COMPANY COMPLIANCE FILING
| Basic | Advance |
|---|---|
| ✔ Roc Filing | ✔ Roc Filing |
| ✔ Audit Work | |
| ✔ Accounting Work | |
| ✔ Income Tax | |
| ✔ GST Filing | |
| ✔ Professional Consultancy |
Company Compliance Filing in India
Company Compliance Filing in India
Introduction to Company Compliance Filing in India
Navigating the legal landscape is critical for any business, especially in India, where the regulatory requirements are numerous and often complex. Company compliance filing in India ensures that your business adheres to the myriad rules and regulations set forth by various governing bodies, notably the Ministry of Corporate Affairs (MCA) and the Registrar of Companies (ROC).
Overview of Company Compliance Filing in India
Company compliance filing in India involves periodic submissions of business information and financial details to maintain transparency and accountability. This process includes registering your company, adhering to annual and event-based compliance requirements, and ensuring ongoing maintenance of statutory documents.
Essential Licenses and Registrations for Compliance Filing in India
To operate legally and efficiently, businesses must obtain several licenses and registrations:
- Company Registration under the Companies Act 2013
- Goods and Services Tax (GST) Registration
- Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) Registration
- Professional Tax Registration
- Employee Provident Fund (EPF) and Employee State Insurance Corporation (ESIC) Registration
Advantages of Company Compliance Filing in India
- Enhanced Credibility: Regular compliance builds trust among stakeholders and customers, enhancing the company’s reputation.
- Legal Security: Adherence to legal requirements protects the business from penalties and legal complications.
- Operational Efficiency: Systematic compliance fosters better management and operational efficiency.
- Attracts Investment: Compliance ensures transparency, making the company more attractive to potential investors.
Disadvantages of Company Compliance Filing in India
- Time-Consuming: The compliance process can be lengthy and time-consuming, requiring meticulous attention to detail.
- Cost Implications: Hiring professionals to handle compliances can be expensive for small businesses.
- Complexity: The complexity of regulations may require dedicated personnel or consultants to ensure compliance.
Registering a Company Compliance Filing Online in India
With the advent of digital platforms, registering your company for compliance has become more accessible. The MCA provides an online portal for company registration where you can:
- Apply for Digital Signature Certificate (DSC)
- Obtain Director Identification Number (DIN)
- Submit the SPICe+ form for company incorporation
Importance of Registering a Company Compliance Filing in India
Registering for compliance is crucial as it ensures:
- Legal recognition of your business
- Protection of your business name and brand
- Access to loan facilities and grants
- Compliance with tax regulations
Procedure for Company Compliance Filing Registration in India
- Incorporation:
- Obtain DSC and DIN
- Apply for name approval via SPICe+ form
- Submit incorporation documents
- Receive Certificate of Incorporation (COI)
- Post-Incorporation Compliance:
- Obtain PAN and TAN
- Open a bank account
- File Form INC-20A (Commencement of Business)
- Annual Compliance:
- Hold Annual General Meetings (AGMs)
- File annual returns (Form MGT-7)
- File financial statements (Form AOC-4)
Application for Registration of Company Compliance Filing in India
To apply for compliance registration, follow these steps:
- Visit the MCA Portal and create an account.
- Apply for DSC for the directors.
- Obtain DIN for each director.
- Fill out the SPICe+ form for company registration.
- Upload necessary documents including Memorandum of Association (MOA) and Articles of Association (AOA).
- Pay the registration fee and submit the application.
- Receive the Certificate of Incorporation from the ROC.
Compliance and Maintenance of Company Compliance Filing in India
Maintaining compliance involves:
- Regularly updating statutory registers
- Holding mandatory board meetings and AGMs
- Timely submission of financial statements and annual returns
- Adhering to event-based compliance requirements
Key Steps to Remember for Company Compliance Filing Registration in India
- Ensure Accuracy in all documentation to avoid rejections.
- Keep Deadlines in Mind for all filings to avoid penalties.
- Stay Updated with changes in regulations.
- Consult Experts when in doubt to ensure thorough compliance.
Eligibility Criteria for Company Compliance Filing Registration in India
- Minimum Two Directors for a private limited company.
- Director Identification Number (DIN) for all directors.
- Digital Signature Certificate (DSC) for authorized signatories.
- Registered Office Address within India.
Compliance Requirements for Private Limited Companies in India
Introduction
Compliance exploration can be challenging for private limited companies in India. Adhering to the exhaustive requirements of the Companies Act 2013, including director appointments, shareholder meetings, and other regulatory obligations, is critical but can often seem overwhelming.
ROC Compliance for Private Limited Companies
- Annual Compliance:
- INC-20A: Declaration for Commencement of Business.
- Appointment of Auditor and Filing E-form ADT-1.
- Board Meetings.
- Annual General Meeting (AGM).
