Annual Filing Compliances
Private Limited Company Annual Compliances
What are compliances to be maintained by the Private Limited Company?
The compliance requirement for Private Limited Company has changed drastically over the years. Following is the summary of the private limited company compliance due dates in 2021.
| Compliance | Description |
| Commencement of business ( within 180 days) | For companies registered in India after November 2019, having a share capital, it is necessary to obtain a commencement if business certificate before commencing any business or exercising the borrowing powers. The commencement of business certificate must be obtained within 180 days of incorporating a Company. In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default. |
| Auditor Appointment (Within 30 days) | All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won’t be allowed to commence business. Also, there is a penalty of Rs. 300 per month. |
| Income Tax Return | Income tax returns need to be filed on or before 30th September every year. |
| MCA Form AOC-4 | The registered private limited companies must file MCA Form AOC-4 on or before 30th November every year. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay. |
| MCA Form MGT-7 | It is necessary to file MCA form MGT-7 on or before 31st December every year. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. |
| DIN eKYC | All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There’s a penalty of Rs. 5000 in case of failure to file DIN eKYC. |
| Hold Annual General Meeting | For a private limited company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the Financial year. |
| Director’s report | Preparation of the Directors report will be done with all the information required under Section 134. |
LLP Annual Compliances
| Form No. to be Filed | When is this compliance to be done? | Penalty or Consequences for not filing Form 11 and Form 8 |
|
1.ย Form 11 (Annual Return of LLP) |
Within 60 days from the end of Every Financial Year |
ยทย ย ย ย ย ย ย ย
For LLP:ย Per
day penalty of Rs. 100 till
the filing is completed + Rs. 10,000 (i.e. @ Rs. 100 per day for 100 Days) for Form 8 ยทย ย ย ย ย ย ย ย For Designated Partner:ย From Rs. 10,000 to Rs. 100,000 Penalty ยทย ย ย ย ย ย ย ย ROC can issue Notice to LLP and initiate legal proceedings |
|
2.ย Form 8 Filing (Statement of Accounts & Solvency of LLP) |
Within 30 days from the end of 6 months from the closure of Every Financial Year |
OPC Annual Compliances
- Filing of Annual Return : FORM MGT-7 Containing the Statement of Disclosure of Shareholders and Directors, this Form is to be filed with the relevant ROC, within a maximum of Sixty Days counted from the date of Annual General Meeting (AGM).
- Filing the Financial Statements : Containing all monetary and finance related audited accounts of the OPC, this Form is to be filed with the ROC concerned, on or before 30th October every year.
- Filing Income Tax Returns : This Form is to be filed by the OPC on or before 30th September every year. If the annual turnover of the OPC exceeds INR One Crore, then mandatory is tax audit.