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Annual MCA Compliance

Mandatory Compliance for a Private Limited Company in India

Private Limited Company is the most popular form of starting a business, and there are various compliances which are required to be followed once your company is formed/incorporated.

Managing the day to day operations of your business along with complying the corporate laws can be little challenging for any entrepreneur. Hence, it is essential to take help of a professional and understand such legal requirements to ensure timely fulfillment of compliances, without any levy of interest or penalty.

We have elaborated below some of the common compliances which a private limited company has to mandatory ensure:

Sr No

Compliance Requirement

Description and Timeline

Commencement of Business(Form INC 20A)

Every company incorporated on or after 2nd November 2018, will be entitled to commence its operations only after filing a Declaration within 180 days of its incorporation.
The declaration has to state that the subscribers to the Memorandum of the company has paid the value of shares so agreed by them, and that the Company had filed with the Registrar, a verification of its registered office address as provided in Section 12(2) of the Act.
Such Declaration has to filed in Form INC-20A.

Board Meetings

The First meeting of the Board of Directors of a Private Limited Company shall be conducted within 30 days from the date of Incorporation of company.
Further, minimum Four Board Meetings shall be held in a calendar year (one meeting in every 3 months).
Minimum 2 directors or 1/3rd of the total number of directors, whichever is greater, are required to be present in meeting of the Board of Directors.
The discussions of the meeting need to be drafted and recorded in the form of “Minutes of the Meeting” and maintained at the Registered Office of the Company.
Directors should be intimated about the date and purpose of the meeting by giving a notice at least 7 days in advance from the date of the meeting.

Disclosure of Interest in Directors (Form MBP-1)

Section 184 of the Companies Act, require every director to disclose his concern or interest, whether directly or indirectly, in a contract or arrangement, or proposed contract or arrangement in the first meeting of board of directors of the company held within 30 days from the date of incorporation and thereafter in first board meeting to be held in every financial year.
Any change in the interest of director is to be intimated to the Board of Directors within 30 days of such change.
Such disclosure is to be made in the prescribed form MBP-1.

Appointment of Auditor(Form ADT-1)

Upon incorporation, the first Statutory Auditor must be appointed within a period of one month from the date of incorporation of the Company.
Further in the First Annual General Meeting of the Company, Auditor has to be appointed for a period of 5 (Five) years and Form ADT-1 will have to filed on MCA.

Maintenance of Statutory Registers and Records

All companies are required to maintain statutory registers like register of members, register of directors, register of charges, register of contracts, and other matters pertaining to the management of the company.
The Statutory Register must be regularly updated and kept at the registered office of the company. The said register can also be maintained in the electronic form.

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.

Preparation of Directors’ Report

Directors’ Report will have to be prepared for every particular financial year with a mention of all the information required under Section 134 of the Companies Act.

Holding Annual General Meeting (AGM)

It is mandatory for every Private Limited Company to hold an AGM in every Calendar Year. Companies are required to hold their AGM within a period of six months from the date of closing of the Financial Year, i.e. on or before 30th September.
In case of first financial year of the Company, the Companies are required to hold their AGM within a period of nine months from the date of closing of the Financial Year, i.e. on or before 31st December.
The primary agenda of an AGM includes approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, appointment and remuneration of directors etc.
The Annual General Meeting shall be held during business hours on a day which is not a public holiday and shall take place at the registered office of the company or at some other place within the city, town or village in which the registered office of the company is situated.

Filing of Financial Statements(Form AOC-4)

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

10.

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 or from the date of incorporation to subsequent 31st March (in case of first financial year).

11.

KYC of Directors (Form DIR 3 KYC)

As part of updating the registry, MCA conducts KYC of all Directors of companies annually.
Every Director who has been allotted DIN would be mandatory required to file form DIR-3 KYC before 30th April of the immediately next financial year.
After expiry of the respective due dates, MCA will mark all non-compliant DINs against which DIR-3 KYC form has not been filed as ‘Deactivated due to non-filing of DIR-3 KYC’.

12.

Form furnishing half-yearly return in respect of outstanding payments to Micro or Small Enterprises (MSME Form I)

Every Company, who get supplies of goods or services from Micro and Small Enterprises and whose payments to Micro and Small Enterprises Suppliers exceeds 45 days from the Date of Acceptance or the Date of Deemed Acceptance of the goods or services shall file in MSME Form I details of all outstanding dues to Micro or Small Enterprises Suppliers.
Due Date for filing of half-yearly return to MSME Form I:
Details for the Period Due Date

From April to September 31st October

From October to March 30th April

13.

