Private Limited Company Annual Filing & Compliances – Updated 2019

A company operating as a limited liability must comply with the compliance including the periodic filing of tax and returns, management, and other board meetings, keeping statutory books and bills, etc

Let’s start with some of the basic mandatory compliances which are required immediately after forming your Company.

Appointment of Auditor

The first statutory auditor must be appointed within 30 days of being established at the first management board meeting

Subsequent auditors will be appointed for 5 years at the AGM.

Time Duration: The ADT-1 form is submitted for a 5-year period.

First Board Meeting

After Incorporation of Private Limited Company, the first board meeting must be held within 30 (THIRTY DAYS), Prior to conduction, the first board meeting, of board meeting must be provided to the Directors of the company. The notice issued to directors must mention that it is the first board meeting of the company.

Certificate of Commencement of Busines

A company *incorporated on or after 02.11.2018* and having a share capital shall commence any business only after filing a declaration with the Registrar of Companies that every subscriber to the memorandum has paid the value of the shares agreed to be taken by him on the date of such declaration.

This declaration has to be filed by the company within a period of 180 days of the date of incorporation of the company in Form No. INC-20A.

Penalty Levied on Company

If a company makes any default in complying with the above requirements, the company shall be liable to a penalty of Fifty Thousand Rupees.

Penalty Levied on Directors

If a company makes any default in complying with the above requirements, the director shall be liable to a penalty of one thousand rupees for each day during which such default continues but not exceeding the number of one lakh rupees.

Quarterly Board Meetings

A meeting of the board of directors of a company at which the policy of the Company and major decisions as to its future actions are discussed.

Minimum number of Meetings required: 4 meetings every year (one meeting in every quarter of the year)

Director KYC

As per Ministry of Corporate Affairs, if any person has been allotted “Director Identification Number” and the status of such DIN appears to be Approved then such Director needs to file a form to update DIR-3 KYC details in the system. Disqualified directors are also required to file form DIR-3 KYC.

Due Date – 30th April of the immediately next financial year.

Penalty Rs. 5000/- Per Director

Form INC22A – ACTIVE Company Tagging

The government has come up with the new exacting move by unveiling new e-form INC 22A which is also known as e-Form ACTIVE (Active Company Tagging Identities and Verification).

The due date for filing this Form is 25th April 2019.

Every Company which is incorporated on or before 31 December 2017.

Consequences of Late / Non Filing of Form INC 22A (ACTIVE)

  • The company will have to pay the penalty of 10,000/- if filed the form is filled after 25 April 2019.
  • Company shall be marked as “Active – Non-Compliant” in the MCA Master data and such a company shall not be able to do any transaction.

MSME FORM I & II

Every specified company shall file in MSME Form I details of all outstanding dues to Micro or small enterprises suppliers (whose payment is due or not paid within 46 days) dealing with MSME shall mandatorily file a return with MCA in e-form MSME-1.

One Time Return (MSME FORM I)

Due date to file within 30 days of publication of these rules i.e. 20th February 2019 from the notification date (i.e. 22nd January 2019 + 29 days). The Same been later extended to thirty days from the date of deployment of Form on MCA website vide General Circular No. 01/2019 dated 21.02.2019.

Half Yearly Return & Due Date (MSME FORM II)

  • For half year period ‘October to March’ – 30th April
  • For Half year period ‘April to September’ – 31st October

Form DPT-3 – Return of Deposits

With a spate of corporate irregularities coming to the fore, the Centre has decided to make disclosure norms more stringent. Corporate India is now required to submit details of transactions involving receipt of money or loans taken by them, which are otherwise not considered deposits.

All companies — other than Government companies — have been asked to file a one-time return covering all such outstanding receipts of money or loans from April 1, 2014, to January 22, 2019.

Due Date of the Form DPT-3 – Return of Deposits

Every company shall on or before the 30th day of June, of every year, file a return of deposit with the Registrar and furnish the information contained therein as on the 31st day of March of that year duly audited by the auditor of the company.

Preparation of Financial Statement

Auditor of Company prepare the financial statements which include the following (Audited Copy)

  • Balance sheet,
  • Profit and loss account
  • Income and expenditure account
  • Cash flow statement
  • Statement of changes in equity

Due Date: 30th Sept 2019

Income Tax Filings

Companies must also file income tax return irrespective of income, profit or loss. Hence, even dormant companies with no transactions are required to file an income tax return each year. Private limited companies, limited companies, and one person companies would be required to file Form ITR -6

The due date for filing income tax return – 30th of September.

The penalty for Late Filing Income Tax Return Rs 10,000

Annual General Meeting (AGM)

As per Section 96 of the Companies Act2013: Every Company, other than One Person Company (OPC), must hold a general meeting in each year apart from other meetings as Annual General Meeting (AGM). The AGM must be held within six months from the closing date of the financial year.

Circulation of financial statements and other relevant documents

The company will send the approved financial statements of the Company, the directors’ reports and the auditor’s report to the members at least 21 days before the Ordinary General Meeting.

Director’s report

The Directors’ Report should be submitted covering all information required for a small business in section 134

Statutory registers and accounting books

  1. Statutory registers
  2. Book of minutes
  3. Accounting books / financial statements (section 44aa)
  4. Register of directors’ presence at meetings of the board.

Form ADT-1 – Appointment/Re-Appointment of Auditor 

Form ADT- 1 is used by a company to intimate the registrar of companies about the appointment of an auditor after the completion of its annual general meeting (AGM).

