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Annual Compliance for Private Company

Mandatory Annual Company Compliances


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Annual Compliance for Private Company

What is  Annual Compliance for Private Company? 

A Private Company is an  separate legal entity enjoying a which requires maintaining its active status through the regular compliances with MCA. For every company, it is compulsory to file an annual return and audited financial statements with MCA for every financial year.

The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore.

Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.

Most of the businesses fail to fulfil all their compliances in their initial years and end up paying penalties up to Rs.1 lakh/year. Sometimes, such companies and their directors are even blacklisted for a period of time .

Non-compliance can attract penalties and may also bring an end to business in extreme cases.

Annual Compliance for Private Company can be effectively completed by DhanTax (Business Consultant) in Delhi NCR,Kolkata, Mumbai, Bengaluru, Chennai & Bikaner,Tripura and other Indian cities.

If you want to take services related with Annual Compliance for Private Company  then you can consult with DhanTax.
DhanTax expert team will support you with Annual Compliance for Private Company.

What is included in Our Annual Company Compliance Package?

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Procedure For Annual Compliance for Private Company

Documents required to comply Annual Compliance for Private Company.

  • MOA/AOA of Company
  • Certificate of Incorporation
  • DSC of Director
  • Self attested copy of PAN and Adhar Card of Director

MANDATORY COMPLIANCES & PENALTY
(Applicable for all companies under companies act, 2013)

Compliance to be done When is this compliance to be done? Penalty for Non-compliance
1. Issue of Share Certificates The company must issue the Share Certificates to its shareholders within 2 months of its Incorporation or new allotment
  • Company: Fine from Rs. 25,000 which may extend to Rs.500,000.
  • Directors: Fine from Rs. 10,000 which may extend to Rs. 100,000.
2. Statutory Registers 7 to 8 Mandatory Registers to be maintained and updated from time to time
  • Penalty: Rs. 50,000 which may extend to Rs. 3,00,000 and
  • Further fine: Rs. 1,000 day for which the default continues.
3. Board Meeting Compliances
  • 1st Board Meeting thirty days of date of incorporation and
  • One Board Meeting to be held in each quarter of the financial year.
  • Minutes of meeting to be prepared,Notice of Meeting should be given
  • Attendance Register of every meeting to be maintained.
  • Company: Fine from Rs. 25,000 and
  • Director in default: liable to a penalty of Rs. 5,000.
  • Non-compliance in Issue of Notice of Meeting, Director shall be liable to a penalty of Rs. 25,000.
4. Annual General Meeting (AGM) Compliance
  • AGM to be held every year
  • Minutes of AGM to be prepared
  • Notice of AGM should be given in advance.
  • Attendance Register of every General meeting to be maintained.

Default in holding AGM:

  • Company and Directors: in default shall be punishable with fine which may extend to Rs. 1,00,000 and
  • Rs. 5,000 for every day of delay

Minutes Book Maintenance:

  • Company: Penalty upto Rs. 25,000
  • Directors in default: shall be liable to a penalty of Rs. 5,000.
5. Annual ROC Filingsw.e.f 01/04/2014

  • Filing Annual Return (MGT-7)
  • Filing Financial Statements (AOC-4)
  • ADT-1 (Auditor Appointment)
  • Every company is required to file its Annual Return(MGT-7) with the ROC within 60 days of AGM.
  • The Financials(AOC-4) also to be filed within 30 days of AGM.
  • The Auditor Appointment (ADT-1) to be filled within 15 days from the AGM.
    • Additional ROC Filing Fees: Upto 12 times of normal filing fees for each Form separately i.e. MGT-7, AOC-4 & ADT-1 (Depending on the Delay time)

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  • Company: Shall be punishable with fine of Rs. 50,000 which shall extend to Rs. 5,00,000 and
  • Director in default: shall be punishable with imprisonment upto 6 Months or with Minimum Fine of Rs. 50,000 which may extend to Rs 5,00,000 or with both.

