COMPLIANCE AND FILING
India is emerging as a leader in startups and with this, the laws governing businesses in the country have been changed to become more stringent. The idea behind it is to keep the ill-doers at bay but in turn, it adds up to the clerical work that all corporate entities have to engage in. But all in all, it is a big step in the right direction. The extra work is worth all the benefits, one of which is keeping corruption in check and promoting honesty. All the compliance and filing-related work can be an overhead but we are here to help you out. We offer multiple services for all sorts of businesses and legal entities- Private Limited Companies, One Person Companies, Limited Liability Partnerships, or even Section 8 companies.
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We have one-time packages for specific services as well as annual packages in form of a well-put AMC ( Annual Maintenance Contract) where we take care of all your monthly and annual compliances and filings. All corporate entities have to maintain annual compliance according to Income Tax Act and Companies Act, including others. Legal Compliances can be a hard thing to keep track of, especially when you are focused on growing your business in a fast-paced world where things change overnight. We are here to help so that you can check-off these compliances off your list and fully focus on your business operations. Please contact us for any service and our experts will get on touch with you, explaining all the requirements and processes on the go.
Pvt. Ltd. ROC Compliance AMC:
A Private Company is a corporate held under private ownership which requires regular filing with the Ministry of Corporate Affairs. For every organization it is obligatory to file an yearly return and audited financial statements including profit and loss statement and balance sheet with MCA for every financial year. The ROC filing is essential without reference to the company's sales whether it is zero or in large numbers. Hence, annual compliances for private limited companies are mandatory for a reputed company.
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The compliance requirement for Private Limited Company has changed drastically over the years. The table here shows the summary of the private limited company compliance due dates in 2021.
OPC ROC Compliance AMC:
One Person Company is needed to maintain annual compliance according to Income Tax Act and Companies Act. The filing of yearly return and income tax returns is mandatory for one person company. It is simple and cost effective in terms of compliance to enlist as an OPC when contrasted with public or private.
As each OPC needs to indicate ROC with respect to the assets, liabilities, income and expenditure of the business every year, it becomes mandatory for OPC to do the compliances. In the event that the business neglects to do so, heavy penalties and fees are imposed for non fulfillment of annual compliances for OPC. In India, OPC can be enlisted uniquely as a Private Limited Company. Hence all the lawful arrangements which are relevant on Private Limited Company are likewise appropriate on OPC. Therefore, annual compliance for One Person Company is obligatory.
LLP ROC Compliance AMC:
LLP is required to file the ‘Annual Return’ within 60 days of ending of the financial year and ‘Statement of Accounts & Solvency' shall be filed within 30 days from the end of 6 months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
1. LLP Form 8 (Statement of Account & Solvency)
2. LLP Form 11 (Annual Return)
Section-8 ROC Compliance AMC:
A Section 8 company is required to adhere to the compliance levied by Registrar of Companies (ROC) and Income tax authorities. Failure to fulfil their compliance requirements results in paying heavy penalties, and chances are such organizations and their directors’ may even get disqualified for a period of time.
Appointment of An Auditor: Under section 139 of the Companies Act 2013, it is mandatory for companies to appoint an auditor. The book of accounts and annual returns of the company shall be audited by the statutory auditor who will be appointed for a period of 5 years.
Maintenance of Statutory Registers: The company is required to maintain a statutory register consisting of members, loans obtained, charges created, its directors, etc. as enumerated under section 8 of the companies act 2013.
Convening Meeting: Annual general body meeting is to be conducted once a year within 6 months of the end of financial year and other board meetings have to be conducted.
Boards’ Report: The Board of Directors of the company shall file their boards’ report in an appropriate manner, consisting of all the financial statements and other annexure. The board report is required to be filed in Form AOC-4.
Preparation of Financial Statement of The Company: The company will get the balance sheet, profit and loss A/C, cash flow statement and other financial statements Audited by the statutory auditor which is to be filed with ROC.
ROC Return Filing for LLP:
LLP is required to file the ‘Annual Return’ within 60 days of ending of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.
1. LLP Form 8 (Statement of Account & Solvency)
2. LLP Form 11 (Annual Return)
ROC Return Filing for Pvt. Ltd:
A Private Company is a corporate held under private ownership which requires regular filing with the Ministry of Corporate Affairs. For every organization it is obligatory to file an yearly return and audited financial statements including profit and loss statement and balance sheet with MCA for every financial year. The ROC filing is essential without reference to the company's sales whether it is zero or in large numbers. Hence, annual compliances for private limited companies are mandatory for a reputed company.
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ROC Form MGT 7: which contains details of shareholding structure, change in directorship and details of the transfer of shares during the year if any. Due date for ROC Form MGT 7 would be 28th November that is 60 days from the conclusion of AGM.
ROC Form AOC4: which contains details and annexure relating to Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The due date for ROC Form AOC 4 would be 29th October i.e. 30 days from the conclusion of the AGM.
ROC Form ADT 1: which is filed for auditor appointment. The due date for ROC Form ADT 1 would be 14th October i.e within 15 days from the conclusion of AGM.​
ROC Return Filing for OPC:
In countries like India where entrepreneurship is highly encouraged, One Person Company is one of the most leading forms of business for entrepreneurs whose business lies in an early stage with an intention to grow in future. A One Person Company comprises one shareholder as its member which indicates that it is managed and controlled by only a single person. Moreover, One Person Company is entitled to various privileges that other forms of business do not hold.
As to adhere with the rules and regulations, One Person Company is needed to maintain annual compliance according to Income Tax Act and Companies Act. The filing of yearly return and income tax returns is mandatory for one person company. It is simple and cost effective in terms of compliance to enlist as an OPC when contrasted with public or private.
DIR 3 DIN KYC Filing:
As part of updating its registry, MCA is conducting KYC of all Directors of all companies through the e-form DIR-3 KYC. Accordingly, every Director or Partner who has been allotted DIN on or before 31/03/2019 and whose DIN is in ‘Approved’ status, is mandatorily required to file form DIR-3 KYC on or before 30th April, 2019.
