ROC Compliances of Private Limited Company

Private Limited Company is one of the structured forms of businesses. It includes managing some essential and mandatory compliance with the regulatory requirements of the Companies Act of 2013, and other applicable laws, to remain legally perfect and secure.

Company Rubber stamp and Letterhead are two advisable things that should be acquired immediately after incorporation.

Board Meeting

First Meeting of Board of Directors is required to be held within 30 days of the Incorporation of Company in which appointment of Auditor is mandatory as per the norms laid down by Companies Act 2013. Notice of Board Meeting must be sent to every director at least 7 clear days before the meeting. Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings.

First Auditor

First Auditor of the company shall be appointed by the Board of Directors within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM.

Annual General Meeting

A Company is required to hold an Annual General Meeting on or before 30th September every year keeping the working hours and days under notice.

Commencement of Business

Companies registered in India after November 2018 and having a share capital are required to obtain commencement of business certificate before commencing any business or exercising any borrowing powers. The commencement of business certificate must be obtained within 180 days of incorporation of the company.

Filing of Annual Return (Form MGT-7)

A Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.

Filing of Financial Statements (Form AOC-4)

Every Private Limited Company is required to file its Balance Sheet along with a statement of Profit and Loss Account and Director Report in this form within 30 days of holding of AGM.

Statutory Audit of Accounts

Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements to file it with the Registrar.

ESI Returns must be filed by all partnership firms having ESI registration. ESI registration is required once the partnership firm employs over 10 employees.

Goods and Service Tax (GST)

Is GST applicable to your business?

Once you are registered under the regime of GST, following additional compliances related to GST will be applicable i.e.

  1. In case a company’s/LLP’s annual turnover is above 1.5 crores then GSTR-1/Sahaj (Detailed Sales Return) must be filed in monthly interval, companies/LLP’s having an annual turnover of less than 1.5 crores in that GSTR-1 will be filled in quarterly interval.
  2. In any case i.e. irrespective of turnover, GSTR -3B (Summary Return) needs to be filed in monthly interval.
  3. An annual GST return must(recommended) be filed by every business registered under GST, however the threshold turnover limit for the same is 5 Crores per annum.
  4. Apart from these other basic compliances such as E-way Bill, HSN code applicability and others to apply as per the eligibility of the business.

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