- Annual ROC Filings:
-
- AOC-4 (Financial Statements)
- MGT-7 (Annual Returns)
- DIR-12 (Changes in Directorship)
- DIR-3 KYC (Director KYC Submission)
- DPT-3 (Return of Deposits)
- Event-Based Compliance:
- Changes in authorized or paid-up capital
- Allocation or transfer of new shares
- Providing loans to other companies or directors
- Appointment or change of auditors
Non-Registrar Compliance
- Payment of Periodic Tax Dues (GST, TDS, TCS, Advance Tax, Professional Tax)
- Filing of Periodic Returns:
- Monthly/Quarterly/Annual GST Returns
- Quarterly TDS Returns
- Filing of Income Tax Returns
- Filing of Tax Audit Report
- Filing of ESIC and PF returns
Penalties for Non-Compliance
Non-compliance with the regulations of the Companies Act can result in penalties for the company and its defaulting members. Penalties typically involve fines imposed as needed and delays in filings may lead to additional charges.
Conclusion
Ensuring compliance with Indian regulatory requirements is crucial for the smooth operation of private limited companies. Partnering with experts like Bharat Filing Point can simplify the compliance process, allowing businesses to focus on growth while staying legally secure.
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Company Annual Filing Pvt vs LLP
| FEATURES | Pvt | LLP |
|---|---|---|
| DOCUMENTS | Appointment of Auditor - ADT 01, INC 20 A form filing, DIR 3 KYC (For 2 directors), Accounting & Bookeeping(Upto 100 transactions), Financial statement preparation, Accounting software (1-year license), AOC 4, MGT 7 & ADT filing, Annual filing(Upto turnover of 20 lakhs), Facilitation of Annual General Meeting, Preparation of Minutes & Filing of AGM Report, GST Returns Filings (12 Months), One Year Income Tax filing(Upto turnover of 20 lakhs), Statutory regulations PF, ESI, TDS*, Payroll, PF & ESI filing (Up to 5 employees). | Form 8 & 11 filing(One year), DIR 3 KYC (For 2 directors), Accounting & Bookeeping(Upto 100 transactions), Financial statement preparation, Accounting software (1-year license), GST Returns Filings (12 Months), One Year Income Tax filing(Upto turnover of 20 lakhs), Statutory regulations PF, ESI, TDS*, Payroll, PF & ESI filing (Up to 5 employees). |
| Time | 7-9 working days | 7-9 working days |
Documents Required for Company Compliance Filing in India
The documents required for company compliance filing in India typically include:
- Receipts and Invoices: Records of purchases, sales, and expenses incurred during the year.
- Statutory Registers: Maintenance of mandatory statutory registers, minutes book, and other secretarial records.
- Financial Statements: Filing Form AOC-4 (Financial Statements) within 180 days from the end of the financial year.
- Annual Return: Filing Form MGT-7 (Annual Return) within 180 days from the end of the financial year.
- Income Tax Return: Submission of the Company’s Income Tax Return by September 30 of each financial year.
- Directors’ KYC: Completion of DIR-3 KYC (Directors KYC) by September 30 of the next financial year.
- Compliance Certificate: Filing a compliance certificate with the ROC for companies with a paid-up capital exceeding INR 10 lakhs.
These documents are crucial for ensuring compliance with legal requirements and regulations under the Companies Act in India. It is essential to gather and submit these documents within the specified timelines to avoid penalties and maintain the company’s legal standing.
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Company Compliance Filing FAQ’s
What are the filings for the company?
Does the arrangement of the legal examiner fall under yearly consistence?
An organization can choose a legal inspector either for five back to back years or till the finish of the following Yearly regular gathering. In this manner, an arrangement of the legal reviewer can’t be considered as a piece of yearly consistence.
What are the compliances of a Confidential Restricted Organization?
An organization is expected to keep up with the compliances once the organization is consolidated. The examiner is to be delegated in 30 days or less. Also, there is personal duty documenting and yearly return recording that will be done consistently.
Is it important to direct AGM?
The yearly regular gathering (AGM) is held for the administration and the investors to associate with one another. The Organizations Act,2013 makes it obligatory to hold gatherings to talk about the yearly outcomes and designate examiners.
Is it compulsory to get a Confidential Restricted Organization inspected?
The legal review as the name proposes is a compulsory review for all organizations. Every one of the substances that are unregistered under the Organizations Go about as the need might arise to get the books of records examined consistently.
How to record the yearly returns of the Organization?
The organizations consolidated under the Organizations Act,1956 are expected to record the accompanying reports with the ROC The accounting report in structure 23AC which is to be documented by every one of the organizations Benefit and misfortune account in structure 23ACA which is to be record by every one of the organizations.
Is review report obligatory for every one of the confidential restricted organizations?
The Confidential Restricted Organizations are expected to record the yearly records and the profits that unveil the subtleties of the investor and the chiefs to the ROC.
When is yearly re-visitation of be documented after the AGM?
After the AGM every one of the confidential restricted organizations are expected to record the yearly return in the span of 60 days of holding the yearly regular gathering.
Company filing refers to submitting various legal forms and documents to the Registrar of Companies (ROC) as required by the Companies Act 2013. Some of the common types of company filings that need to be filed with the MCA are as follows: