True Auditor provides comprehensive annual compliance services for private limited and LLP companies. Ensuring adherence to ROC regulations, our services encompass essential filings like AOC 4, MGT 7, and DIR 3 KYC, among others. With expertise in appointment of auditors and financial statement preparation, we offer tailored solutions for seamless compliance, safeguarding your business from penalties and legal complications. Trust True Auditor for meticulous handling of your company’s compliance needs.
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Annual Filing Of Company – An Overview
Company compliance is an important aspect that has to be taken into account while running a business. It is mandatory to adhere to all the ROC compliance to avoid penalties. All private limited companies, one-person companies, limited companies, and section 8 companies must maintain annual compliance with respect to the Companies Act of 2013. These company compliances are usually independent of the total turnover or the capital amount involved. The ROC compliance for registered private limited companies is mandatory. Not being able to adhere to the annual compliances for private limited companies may result in serious action on the firm. In reality, it is tough to maintain all the annual compliances for private limited companies. That is why True Auditor is here to help with the annual filings of companies and provide information regarding company compliances.
What Is Compliance In Business?
Compliance is defined as “the action of complying with a command” or “the state of meeting rules or standards.” It is defined in the business world as the process of ensuring that your company and its employees comply with all applicable laws, regulations, standards, and ethical practices.
Internal policies and procedures, as well as federal and state laws, are all covered by corporate compliance. Enforcing business compliance assists your company in preventing and detecting rule violations, which protects your organisation from fines and lawsuits.
The process of company complaince should be ongoing. Many organisations establish a programme to govern their company compliance policies in a consistent and accurate manner over time.
Annual Compliance For Private Limited Company
Similar to other businesses, the annual compliance of private limited companies should be taken seriously. All the company compliances should be filed on or before the due date. Here are some of the private limited company compliances that you should not miss.
Business Commencement Certificate
As a part of the annual compliance for private limited companies, it is mandatory to have a business commencement certificate within 180 days of company incorporation. This applies to companies registered after November 2019 and having a share capital.
Penalty for not following this annual compliance: If you fail to procure the certificate of commencement, the company will be subjected to a penalty of ₹50000 and the director should pay ₹1000 for each default day.
Appointing an Auditor
Within 30 days of incorporation, an auditor must be appointed as per the ROC compliance. The annual filing of a company should include all of this information.
Penalty for not following this annual compliance: Breaching this private limited company compliance results in a fine of ₹300 per month. Subsequently, the company will not be allowed to conduct business until they appoint an auditor.
Filing ITR returns
For private limited companies, this annual compliance is crucial. Every year the income tax returns have to be filed on or before the due date.
Submitting MCA Form AOC-4
Private limited companies must submit form AOC 4 to the MCA to adhere to the annual compliance. This has to be completed on or before 13 November.
Penalty for not following this annual compliance: Failure to file this form will result in a penalty of ₹200 per day of default.
Filing MCA Form MGT-7
Private limited companies must submit form AOC 4 to the MCA to adhere to the annual compliance. This has to be completed on or before 13 November.
Penalty for not following this annual compliance: Failure to file this form will result in a penalty of ₹200 per day of default.
Filing for DIR 3 KYC.
As per the ROC compliance, every private limited company should have a director. To perform all the tasks without difficulty, a Director Identification Number (DIN) is required. The director of the company should file DIR 3 KYC within the speculated period.
Hold Annual General Meetings (AGM)
This is crucial for annual compliance for private limited companies. During the annual filing of companies, all information about the AGM should be provided. It is required to hold an AGM within six months of the end of the fiscal year by ROC compliance.
Directors Report
Private company compliance involves providing director reports on time with the ROC and MCA. All the information should be submitted without fail as per Section 134.
Annual Complaince Services We Offer:-
- Appointment of Auditor – ADT 01
- INC 20 A form filing
- DIR 3 KYC (For 2 directors)
- Financial statement preparation
- AOC 4, MGT 7 & ADT filing
- Annual filing(Upto turnover of 20 lakhs)
- Facilitation of Annual General Meeting
- Preparation of Minutes & Filing of AGM Report
- One Year Income Tax filing(Upto turnover of 20 lakhs)
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