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Annual Compliance of a Pvt. Ltd. Company

Annual Compliance for Private Company

BusinessAid provides comprehensive annual compliance services tailored specifically for private companies. With a dedicated team of legal professionals well-versed in regulatory requirements, we ensure that your company remains fully compliant with all applicable laws and regulations. Our meticulous approach and attention to detail give you the peace of mind knowing that your compliance needs are in expert hands.

Importance of Annual Compliance for Private Companies

BusinessAid - A private company, as a distinct legal entity, must maintain its active status through regular filings with the Ministry of Corporate Affairs (MCA). It's mandatory for every business to submit annual returns and audited financial reports to the MCA for each fiscal year. RoC filing is obligatory regardless of the turnover, whether it's zero or in crores. Whether conducting business operations or not, annual compliances for private limited companies are mandatory for all certified entities.

The two types are used to report the activities and financial statistics for the relevant fiscal year. The deadline for yearly filing is determined by the date of the yearly General Meeting. Persistent failure to comply may result in the company's name being removed from the RoC register, as well as the disqualification of its directors. In addition, the Ministry of Corporate Affairs (MCA) has taken a proactive approach to addressing such failures. The company's compliances can be classified into two types: mandatory compliances and event-based compliances.

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Advantages of Annual Compliance:

Establishing a Company's Credibility:

Compliance with the law is the primary prerequisite for any company—the date of the company's annual return filing is recorded on the Master Data on the MCA portal. Consistent compliance is a crucial criterion for determining an organization's credibility whether it comes to ministry tenders, financial support, or other comparable goals.
Invite Investors:

When seeking financing for a corporation from investors, the investors require all financial histories and dates before accepting the proposal. Investors can either contact the company directly or access economic reports through the MCA portal. Investors also tend to reward companies that provide regular compliance reports.

Latest: Checklist of Annual Compliance for Private Startups

  1. Payment of periodic dues: GST Liability, TDS & TCS mandatory payment
  2. Non-Registrar compliance of periodic returns – (Monthly, quarterly, annual returns- GST, TDS, etc)
  3. Monthly/Quarterly- GST Returns
  4. Quarterly-TDS Returns
  5. Evaluation of advance tax liability and payment of advance tax periodically
  6. Filing of Income Tax Returns (Tax will be obligatory at a flat rate of 30% plus Education Cess)
  7. Filing of Tax Audit Report
  8. Administrative Assessment of trade under different acts of law (Eg. Environment and Protection Act, Money Laundering Act, Competition Act, Factory Act etc.)
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Documents Required for Annual Filing of Company

  1. Incorporation Certificate
    1. PAN Card
    2. Certificate of Incorporation and
    3. MoA – AoA of Private Company
  2. Audited Financial Statements
  3. An independent auditor must audit Financial Statements
  4. Audit Report & Board Report
  5. independent auditor’s report and Board report must be concerned
  6. DSC of Director
  7. The accurate and active DSC of one of the directors must be provided and presented.

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