Other Event Based Filings

Besides Annual Filings, there are various other compliances which need to be done as and when any event takes place in the Company. Instances of such events are:
1. Change in Authorized or Paid up Capital of the Company.
2. Allotment of new shares or transfer of shares
3. Change in name of the Company
4. Change in registered office address of the Company
5. Change in Directors of the Company (Appointment and Cessation)
6. Appointment of Managing or Whole Time Director and payment of remuneration.
7. Change of the Statutory Auditors of the Company.

Non-Compliance

If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues. If there is delay in any filing, then additional fees are required to be paid, which keeps on increasing as the time period of non-compliance increases.

Hence, connect with us and stay complied…!!!!

What Is The Full Form of ROC ?

Registrar of Companies (ROC) is the official office manages direction and administration of a wide range of Companies secured under the Companies Act 1956 and Companies Act 2013 in India. It’s the obligation of the ROC to guarantee that companies are appropriately enrolled, and that, when enlisted, they record accounts and other data accurately. The office of ROC work as a registry of records, identifying with the companies enlisted with them, which are accessible for assessment by individuals from open on installment of the endorsed charge.

What is ROC Filing Compliance ?

As per The Companies Act, there are sure compliances that are to be documented by the Private Limited Company or any Company besides. These ROC compliances significantly incorporate Annual filing. Notwithstanding, annual return draft, revelation by Directors and refreshing the Statutory Register are additionally incorporated into these ROC compliances. ROC compliances are essential. Any slack can prompt punishments and other lawful issues relating to the Company. There are sure forms that are to be recorded alongside indicated documents and returns. Service Of Corporate Affairs enables you to record these forms online moreover.

Annual Compliance Filing ?

Annual compliance filing are required filings done by filing certain forms. They are done annually and are done under the direction of The Companies Act, 2013. They are important and can't be skipped. They are general filings and all the money related records ought to be kept up deliberately with a specific end goal to document precise annual returns. All filings ought to be finished by the given date so as to evade fines. Enormous companies for the most part, delegate examiners to document their annual returns. Legitimate counsel is suggested. Monetary accounting is suggested. The accounting ought to be finished with most extreme exactness. You can learn more about here Annual Compliance for Private Limited Company.

What are ROC Filing Forms ?

The Different types of Roc Annual Filing Forms are as follows :

Form 23AC (Balance Sheet) & Form 23ACA (Profit & Loss Account)
Within 30 days from the date of the Annual General Meeting, A copy of Balance Sheet is to be recorded with ROC. Where an annual general meeting (AGM) isn't held, duplicate of balance sheet/benefit and misfortune account is to be e-documented inside 30 days from the most recent day at the latest which the meeting ought to have been held and an announcement of the reality and of the reasons thereof will must be recorded alongside the balance sheet. Where balance sheet is laid previously however not received at the AGM or the AGM was deferred without embracing the balance sheet, an announcement of the reality and reasons thereof must be documented alongside the balance sheet, and so forth inside 30 long periods of the AGM.
Form 20B OR Form 21A (Annual Returns)
Annual Return form should be recorded with the ROC in an electronic mode inside 60 days from the date of holding the annual general meeting. Where annual general meeting has not been held, the return is required to be documented inside 60 days from the date on which the annual general meeting ought to have been held According to sec 161, the return is to be appropriately marked carefully and the imperative testaments to be joined.If there should be an occurrence of a company whose offers are recorded on a perceived stock trade; the return is to be likewise marked carefully by a secretary in entire time rehearse.
Form 20B OR Form 21A (Annual Returns)
Annual Return form should be recorded with the ROC in an electronic mode inside 60 days from the date of holding the annual general meeting. Where annual general meeting has not been held, the return is required to be documented inside 60 days from the date on which the annual general meeting ought to have been held According to sec 161, the return is to be appropriately marked carefully and the imperative testaments to be joined. If there should be an occurrence of a company whose offers are recorded on a perceived stock trade; the return is to be likewise marked carefully by a secretary in entire time rehearse.
Form 66 (Compliance Certificate)
Certain companies whose paid up share capital for the year in the scope of Rs. 10 lakhs to 50 crores are required to record a Compliance Certificate in Form 66 with the accompanying provisions:
1. The companies having paid up capital of more than Rs. 10lacs, needs to carefully record with the ROC a compliance declaration which is gotten from a Company Secretaries in entire time Practice inside 30 days from the date of annual general meeting, alongside the Annual Report
2. In the event that the Annual General Meeting of the company isn't held for that year, the previously mentioned Compliance Certificate to be carefully documented with the ROC inside 30 days from the most recent day at the latest which that meeting ought to have been held.

What is Annual Return Filing of Company ?

