Company Annual Compliance

Company Annual Compliance

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Every Company, whether OPC or Pvt Ltd, is under an obligation to file Forms ADT-1, AOC-4, and such other annual compliances every year with the ROC along with Income Tax Return for the previous financial year. These compliance are mandatory in nature and attract heavy penalties upon delay. At FirstFiling, we can help you with Company annual compliance every year!

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    Company Annual Compliance – ROC and ITR Filing

    A Company has to prepare and file the following three returns for the past previous year within its prescribed due dates, under company annual compliance. These are mandatory in nature, team FirstFiling shall be assisting you in preparing and filing necessary returns in a timely manner

    Every company has to intimate the ROC regarding the income, expenditure, and other details of the company annually. You have to do the compliances every year and if you fail to do the compliances then a penalty is imposed for the same.
    Companies need to file Form AOC-4 for the Financial statement and form MGT-7 for the annual returns. You need to file the financial statement of the company within 180 days from 31st March of the financial year and annual return within 60 days from the completion of AGM.

     

    Due Dates

    Due dates for OPC Annual Compliance (One Person Company):

    • ADT-1: 27th September 2021
    • MGT-7: 27th September 2021
    • AOC-4: 27th September 2021

    Due dates for Private Limited Company annual compliance:

    • ADT-1: 30th October 2021
    • MGT-7: 30th November 2021
    • AOC-4: 30th October 2021

    Other Compliances

    1. Board Meeting (Section 173): At least one Board of Director meeting must be held in each half of the calendar year and the gap between the two meetings shall not be less than 90 days.

    2. Statutory Register(Section 88 and other): Company will maintain the following mandatory registers:

    • Director Register
    • Director Shareholding Register
    • Related Party Transaction Register

    3. Director’s Report: Director’s Report shall be prepared and it should mention all the information under Rule 8A of Section 134.

    Procedure for Annual Compliance of Companies

    Documentation
    Finalization of Balance Sheet and Income Tax return
    Preparation of Notice, Board Resolution and Minutes of AGM
    Form ADT-1 filing
    Form AOC-4 filing
    Form MGT-7 filing

    Documents Required for Company Annual Compliance

    • Invoices of Purchases and Sales during the year
    • Invoices of expenses incurred during the year
    • Credit Card Statements if Expenses are incurred by Director on behalf of Company
    • Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
    • A copy of GST returns filed (If Any)
    • Copy of TDS Challans Deposited (If Any)
    • Copy of TDS Returns filed (If Any)

    (All Inclusive)

    Basic
    2,499.00 /

    (All-Inclusive Govt. Fees)

    • Form MGT-7 filing
    • Form AOC-4 filing
    (audit fees not included)
    (taxes not included)

    Silver
    3,199.00 /

    All-Inclusive Govt. Fees)

    Basic Plan +
    • Director KYC (upto 2)
    (audit fees not included)
    (taxes not included)

    Gold
    3,699.00 /

    (All-Inclusive Govt. Fees)

    Silver Plan +
    • Business ITR
    (audit fees not included)
    (taxes not included)

    Frequently Asked Questions

    One Person Company is a new company structure that contains the benefits of sole proprietorship and corporate status. It has only one member, as the Member cum Director and a nominee.

    The minimum capital requirement is ₹1,00,000, but this amount can differ from your investment. When you want to incorporate a company legally, it has to be started with ₹1 lakh as capital.

    No, FDI is not allowed for One Person Company, since if it does then it will lose its very nature of One Person Company.

    You can convert a Person Company into a Private Limited Company when the paid-up capital exceeds ₹50 lacs or its average turnover exceeds ₹2crores for the relevant period.

    Form ADT-1 is filed for appointing or replacing the Statutory Auditor.

    MGT-9 is attached to the company’s director report, which is an extract of MGT -7

    Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.

    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.

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