DisyTax

 Annual Filing of Company – An Overview

Annual filing is a mandatory compliance requirement for all registered companies under the Companies Act, 2013. It involves submitting essential financial and operational details to the Registrar of Companies (ROC) to maintain transparency and legal standing.

Checklist for Annual Filing

• Preparation of Financial Statements: Balance Sheet and Trading and Profit & Loss Account (Including Notes to Account)
• Filing of AOC-4: Submission of financial statements to the ROC.
• Filing of MGT-7: Annual return filing detailing shareholding and directorship information.
• Filing of ADT-1: Declaration of the appointment or reappointment of auditors.
• Compliance with AGM Requirements: Submission of Minutes and Resolutions passed during the AGM.

Documents Required for Annual Filing

• Audited financial statements (Balance Sheet, P&L Account, Notes to Account).
• Board Report and Auditor’s Report.
• Details of shareholders and directors.
• AGM Minutes and Resolutions.
• Proof of transactions and bank statements.

Compliance for Private Limited Company

Similar to other businesses, the annual compliance of private limited companies should be taken seriously. All the company compliances should be completed on or before the due date. Here are some of the private limited company compliances that you should not miss.

1.Business Commencement Certificate

As a part of the annual compliance for private limited companies, it is mandatory to have a business commencement certificate within 180 daysof company incorporation. This applies to companies registered after November 2019 and having a share capital.
Penalty for not following this annual compliance: If you fail to procure the certificate of commencement, the company will be subjected to a penalty of ₹50000 and the director should pay ₹1000 for each default day.

2.Appointment an Auditor

Within 30 days of incorporation, an auditor must be appointed as per the ROC compliance. The annual filing of a company should include all of this information.

Penalty for not following this annual compliance:

Breaching this private limited company compliance results bearing a fine of ₹300 per month. Subsequently, the company will not be allowed to conduct business until they appoint an auditor.

3.Filing ITR returns

For private limited companies, this annual compliance is crucial. Every year the income tax returns have to be filed on or before the due date.

4. Submitting MCA Form AOC-4

Private limited companies must submit form AOC 4 to the MCA to adhere to the annual compliance. This has to be completed on or before Due Date.

Late fees on form AOC 4

Delay beyond the period provided under Section 137(1) of the Act – Due dates to file AOC 4 (within thirty days of the date of annual general meeting):- Rs.100 Per day

Penalty for not following this annual compliance:

         a. Company:-

INR 10,000 in case of continuing failure + INR 100 for each day of default subject to Max of INR 2 Lakhs

         b.

• • Managing Director/Chief Financial Officer
  • In case of the absence of the Managing Director/Chief Financial Officer-Any other Director who the Board assigns the responsibility.
  • In case of the absence of any such Director-All directors of the company:-

           INR 10,000 + INR 100 for each day of default subject to Max of INR 50,000

5. Filing MCA Form MGT-7

Private limited companies must submit form MGT 7 to the MCA to adhere to the annual compliance. This has to be completed on or before Due Date.

Penalty for not following this annual compliance:

The penalty for not filing an annual return has been remarkably increased in 2018 to Rs. 100 (Rupees Hundred) per day of default. Hence, it should be ensured that the annual return in this form is filed before the due date.

6. Filing for DIN E-KYC.

As per the ROC compliance, every private limited company should have a director. To perform all the tasks without difficulty, a Director Identification Number (DIN) is required. The director of the company should file DIN eKYC within the stipulated period.

7. Hold Annual General Meetings (AGM)

This is crucial for annual compliance for private limited companies. During the annual filing of companies, all information about the AGM should be provided. It is required to hold an AGM within six months of the end of the fiscal year by ROC compliance.

8. Director’s Report

Private company compliance involves providing director reports on time with the ROC and MCA. All the information should be submitted without fail as per Section 134 of Companies Act 2013.

Event-Based Compliances for Private Limited Company

Besides the annual filings, there are various other compliances that need to be compiled with on occurrence of any event in the company.

Here are specific instances of such events:

• • Change in the authorized capital or the paid-up capital of the company.
  • Allotment of new shares or transfer new shares
  • giving loans to other companies
  • giving loans to directors
  • Appointment of managing or whole-time Director and their payment
  • when a bank account is opened or closed, or there is a change in the signatories of a bank account.
  • if there is an appointment or change of the statutory auditors of the company

It is necessary to file different forms with the registrar for all such events within a specific period. In case of missing out on this, additional fees or penalties might be levied. Hence, it is necessary to meet such compliances on time.

 Other Compliances for Business may Applicable

Apart from the above mentioned company compliances the following should also be completed from time to time.

• • GST returns, monthly, quarterly, and annual
  • Periodic TDS Return Filing
  • Calculation of the tax liability in advance
  • Income tax return filing
  • Report of tax audit filed
  • Submitting semi-annual easy returns
  • Submitting PF returns
  • Professional tax return filing
  • Regulation evaluation and reporting by various laws (Eg. Environment and Protection Act, Competition Act, Factory Act, etc.)

HowDisyTax Can Help in Annual compliance:-

1.Accounting

After each financial year, all businesses are required to maintain accounts and prepare financial statements. DisyTax will assist your company with account maintenance and will create your company’s financial statement at the end of the financial year.

2.Services for Secretaries

Each financial year, businesses must hold a minimum of four Board meetings, an Annual general meeting, a director’s report, and an annual report. You will receive assistance from our professional in creating all secretarial reports and board meeting minutes.

3.Filing of MCA Annual Return

The annual general meeting of a company shall be held within six months after the end of the financial year. An MCA annual return must also be submitted by 30 September at the latest. The MCA annual return for your business will be prepared and filed by our compliance manager.

4.Filing Income Tax Returns

Regardless of income, profit, or loss, a company must file an income tax return. As a result, even inactive businesses that have no transactions must file an income tax return each year. All the paperwork will be created by our professional, along with the income tax return for your business.

The ROC compliance calendar for regular and annual filings during the year 2024-25 is provided below: –

*The due dates mentioned are subject to change as and when notified by the concerned department.

Note: Measure taken to provide relief during COVID-19 for FY 2020-21: The Companies (Auditor’s Report) Order, 2020 will be applicable from FY 2020-21 instead of FY 2019-20. Hence, CARO 2020 has to be followed for audits commencing April 2021.

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