Form ADT-1 must be filed with the registrar of companies within 15 days from the date of appointment of the Auditor. Example, if the company’s AGM was held on 30 September 2019, then Form ADT 1 has to be filed by 15 October 2019.

What are the documents to be filed along with Form ADT-1?

The list of documents to be attached along with Form ADT-1 are:

1.  Company’s Board resolution copy

2.  Written consent from the Auditor  

3.  A certificate from the Auditor that he/she not disqualified to be appointed as an Auditor

Form MGT-7 – Annual Return

MGT-7 is the form which is required file the Annual Return within 60 Days from the date of it’s Annual General Meeting (AGM). The due date for conducting annual general meeting is on or before the 30th September following the end of a financial year.

Due Date for filing the Form

Form MGT-7 is to be filed within 60 days from the date of the Annual General Meeting of the company. The due date for conducting annual general meeting is on or before the 30th September following the end of a financial year. Hence, the due date for filing form MGT-7 is normally the 29th of November.

Consequences of non-filing the form

In case of not in filing MGT-7 till due date, the penalty for default is Rs. 100 per day.

Form AOC-4 – Financial Statements

Every Company registered under the Companies Act, 2013 or Companies Act, 1956 has to prepare Financial Statements and is required to file these statements with MCA in Form AOC-4. Along with AOC-4 form, the documents such as Board’s report, Auditors’ report, Statement of subsidiaries in Form AOC-1, details of CSR policy etc. are filed within 30 days of a company’s annual general meeting for each Financial Year.

Due Date for Filing AOC-4

Form AOC-4 along with all the documents should be filed within thirty days of conducting an Annual General Meeting.

In the case of OPC, the time period shall be taken as 180 days from the closure of the financial year as One Person Company does not have an Annual General Meeting.

Consequences of non-filing the form

In case of not in filing AOC -4 till due date, the penalty for default is Rs. 100 per day.

Penalties

The company is required to submit a balance sheet, profit and loss account, a certified auditor’s report and an annual return in each financial year before the payment deadline at the company’s registrar. Failure to comply with this provision will attract an additional government fee of 100 Rs per day when completing the electronic form, which is charged for each day to the actual date of filing. In addition, incompatible with income tax, will prevent the transfer of company losses.

 

Reason

Penalty Amount

PENALTY FOR THE COMPANY:

A company that does not submit an annual filing Rs 50,000-Rs 500,000.

PENALTIES FOR DIRECTORS:

Responsible for compliance Rs 50,000-500,000

or imprisonment for a period that may last up to 6 months

Due Date of Yearly Compliance For Company closing its Subsequent Financial Year

Form Number Immediate Due Date Frequency of Filing Applicability Documents Required A penalty for Delayed Filing
DIR 3 KYC 30th April 2019 30th April 2019 Every Director having a valid DIN

Form and documents are to be attested by a CA/CS

PAN, Aadhar/Vote ID, Passport.

Latest utility bill with address

Rs. 5000/- per Director
INC 20A 180 Days from Date of Incorporation One time compliance Every Company who incorporated after 02nd Nov 2018

Form and documents are to be attested by a CA/CS

Proof of subscription amount deposit to company bank account. Rs 50,000
 

 

INC 22A

 

 

 

25TH April 2019

 

 

Every Year

Every Company who incorporated on or before 31st Dec 2017

 

Form and documents are to be attested by a CA/CS

Photo of registered office premise internal office and external building showing at least one Director/KMP.

 

Incorporation Certificate

 

 

Rs 10,000
Form DPT-3 20th April 2019(Expected) Annual Every Company which has received any loan from directors or banks or others

A form should be certified by CA/CS

Declaration from Directors regarding the Outstanding loan amount A general penalty which can go up to 12 times of government fees
Form MSME-1 30th April 2019 (Expected) Half Yearly Every company which has a payment outstanding for MSME companies for more than 45 days Declaration with a list of creditors outstanding along with reasons A general penalty which can go up to 12 times of government fees
AGM 30th Sept 2019 Six months from the closing date of the financial year. Every Company Incorporated under Company Act 2013 Notice and Agenda of Board Meeting

Audited Balance Sheet and Income Tax Return.

Rs 100/- Per Day
 

Audit of Books of Accounts

 

 

 

 

30th Sept 2019

 

Within 180 Days of Financial Year

 

The financial statements of a company must be Audited by Auditor

 

 

financial Records such as Financial Data, Bank Statement or any other  financial information

 
ADT 1 Within 30 Days from date of Incorporation 15 days from the conclusion of AGM               

 

Form ADT- 1 is used by a company to intimate the registrar of companies about the appointment/Re-appointment of an auditor after the completion of its annual general meeting (AGM)

 

Consent Letter from CA

Approval letter from Board for Appointment or re-appointment.

Rs 100/- Per Day

 

 

 

 

 

 

 

 

 

MGT 7 30th Nov 2019 60 days from the conclusion of AGM               

 

All companies, whether public or private which are registered in India must file the Form MGT-7 every year. A company files the Form MGT-7 for its annual return.

 

List of shareholders

Incorporation Certificate

Company Pan

 

Rs 100/- Per Day
AOC 4 30TH OCT 2019 30 days from the conclusion of AGM               

 

The financial statements of a company must be filed with the MCA every year.

 

Audited Balance Sheet

Company KYC and PAN

Auditor KYC

 

Rs 100/- Per Day

 

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Summary
Private Limited Company Annual Filing & Compliances - Updated 2019
Article Name
Private Limited Company Annual Filing & Compliances - Updated 2019
Description
Let’s start with some of the basic mandatory compliances which are required immediately after forming your Company.