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Annual Filings – Private Ltd Companies

Annual Filings – Private Ltd Companies

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    OVERVIEW

    As a private limited company, it is crucial to comply with all statutory obligations to avoid any legal and financial consequences. Annual filings are one of the most significant obligations that private limited companies have to fulfill every year. It involves submitting various forms and documents to the Registrar of Companies (RoC) within the prescribed timelines. At our tax consultancy services, we understand the importance of annual filings and provide comprehensive services to ensure that private limited companies comply with all regulatory requirements.

    Compliances Applicable to Private Companies:

    As a private company, you are required to comply with various statutory and regulatory requirements. Here are the compliances applicable to private companies with their triggering provisions, detailed provisions, statutory timelines, due dates, and required forms:

    1. Declaration of commencement of business: Under Section 10A, every private company is required to file a declaration of commencement of business within 180 days from the incorporation date. The due date for filing is also within 180 days from the incorporation date, and the required form is INC-20A.
    2. Intimation of declaration received under Section 89: Private companies are required to intimate the receipt of declaration under Section 89 within 30 days from the receipt of the declaration by the company. The due date for filing is within 30 days from the receipt of the declaration, and the required form is MGT-6.
    3. Intimation of declaration received under Section 90: Private companies are required to intimate the receipt of declaration under Section 90 within 30 days from the receipt of the declaration by the company. The due date for filing is within 30 days from the receipt of the declaration, and the required form is BEN-2.
    4. Directors’ KYC: Every individual who holds a DIN is required to undergo KYC within 6 months from the end of the financial year. The due date for filing is 30 September, and the required form is DIR-3 KYC.
    5. Appointment of auditor: Private companies are required to notify the Registrar of Companies within 15 days of the appointment of an auditor under Section 139. The due date for filing is within 15 days of the appointment of the auditor, and the required form is ADT-1.
    6. Appointment of First Statutory Auditor: Private companies are required to appoint the first statutory auditor within 30 days from the incorporation date and notify the Registrar of Companies under Section 139(6). The due date for filing is within 30 days from the incorporation date, and the required form is ADT-1.
    7. Notice of resignation by the auditor: Private companies are required to notify the Registrar of Companies within 30 days from the date of the resignation of an auditor under Section 140. The due date for filing is within 30 days from the date of the resignation, and the required form is ADT-3.
    8. Filing of resolutions and agreements: Private companies are required to file the resolutions and agreements to the Registrar of Companies within 30 days of their passing or entering into under Section 117 (except clause g)1. The due date for filing is within 30 days of the passing of the resolution/entering into the agreement, and the required form is MGT-14.
    9. Intimation of Change in the Registered Office: Private companies are required to intimate the change of their registered office within 30 days of the change of address under Section 12. The due date for filing is within 30 days of the change of address, and the required form is INC-22.
    10. Return in respect of outstanding payments to Micro or Small Enterprise: Private companies are required to file a return in respect of outstanding payments to Micro or Small Enterprise within 1 month from the conclusion of each half year under an order dated 22 January 2019 issued under Section 405. The due date for filing is 31 October (For April-Sep) and 30 April (For Oct-Mar), and the required form is E-Form MSME-1.
    11. Rule 5 (8) of IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 requires the filing of a statement of unclaimed and unpaid amounts as specified in section 125 within a period of 60 days after the holding of AGM using IEPF-2 form.
    12. Rule 16 of Companies (Acceptance of Deposits) Rules, 2014 mandates the filing of a return of deposit or particulars of transaction not considered as a deposit or both, on or before 30 June of every year, using DPT-3 form.
    13. Section 137 mandates the filing of annual accounts within 30 days from the date of AGM using Form AOC-4/AOC-4 CFS/AOC-4 XBRL.
    14. Section 92 requires the filing of an annual return within 60 days from the conclusion of the AGM using E-Form MGT-7.
    15. Section 184 mandates the disclosure of interest by directors in the first board meeting of the financial year and whenever there is a change in the disclosures already made using the MBP-1 form.

    FAQs

    In India, businesses must submit a number of documents to the Ministry of Corporate Affairs (MCA). These records include articles of incorporation, yearly reports, financial statements, amendments to the names of the directors or shareholders, alterations to the registered office, director identity numbers, and corporate submissions for approval. To maintain legal compliance and prevent fines, it is crucial for businesses to adhere to the filing requirements.

    Yes, in accordance with the 2013 Companies Act, an Annual General Meeting (AGM) must be held. This meeting is held to choose auditors and discuss the company’s annual performance.

    Companies must first download the necessary forms from the MCA website before submitting any paperwork to the ROC. Afterward, they should complete or finish the forms and affix the required files before submitting them on the MCA portal.

    Annual forms, not monthly ones, are what must be submitted to ROC. Forms relating to their financial information for a financial year must be filed with ROC by businesses and LLPs. According to the Companies Act of 2013, these annual forms must be submitted within the allotted time frame.