All companies enrolled in India must get ready and document with the Registrar of Companies, an annual return in roc annual filing forms MGT 7, inside 60 days from the date of annual general meeting. The Roc annual return of a company can be documented with the computerized mark of the Director of the Company and the advanced mark of the Chartered Accountant reviewing the company. In the event of annual return filing by a recorded company or a company having paid-up share capital of ten crore rupees or progressively or turnover of fifty crore rupees or more, the annual return must be confirmed by a Company Secretary by and by in Roc Annual Filing Forms No. MGT 8.

What is ROC Filing Due Date ?

30Th October is the ROC Return Filing Due Date for all companies.

ROC Filing Procedure

Now Let's Learn about ROC Filing Procedure

Maintaining Book of Accounts -
It is vital for all companies to keep up Book of Accounts to conform to the law as well as to have control over the business. The Companies Act, 2013 makes it obligatory for all companies to keep up book of accounts in the predetermined format. Further, without book of accounts and viable accounting frameworks, the Directors may not by any means know in the matter of whether the company is acquiring misfortunes or benefits. Filing administrative filings, for example, benefit assessment form, GST Return Filing , TDS return, and so forth., would likewise be troublesome without legitimate book of accounts.
Preparing Financial Statements of the Company -
All companies are required to get ready financial statements of the company in view of the Book of Accounts. Financial statements implies any statement to give information about the financial position, performance and changes in the financial position of an assessee and incorporates balance sheet, benefit and misfortune account and different statements and illustrative notes forming part thereof.
Appointing Auditor for the Company-
Each Company must name its first Auditor inside multi month of the enlistment of the company. Any individual who is a qualified Chartered Accountant practically speaking, or a firm of Chartered Accountants can be delegated as the Auditors of the Company. Remember that the Auditor of the Company must be autonomous and not having predisposition towards the company.The expression of an Auditors arrangement would end at the finish of the Annual General Meeting of the Company, the company may re-designate a similar Auditor or may choose to supplant the Auditor.
Statutory Audit of Private Limited Company Financial Statement-
Audit assumes a vital part in the administration of the Company. According to Companies Act, 2013 each company ought to choose an Auditor to audit the accounts of the company and present their give an account of the accounts. The Auditor after being delegated by the Company would audit the financial statements of the Company and present his/her provide details regarding the accounts of the Company to the individuals. The Auditor is additionally required to state in his report whether the accounts of the Company give a genuine and reasonable perspective of the situation of the Company. On the off chance that the Auditor isn't happy with the information/elucidation gave in the financial statements of the Company, or if the Auditor has any reservation in regard of the account or book of accounts kept up by the Company, at that point he/she can convey the realities to the consideration of the partners by Qualifying the Audit report.
Conducting Annual General Meeting -
An Annual General Meeting is a meeting of the investors of a Company held each year. Companies Act, 2013 orders that all company with the exception of One Person Company hold one Annual General Meeting each year. No company is absolved from this prerequisite. The date of any Annual General Meeting must be inside 15 months from the date of instantly going before Annual General Meeting. Be that as it may, for a recently consolidated company, the primary Annual General Meeting must be held inside year and a half from the date of joining of the Company. At the Annual General Meeting, the audited financial statements of the Company with the Auditor's Report and Directors Report are put before the individuals from the Company. The individuals from the Company on being fulfilled about the financial statements of the Company can receive the Annual Accounts of the company after due thought. The financial statements of a company are viewed as last simply after it is endorsed by the Shareholders of the company in the Meeting.
Annual Filing of Company-
Once, the Annual General Meeting is finished and the audited financial statements are embraced by the Company, it must be documented with the Registrar. The filing of the audited financial statements of the company in the recommended format to the Ministry of Corporate Affairs is called as filing of annual return of a company. The annual return of the company must be documented inside 60 long periods of the date on which the annual general meeting of the company was held.

How to Get Done Annual Filing of Company ?

You can Visit our website and Can Fill Up a Simple registration form On our website And when you are done with Filling up a form , our executive will contact you as soon as possible and will ask for Documents and Information. You need to Send Documents and information via email and your Work will be done.

Who's are responsible to file Company ROC Return ?

It is Duty of Director To make sure that Company ROC Return are filed on time with registrar of companies.

What is Penalty for Late Filing of Company ROC Return ?

The government fees for Roc return Filing is rs 200. The Professional fee for roc return Filing That is Levied by CA, CS and ICWA Firm varies from Firm to Firm.

What are ROC Return Filing Fees and Cost ?

As a Penalty for Late Filing of Company ROC Return, an additional Fee of rs 100 per day will be chargeable for Late filing.

Tax Filing