Private Limited Company Compliance

Each private limited company in India has to file the annual return with ROC (Registrar of Companies). The Annual General meeting must be held once a year after 6 months from the end of financial year, but for newly incorporated Companies, the Annual General Meeting should be held within 18 months from the date of incorporation or 9 months from the date of closing of the financial year, whichever is earlier. Financial year 2018-19 starts from 1st of April 2018 and ends on 31st March 2019. Every Private Limited Company must file income tax returns declaring the income earned during this period by July 31, 2019. 

Decision: Is annual compliance mandatory for a private limited company or good to have activity?

It’s mandatory for all private limited companies to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your Company in the Defaulter list of ROC. Next step is to understand the benefits and various implications.

• Avoid financial penalties
• Build trust & brand loyalty
• Better visibility of operations
• Avoid any legal implications
• Avoid being on ROC defaulter list

Private Limited Company Annual compliance consists of below activities:

• Maintain Accounts and Prepare financial statements: - Mandatory at the end of each financial year.
• Annual returns: - Once a year before 30th September. Annual return consists of the information and documents that include:

1. Profit & Loss Account
2. Balance Sheet
3. Shareholding structure of the Company
4. Registered Office Address
5. Maintenance of Registers
6. Compliance Certificate from a CS
7. Company Management
8. Shares and Debentures details
9. Debt details
10. Changes in Directorship
11. Details of transfers of securities/share.
12. shareholding structure of the Company

• Income tax return: Each Year on or before 30th of September
• Annual General Meeting: Mandatory once a year
• Board meetings: 4 in a year, at least one every quarter
• Director reports: Mandatory once a year
• Annual Filing of Forms: Mandatory once a year
• Yearly Forms by Directors: Mandatory once a year

Corpseed Procedure for Private Limited Company Annual Compliance & Filing

Step 1:- Corpseed received your request for Private Limited Company compliance

Step 2:- We will assign a dedicated resource who is professionally skilled in company compliance. The allotted resource will help you to maintain the compliance for your Private Limited Company. You can get in touch with the assigned resource at any point of time for consultation and assistance regarding compliance throughout your journey with Corpseed.

Step 3:- Our resource will help your Private Limited Company to maintain accounts and prepare the financial statement for each year.

Step 4:- Our resource will collect all the required documents/information and will complete all below mentioned compliance activities for your Private Limited Company.

• Maintain Accounts and Prepare financial statements
• Annual returns
• Annual General Meeting
• Board meetings
• Director reports
• Annual Filing of Forms
• Yearly Forms by Directors

Step 5:- Our resource will collect all the required documents/information and file your Private Limited Company income tax return with ROC (Registrar of Companies) along with the mandatory documents after getting final confirmation from your finance team if required.

Step 6:- Our resource will help your Private Limited Company in accounts audit.

Step 7:- Our resource will draft minutes of meetings, notices and will also maintain the statutory register.

Step 8:- Above 7 steps complete your Private Limited Company compliance under Companies Act 2013.