Fulfil Private Limited Company Annual Compliances in
3 simple steps, you get
- Filing Balance Sheet, P&L Accounts, Audit Report, and Director's Report
- Submission of AOC-04
- MGT-07
- MPB-01
- DIR-08
- Every monthly, quarterly, and annual compliance requirement will be met
Get in touch with a Compliance expert!
Introduction
Ensuring compliance means following the orders, rules, or requests. In India a Private Limited Company is governed by the Companies Act, 2013. This Act states the rules and regulations for things like appointing directors, their qualifications, remuneration, and retirement, as well as conducting board meetings and shareholder meetings. For a private limited company in India, it’s crucial to meet the compliances outlined in the Companies Act, 2013. Apart from the compliances stated in the Companies Act, 2013, Private Limited Companies also have to fulfil the compliance requirements stated in the Income Tax Act and even the GST Act.
Running a business smoothly can be a challenge for entrepreneurs, especially when you have to fulfil complex corporate laws. This is where Bright Accounts comes in. With our professional assistance we can guide you through the legal requirements, ensuring you meet all the compliances on time and avoid penalties or fines.
Annual Compliances
The following entities are the annual compliances for a Private Limited Company:
Statutory Audit Compliances
The statutory audit compliances are carried out to determine whether an organisation provides accurate details of the financial position by examining the bank balances, bookkeeping records, and financial transactions. A statutory auditor of the company is appointed. The auditors of the company will finalise annual accounts.
Directors Report
The Director has to disclose details of appointment as a director in other companies every year. This can be done by giving a declaration in writing to the company every year.
Board Meeting
- It is mandatory to conduct the first meeting of the Board of Directors of a company within 30 days of incorporation of the company.
- There should be four board meetings held every three months in which a minimum of 2 directors or 1/3rd of the total number of directors, whichever is greater, are required to be present.
- Further, the meeting's discussion needs to be drafted and recorded in the minutes of the meeting and maintained at the company's registered office.
- A notice should be sent seven days in advance informing about the date and the purpose of the meeting.
- The gap between two board meetings should not be more than 120 days.
Income Tax Compliances
The following are Income Tax Compliances for a Private Limited Company:
- Quarterly payment of the advance tax.
- Filing of the Income Tax returns.
- Tax audit (mandatory in case the turnover or gross receipts of a business exceeds ₹ 1 crore in the previous year relevant to the assessment year).
- Filing of the Tax Audit report.
Annual ROC Filings
Private Limited Companies must file the annual accounts and returns disclosing the details of its shareholders, directors, etc., to the Registrar of Companies (ROC). The following forms are to be filed with the ROC:
- Form MGT-7 (Annual returns) must be filed within 60 days of holding the annual general meeting.
- Form AOC-4 (Financial statements) is to be filed by a private limited company within 30 days with the balance sheet and the statement of profit and loss account and Director report.
Annual General Meeting
Annual General Meetings (AGMs) are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc. It is mandatory to hold a general meeting of the shareholders once every year within six months from the end of the financial year. The meeting is held during business hours on a day that is not a public holiday. It shall occur at the Registered Office of the company or the city, village, or town in which the registered office is situated.
Other Event-based Compliances
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 authorised capital or the paid-up capital of the company.
- Allotment of new shares or transfer new shares
- Gving 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 ROC for all such events within a specific period. In case of missing out on this, additional fees or penalties might be levied.
process
Fulfil all Annual Compliances
in 3 Simple Steps
At Bright Accounts, we simplify the entire Annual Returns compliance process for Private Limited Companies. We make your journey smooth, structured and easy.
- Pre-application
- We collect basic information
- Gather required data
- Review
- Review documents
- Review accounts
- Prepare various forms and documentations for submissions
- Filing/Submissions
Sit back and relax while Bright Accounts experts file the necessary returns and forms. Frequent updates and reminders will also be provided by Bright Accounts relating to the due dates and filings carried out by us.
What do you get
when Bright Accounts files your GST Annual Returns
- Appointment of the auditor and submission of form ADT-01 (Auditor Appointment)
- Completing & submitting Form MGT-07 for annual returns (Management related annual return)
- Composing and filing the Minutes of all 4 AGM
- Filing and preparing Income Tax Returns
- Creating stock certificates (for all shareholders)
- The creation and filing of 7 required registers
- For all the directors KYC DIR-3 will be provided
- Preparing and submitting MPB-01 (disclosure of interest by directors)
- Creating and submitting the DIR-08 (disclosure of non-disqualification by directors)
- Every monthly, quarterly, and annual compliance requirement will be met
- Chartered accountants and a company secretary support all required statutory and secretarial compliance
- Complete business advisory/support services provided by qualified chartered accountants and company secretaries with years of experience
testimonials
What our clients say
Why Bright Accounts
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
Bright & Knowledgeable
Bright Accounts delivers high quality financial services by a team of bright and knowledgeable experts.
Always happy to help
Bright Accounts commit to provide dedicated support and assistance to our clients.
Professional & Approachable
We maintain a high level of professionalism while being easily approachable for our clients.
Easy & Quick
We focus on streamlining and simplifying the complex processes for our clients.
Chartered Accounts and Company Secretaries will manage your companies Annual Compliances
Frequently Asked Questions
A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.
The annual general meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act,2013 makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.
The statutory audit as the name suggests is a mandatory audit for all companies. All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.
The companies incorporated under the Companies Act,1956 are required to file the following documents with the ROC The balance sheet in form 23AC which is to be filed by all the companies Profit and loss account in form 23ACA which is to be file by all the companies.
Bought Together
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
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