A Private Limited Company is an entity appreciating a different personality that requires keeping up its active status through the regular filing with MCA. For each organization, it is mandatory to file an annual return and audited financial statements with MCA for every financial year. Both the forms are filed to report the activities and financial date for the concerned Financial Year. The due dates for the annual filing of a company are based on the date of the Annual General Meeting.
Annual Compliance Fee for Private Limited Company
For Nil Transactions & No turnover – Rs. 10,000/-
For Transactions (like Expenses) But No turnover – Rs. 13,000/-
For Turnover Upto the Limit of Rs. 10 lacs – Rs. 17,000/-
List of Compliances for Private Limited Company
Below is the full updated statutory compliance checklist for a private limited company in 2020:-
Appointment of Auditor
A statutory Audit is nothing but the same as any other audit. It is required for determining if an organization is giving fair dealing of its monetary condition by providing bank balance, money related exchanges, and so on. For this reason, the appointment of an auditor in each privately-owned company is a compulsory thing. As given under the Companies Act, 2013, an auditor will be appointed by an organization for a term of 5 years. Also, in the event that it is a new business, the auditor has to be appointed within one month of the inauguration of the enterprise. So its a very important for private limited company compliances.
Annual ROC Filing
Each privately-owned business is under an obligation to file details of annual accounts and returns of its shareholders, directors, and so forth to the Registrar of the enterprise. This compliance is to be satisfied once a year in the below-mentioned ways:
a) Annual returns
It is compulsory for each privately owned business to reveal the details of its annual returns within a time of 60 days. Also, the days will be counted from the last annual meeting held. The annual returns will be calculated from April 1 to March 31.
b) Financial Statements
Just like the previously mentioned point, each privately owned business should uncover the details of its balance sheet and financial statement of profit and loss within a duration of 30 days from the last annual meeting held. So above Annual Returns and Financial Statements like Balance Sheet and Profit and loss account finalization is one of Most Important one of the list of compliances for a private limited organization, even through this compliance startups get to know about their financial growth and valuations.
Annual General Meeting
An Annual General Meeting of the investors of a privately owned business is required to be held inside within a duration of 1 year. Yet, it should be held six months before the end of the financial year. The main motto of AGM is to examine certain fundamental points like approval of financial statements, appointments of auditors, salary or remuneration for directors, dividend declaration, etc. The AGM ought should not be held on public holidays. It ought to be held during business hours and at the enlisted office of the organization, regardless of whether it is a city or village.
Board Meetings
Board Meetings are considered as a fundamental condition for privately owned businesses simply like the AGM. The first board meeting of an organization should be held within a time of 30 days from the incorporation of the enterprise. There should be at least four board meetings in a year, and the interval between two board meetings ought not surpass a time of 120 days. However, on account of little organizations, there is an exception. Private Limited Companies are permitted to conduct at least two board meetings rather than four, which implies it is an exemption for the start-ups since all start-ups are considered as little organizations. Two directors should be available at the board meeting, or if there are multiple directors, 1/3rd of the total directors should attend the board meetings. In any case, directors should be given in any event 7 days’ notice before the date of the board meeting. A nitty-gritty conversation of the meeting should be recorded and drafted as a file, and that file should be sustained at the registered office of the company.
Report of Directors
As referenced under segment 134 of the Companies Act, 2013, each director is under a commitment to submit reports containing insights about the directorship in other companies every year. This shall be in writing, and a special formal report should be followed.
Income Tax
In the case of Income Tax, some endorsed ways ought to be grown Firstly, calculation of tax and advance payment of such calculated tax. Besides, filing of Income Tax Returns. Thirdly, the filing of the tax audit.
Maintenance of Records
Every private company is required to maintain proper records and registers of directors, members, shares, etc. And such documentation is to be kept at the registered office of the company.
Other Compliances
Apart from the above-mentioned agreements, there are some events based compliances too, which are as follows-
A) Giving loans to other companies.
B) Providing loans to directors.
C) Change in paid-up capitals of the enterprise.
D) Opening or closing up bank accounts.
E) Appointment or change in the auditor of the enterprise.
Due Dates of Statutory Compliances For Private Limited Company
| Name of Compliance | Due Date of Annual Compliance |
| Board Meetings | The maximum gap between the two board meetings should be 120 days. For Small Companies – 2 board meetings will be sufficient instead of 4 |
| Appointment of Auditor | Every company has to appoint an auditor for a period of 5 years by filing a form ADT-1 within 15 days. |
| Filing of Income Tax Return | Must be filed before November 30, 2020, for the F.Y 2019-2020 |
| Holding an AGM | Companies are required to hold AGM with-in a period of Six months i.e.before October 29, 2020 |
| Filing of Financial Statements | It is to be filed with ROC in Form AOC -4 within 30 days from the date of AGM ie. on before October 29, 2020 |
| Annual ROC Returns | Annual ROC Returns is to be filed with ROC within 60 days of AGM |
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