Frequently Asked Questions

Company is a corporate separate entity and is operated by legal rules and law given under the Companies Act 2013.
ROC is also known as Registrar of Companies under the Ministry of Corporate Affairs looks after the compliances of Companies under its jurisdiction in India.
Every Private Limited Company irrespective of its size has to file returns/forms and documents to comply with the legal requirements given in the Act and is known as ROC compliances.
  • Auditor Appointment.
  • Preparation & Filing of Form ADT – 01 (Auditor Appointment).
  • Preparation of Balance Sheet and  Statement of Profit and Loss Accounts.
  • Preparation of Audit Report.
  • Preparation of Director’s Report, Extract of Annual Returns & Financial Statements.
  • Preparation & Filing of Form AOC 04 (Financials Related Annual Return).
  • Preparation & Filing of Form MGT 07 (Management Related Annual Return).
  • Use of DSC of Auditor in Form AOC – 04.
  • Preparation of 04 Minutes of Board Meeting.
  • Preparation of Minutes of AGM.
  • Income Tax Returns (Company).
  • Income Tax Returns (For 2 Directors) subject to limited transactions.
  • Share Certificate (For All Shareholders).
  • Preparation of 07 Registers.
  • Preparation of MPB-01 (Disclosure of Interest by Directors).
  • Preparation of DIR – 08 (Disclosure of Non-Disqualification by Directors).
  • Preparation for commencement of business.

Every company, after getting its Certificate of Incorporation from the Registrar of Companies, has to comply with certain rules and regulations with Ministry of Corporate Affairs as required by Companies Act, 2013.

The Govt. of India imposes strict penalties and fines for companies which do not comply, so we advise you to start with the compliance as early as possible.

  • We will provide strong follow-up and reminder system to ensure that your filings are done before due date.
  •  365 days Support by DhanTax team
  • 60% cost savings
Board Meeting refers to the meeting of directors of the Company.

A company is not a natural person thus, it in incapable of acting on its own.

Therefore the Company is accustomed to act through its agents. The Board of directors acts as the agents of the company. They are responsible for managing substantially whole of the affairs of the company.

Board of directors has the responsibilities and powers to take major decision of the company. To facilitate the process of decision making it is essential that board of directors meet at regular intervals.

First Board Meeting to be held within 30 days of date of incorporation and every Private Limited Company must hold minimum of 4 Board of Directors meeting in a year.
The general procedure is Issuing Board meeting Notice and Agenda, Board meeting to be held, Maintenance of Attendance register and Minutes of the meeting.

Annual General Meeting is a statutory requirement for Private Limited Company and Limited Company in India.

Every Company whether, public or private, limited by shares or guarantee, with or without share capital or unlimited company is required to hold an AGM every year. Annual General Meeting is an annual meeting conducted by the shareholders and Directors of the Company.

In the Annual General Meeting, the audited accounts of the Company are approved, appointment of auditors and Directors are finalized.

Other items that can be decided in an AGM include compensation of officers, confirmation of proposed dividends and any other issue raised by shareholder.

The first annual general meeting of the company must be held within 18 months from the date of incorporation of Company.Even a Company that has no activity is required to conduct a annual general meeting. Subsequent AGM should be held on the earliest of the following dates:

  • 15 months from the date of last annual general meeting.
  • the last day of the calendar year (December 31st).
  • 6 months from close of the financial year (September 30th).

All company must hold an annual general meeting in every calendar year. However, if the first annual general meeting is held within 18 months from the date of its incorporation, it is not necessary to hold any annual general meeting in the year of incorporation or in the following year.

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Testimonials

Previously, I have used multiple offline & online CAs/ Lawyers. but DhanTax clearly provided me the best service with reasonable price and fast. Annual Company compliance service provided to my company is awesome.

Prince Kumar

ELECTROWAIN TECHNOLOGIES PRIVATE LIMITED- CEO and Managing Director

They picked up and organised us, to the level that astounded me. Today we are experiencing a 24% growth and world wide coverage. We don’t have stress regarding company legal & Taxation compliance. DhanTax is providing us best services.

Vivekananda Kushwaha

GROWSTAIR TECHNOLOGY PRIVATE LIMITED- Company CEO

I will highly recommend DhanTax for newly startups given its quality support & best Services.

Mukul Chaturvedi

Ircon International Limited – Finance Manager

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