Private Limited Companies in India face growing legal obligations, especially regarding Annual Compliance Checklist. Non-compliance can lead to severe consequences like penalties, director disqualification, and legal actions. This checklist provides everything you need to ensure your company stays compliant.
Why Is Annual Compliance Necessary?
Adhering to compliance requirements is critical for:
Avoiding legal penalties
Enhancing trust with investors
Securing funding
Ensuring smooth business operations
Key Annual Compliance Steps:
Board Meetings: Minimum of four meetings per year, spaced no more than 120 days apart.
Annual General Meeting (AGM): First AGM within 9 months from the end of the financial year. Subsequent AGMs must be held within 6 months of the previous one.
Financial Statements Filing: Submit Form AOC-4, which includes balance sheets and auditor’s reports, within 30 days after the AGM.
Annual Return Filing (Form MGT-7): Complete within 60 days of the AGM.
Director’s Report Filing: Include financial summary, dividend declarations, and related party transactions.
DIR-3 KYC: Directors must file their KYC by September 30 annually.
Auditor Appointment: Complete within 15 days post-AGM using Form ADT-1.
Maintain Statutory Registers: Keep updated registers for members, directors, share transfers, and more.
Income Tax Filing: File ITR-6 by October 31 every year.
Tax Audit (if applicable): Required for companies with a turnover exceeding ₹1 Crore.
TDS Returns: File quarterly TDS returns in Form 24Q/26Q by specific due dates.
GST Returns: Monthly/quarterly GST filings as per business turnover.
Consequences of Non-Compliance:
Failure to meet these compliance requirements can result in penalties, director disqualification, and potential company closure.
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