Private Limited Company Annual Filing & Compliance

 Every entity registered in India, be it a private limited company, limited company, one-person company, or section 8 company, is mandated to maintain meticulous records, including proper books of accounts, registers, and meeting minutes. Annually, at the conclusion of the financial year, all such entities must submit their annual returns to both the Registrar of Companies (ROC) and the Income Tax Department.

At MYDBIZ, we specialize in providing comprehensive compliance management services tailored to the needs of small and medium-sized businesses. Our suite of compliance services encompasses the preparation of financial statements, secretarial assistance, income tax return filing, and MCA annual return filing. Additionally, we offer GST return filing, TDS return filing, advance tax computation, and payroll processing, all at an affordable rate.

For Private Limited Companies, compliance requirements include:

Commencement of Business: Any company established in India post-November 2019 with a share capital must obtain a commencement of business certificate before initiating any business activities or borrowing powers, or within 180 days of incorporation, whichever occurs earlier. Failure to obtain this certificate on time incurs a penalty of INR 50,000 for the company and INR 1,000 per day for each defaulting director.

Auditor Appointment: Within 30 days of incorporation, all Indian-registered companies must appoint a statutory auditor. Failure to do so attracts a penalty of INR 300 per month, and the company may not commence business activities until an auditor is appointed.

Income Tax Return: All Indian-registered companies are obligated to file their Income Tax Returns (ITR) by September 30th of each calendar year. Failure to meet this deadline results in penalties.

MCA Forms AOC-4 & MGT-7: Private limited companies in India must submit MCA Forms AOC-4 and MGT-7 by November 30th and December 31st of each calendar year, respectively. Non-compliance with these deadlines leads to penalties.

NOTE: Statutory Auditor’s professional fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. We are not responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company.

MyDBiz is the market leader in Company registrations and compliance services in India. Before we get started with the engagement, all the required information and documents are collected. An engagement manager would be assigned who will be the point of contact till the engagement is completed. The average time required to complete a private limited company annual compliances is 12-15 working days depending on the government processing time and client document submission.

For more information, feel free to contact us at info@mydbiz.com or call us at +91 9632 993 993.