Compliance in Private Limited Company
As a private limited company, there are several compliance requirements that you need to fulfill. Here are some of the key compliance requirements:
A Company needs to file INC 20A for Commencement of Business within 180 days of Incorporation attaching evidence of transferring Capital amount by directors.
Company needs to appoint an auditor within 30 days of Incorporation for a period of 5 years or until the conclusion of First AGM.
A private Limited Company must hold an Annual General Meeting within 6 months of the end of financial year and within 9 months in case of First AGM.
The board of directors of a private limited company must hold at least four board meetings in a year, with a gap of not more than 120 days between two consecutive meetings.
The company must get its annual accounts audited by a Chartered Accountant and file the audited financial statements with the Registrar of Companies (ROC) within 30 days of the AGM.
The company must file its income tax returns with the Income Tax Department every year on or before the due date
If the company is registered under the Goods and Services Tax (GST) regime, it must file monthly, quarterly, and annual GST returns as per the applicable provisions.
If the company has deducted tax at source (TDS) from payments made to vendors, it must file TDS returns on a quarterly basis
Every director of the company must file their KYC details with the Ministry of Corporate Affairs (MCA) annually
Company must file its Financial Statements and Annual Return within 30 days and 60 days from the AGM respectively.
Event Bases Compliances
A private Limited Company has some other compliances also which are based on some events. Below are some references for which a company needs to file form to ROC:
- Change/Addition/Deletion of Director
- Change of Memorandum of Association
- Change of Name of Company
- Loan given to Directors or other parties
- Loan taken from other parties
- Change of Auditor
- Issue of Share Capital or change in Authorized Capital of Company
- Creation of Charge against assets
Key differences between a private limited company and other types of business compliances
When starting a business, one of the key decisions you need to make is choosing the right business structure. Here are some of the key differences between these structures in respect of Compliances:
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Key Difference
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Pvt Ltd Company
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Proprietorship
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Partnership
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Limited Liability Partnership
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One Person Company
|
|
Statutory Audit
|
Compulsory
|
Not Applicable
|
Not Applicable
|
Compulsory with relaxation
|
Compulsory
|
|
Annual ROC Filling
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Compulsory
|
Not Applicable
|
Not Applicable
|
Compulsory
|
Compulsory
|
|
AGM & Board Meeting
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Compulsory
|
Not Applicable
|
Not Applicable
|
Not Applicable
|
Compulsory with relaxation
|
|
Income Tax Return
|
Compulsory
|
Compulsory
|
Compulsory
|
Compulsory
|
Compulsory
|
|
TDS Return
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Compulsory
|
Compulsory in case of Tax Audit
|
Compulsory in case of Tax Audit
|
Compulsory
|
Compulsory
|
How AMpuesto can help you in Annual Filling
At AMpuesto, we will help you to file your compliances of your Pvt Ltd Company within due dates and with very affordable charges. As far as Annual Fillings of a Pvt Ltd Company is concerned, there are two forms, which needs to file, i.e., AOC 4(Financial Statements) and MGT 7/7A (Annual Return). Due dates for filling these forms are within 30 days and 60 days from the date of AGM respectively.
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