Annual compliance for a private limited company in India involves fulfilling various legal and regulatory requirements outlined in the Companies Act, 2013. Here’s a checklist of annual compliance activities:
1. Annual General Meeting (AGM):
- Conduct an AGM within six months from the end of the financial year.
2. Annual Return (Form MGT-7):
- File the annual return with the Registrar of Companies (ROC) using Form MGT-7 within 60 days of the AGM. This should include details about the company’s shareholders, directors, and the financial summary.
3. Financial Statements (Form AOC-4):
- File the company’s financial statements, including the balance sheet, profit and loss account, and director’s report, with the ROC using Form AOC-4 within 30 days of the AGM.
4. Board Meetings:
- Hold at least four board meetings in a year. Ensure that there is no gap of more than 120 days between two consecutive meetings.
5. Audit Requirements:
- Conduct an annual statutory audit of the company’s financial statements by a qualified auditor.
6. Income Tax Returns:
- File the company’s income tax returns annually. This should be done by the specified due date, generally on or before September 30th of the assessment year.
7. Compliance Certificate (Form MGT-8):
- Obtain a compliance certificate from a practicing company secretary using Form MGT-8. This certifies that the company has complied with all the necessary provisions of the Companies Act.
8. Director’s Report:
- Prepare and include a Director’s Report in the annual financial statements.
9. DIN KYC:
- Directors should ensure that their Director Identification Number (DIN) KYC is updated annually.
10. Maintenance of Statutory Registers:
- Maintain statutory registers such as the register of members, register of charges, etc.
11. ROC Filings:
- File various forms as required for specific events, such as changes in the company’s capital structure, creation/modification of charges, etc.
12. Filing of Other Annual Forms:
- File other forms like Form ADT-1 for appointment of auditors, Form AOC-4 XBRL if applicable, and any other forms as required.
13. ESI and PF Returns:
- Ensure timely filing of Employees’ State Insurance (ESI) and Provident Fund (PF) returns.
14. ITR-V Acknowledgment:
- Ensure the submission of the Income Tax Return-V (ITR-V) acknowledgment to the Centralized Processing Center (CPC) if e-filing of income tax returns.
Penalties for Non-Compliance:
Non-compliance with annual requirements may result in penalties, fines, and legal consequences.
Directors and officers may face disqualification or other punitive actions.
It’s advisable to consult with a qualified company secretary, chartered accountant, or legal professional to ensure accurate compliance with all annual requirements. Rules and regulations may change, so staying informed is crucial for the smooth operation of the private limited company.
