mandatory if business sales, turnover, or gross receipts exceed Rs. 1 Crore in the relevant assessment year.
- Filing of Tax Audit Report
In addition to statutory compliances, the following event-based compliances may arise:
- Change in Authorized or Paid-up Share Capital of the Company.
- Allotment or Transfer of shares.
- Appointment or Change of Directors.
- Appointment or Change of Auditors.
- Loans given to other Companies.
- Loans to Directors (if compliant with Section 185).
- Opening or closing of bank accounts or changes in authorized signatories.
- Creation or satisfaction of Charges.
If a company fails to comply with the rules and regulations of the Companies Act, both the company and every officer in default can be fined for the duration of the default. Any delay in filing incurs additional fees, escalating with the duration of non-compliance. It’s worth noting that while some annual filing forms can be revised, subsequent revisions are treated as new filings and are subject to applicable fees.
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