Annual Compliance for Private Company

A Private Company is a legal entity enjoying a separate personality which requires controlling its active status through the regular filing with MCA. For every business, it is compulsory to file an annual return and audited financial reports with MCA for every fiscal year. The RoC filing is necessary irrespective of the turnover, whether it is zero or in crore. Whether a single business is undertaken or none, annual compliances for private limited are compulsory for every certified company.

Both the forms are applied to report the activities and financial date for concerned Financial Year. The due terms for annual filing of a company are based on the time of the Annual General Meeting. The perpetual failure may lead to the elimination of the company’s name from RoC’s register, including incompetence of directors. Also, it has been noticed that MCA has actively taken bold measures for dealing with any such failures. The compliances relevant to the company could be segregated into two sections Mandatory Compliances and Event-Based Compliance

Rietway Consultants Private Limited Compliance Package

The Services which are included in our package are as Follows:
✅ Preparation of Financial Statements
✅ Annual Report
✅ Director’s Report
✅Director’s KYC
✅ Income Tax Return of Company
✅ Filing of Form Aoc-4 to ROC
✅ Filing of Form MGt-7 to Roc
✅ Filing of Form INC 20 A for Commencement of Business

Documents Required for Private Limited Compliances

If at any point while obtaining GST registration or after obtaining GST registration, there are changes to be made to the information furnished to the GST Common Portal, an GST registration amendment application can be filed. In case of changes to GST registration application or changes to GST registration information, the GST amendment application form GST REG-14 must be signed by the applicant within 15 days of change in any information. The GST amendment application must be digitally signed by the applicant. (Know more about signing GST documents).

GST Amendment – Changes to Business Name

1. Certificate of Incorporation
2. MOA/ AOA of Company
3. Digital Signatures of Director
4. Bank Statement of Company

Private Limited Company Compliances Procedure

Step -1 Arrange all Required Documents: The first step is to arrange all the documents and send the same over the email / WhatsApp to us. Once all the Documents are Received, we will Start the Further Process.
Step-2: Preparation of Documents: The Next Step is Preparation of Documents to be Submitted at Department.
Step-3: Finalization of Balance Sheet and ITR: The Next Step is Finalization of Balance Sheet and ITR to be submitted.
Step-4: Preparation of Notices and Board Minutes: The Next Step is Preparation of Notices and Board Minutes.
Step-5: Submission of Forms: The Next Step is Filing of Forms i.e ADT-1. AOC-4. MGT-7 to ROC.

Mandatory Compliances to be Followed after Company Incorporation

Some of the mandatory agreements that a private Limited company must ensure:

First Board Meeting
First Meeting of Board, along with Directors, is expected to be held within 30 days of Incorporation of Company. Declaration of BM must be sent to each director at least seven days ere the meeting.

Subsequent Board Meetings
Minimum of 4 Board Meetings to be checked every year with not more than 120 days gap within two meetings.

Filing Of Acknowledgement Of Interest By Directors.
Every director at:
The first meeting in which he engages as director; or
The first meeting of Board in each FY; or
Whenever there is a variety in disclosures shall reveal in Form MBP 1 (along with a list of relatives and attention of relatives in the Company as per RPT definition), his interest or interest in any company, body corporate, organizers/firms or other organization of individuals (including shareholding interest). Form MBP‐1 shall be kept in the documents of the Company.

First Auditor
The BOD shall designate the first Auditor of the Company within 30 days of Incorporation who shall continue the office till the completion of 1st AGM. In the matter of First Auditor, filing of ADT-1 is not necessary.

Subsequent Auditor
The BOD shall delegate the Auditor Auditor in first AGM of Company who shall hold the position till the conclusion of 6th AGM and shall notify the same to ROC by filing ADT-1. The capacity to submit Form ADT 1 is that of the Company and not of the Auditor Auditor within 15 days from the time of appointment.

Annual General Meeting
Every Company is needed to hold an Annual General Meeting on or before 30th September every year during working hours (9 am to 6 pm). On a day that is not a general public holiday and either at the certified office of the Company within the city, town/ village where the certified office is positioned. A 21 bright days' notice is required to be given for the same.

Filing Of Annual Return (Form MGT-7)
Each and every Private Limited Company is expected to file its Annual Return within 60 days of operating of Annual General Meeting. Annual Return will be for the time' 1st April to 31st March'.

Filing Of Financial Statements In (Form AOC-4)
Each and every private Limited Company is expected to file its 'Balance Sheet' along with a statement of 'Profit and Loss Account' and 'Director Report' in this Form in 30 days of holding of 'Annual General Meeting'.

Statutory Audit Of Accounts
Each and every Company should prepare its Accounts and get the exact audited by a Professionals/Chartered Accountant at the end of the Financial Year mandatorily. The Auditor should provide an Audit Report and the Audited Financial Statements to file it with the Registrar.

GST Amendment – Changes to Mobile Number or Email ID

Any changes to the mobile number or email id mentioned on the GST Common Portal can be made by the Authorised Signatory using his/her digital signature after an online verification process. Changes to mobile number or email ID does not require the filing of GST amendment application or verification by an Officer. Changes to email or mobile number in GST common portal is considered routine changes.

FAQ on Private Limited Compliance

Q1. What is e-form ADT-1?
The form ADT-1 is the prescribed e-form through which a company has to file an intimation to the ROC about appointment of the auditor with prescribed fee. The filing of ADT-1 is mandatory if the auditor is appointed by the General Meeting, however in case the appointment is through board of directors meeting the filing of ADT-1 is not necessary.

Q2. What is the time limit for filing the eform ADT-1?
The form ADT-1 has to be filed within 15 Days of the appointment of the auditor.

Q3. What are the Compliances under Companies Act, 2013?
Annual Filing, Disclosure by Directors, Drafting of Annual return, Minutes, notices, various Certifications and updating the Statutory Register.

Q4. Where and when should the Annual General Meeting be conducted?
The AGM has to be conducted at the registered office of the company or at any other place within the city, town or village wherever the registered office is situated. The Meeting should happen during the business hours (9 am-6 pm) on any day that is not a national holiday declared by the Central Government.

Q5. What are the consequences if a company has failed to file the Financial Statements?
Pursuant to Section 134 of the Companies Act 2013 and Rules made thereunder, the company shall be punishable with a fine between Rs. 50,000 and Rs. 25,00,000/- and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 3 years or with fine of mimimum Rs. 50,000 and maximum Rs. 5,00,000/- or with both.