Private Limited compliance
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Private Limited compliance
A private limited company is register under the Indian Companies Act 2013. Every registered company is mandatory to file a return under MCA per annum with audited financial statement. The ROC (Registrar Of Companies) filing is mandatory irrespective of the turnover, whether it is zero or crore. Every company is obliged to fulfill the mandatory secretarial compliance filings or ROC compliance.
Compliances for a Private Limited Company
- Meeting of Board of Directors: first meeting of board of directors is required to be within 30 days of incorporation of the company. Notice must be sent to all directors at least 7 days before the meeting. At least 1/3 of the directors are required to be present in this meeting. Minimum 4 board meeting to be held per annum. There should not be more than 120 days gap between two meetings.
- Annual General Meeting (AGM):It is mandatory for every company to call a general assembly every year. Notice must be given 21 days before the annual general meeting. It is necessary to have a gap of 15 months between 2 annual general meetings.
- Appointment of Auditor: Every company must appoint an auditor within 30 days of incorporation who shall hold the office till the conclusion of 1stAnnual General Meeting.
- Filing of Financial Statements: within 30 days of Annual General Meeting, the company has to file its financial statements in the e- form AOC-4. This financial statement should be signed by the Chartered Accountant or Company Secretary or Cost Accountant. In addition, this financial statement should be signed in digitally by anyone director.
Attachments for AOC-4:
- Trading and Profit & Loss Account
- Balance Sheet
- Cash Flow Statement
- Statement of change in equity
- Reports from the board
- Reports from the Auditor
- Corporate Social Responsibility Report
- Statement of subsidiary in form AOC-1
- Other relevant documents
- Annual Return: For filing the annual return, the company has to submit form MGT-7. It is required to file within 2 months of the Annual General Meeting. It is mandatory for a Private Limited Company to file the forms as per the norms and regulations of the Ministry of Corporate Affairs. MGT – 7 is an electronic form which is filed by companies to file annual return of business. This form regarding the information of directors and shareholders of the company.
Attachments for MGT-7:
- List of Shareholders and Debenture holders
- Approval letter for augmentation of AGM
- Copy of MGT-8, if applicable
- Optional attachments, if any
How Can Bizlaw India Help You?
Managing compliances for a Private Limited Company can be challenging, but Bizlaw India is here to simplify the process for you. We provide comprehensive compliance services tailored to meet the needs of Private Limited Companies. Here’s how we help:
- Annual Filings: We handle all annual filings with the Registrar of Companies (RoC), including the filing of annual returns and financial statements.
- Statutory Registers: We maintain and update all necessary statutory registers as per the Companies Act.
- Board Meetings and Minutes: We assist in organizing board meetings, preparing agendas, and recording minutes to ensure compliance with legal requirements.
- Regulatory Compliance: We ensure your company complies with all applicable laws and regulations, including tax filings, GST compliance, and more.
- Secretarial Services: Our expert company secretaries provide ongoing support to meet all secretarial compliance requirements.
Frequently Asked Questions
ITR Form 7 is required to be filed by entities including:
- Trusts.
- Political parties.
- Institutions.
- Associations.
- Any other entities claiming exemptions under sections 139(4A), 139(4B), 139(4C), or 139(4D).
ITR 7 is filed under the following sections:
- Section 139(4A): For persons receiving income derived from property held under trust or other legal obligation wholly for charitable or religious purposes.
- Section 139(4B): For political parties if their total income exceeds the maximum amount not chargeable to income tax.
- Section 139(4C): For entities such as research associations, news agencies, associations or institutions referred to in section 10(23A), etc.
- Section 139(4D): For colleges, universities, and other institutions not required to file a return of income or loss under any other provision of this section.
What is the due date for filing ITR Form 7?
Yes, ITR Form 7 must be filed electronically under digital signature for all persons except where accounts are not audited. For persons whose accounts are not required to be audited, the return can be filed using electronic verification code (EVC).
What documents are required for filing ITR Form 7?
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