| Company Details | |
| Act | No specified Act |
| Registration Requirement | No |
| Number of members | Only 1 |
| Separate Legal Entity | No |
| Liability Protection | Unlimited |
| Statutory Audit | Not mandatory |
| Ownership Transferability | No |
| Uninterrupted Existence | No |
| Foreign Participation | Not Allowed |
| Tax Rates | Low |
| Statutory Compliances | Less |
Tags: annual, compliances, for, private, limited, company, accounting secretarial
A Private Company is an entity enjoying a separate identity which requires maintaining its active status through the regular filing with MCA. For every company, it is compulsory to file an annual return and audited financial statements with MCA for every financial year. The RoC filing is mandatory irrespective of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for private limited are mandatory for every registered company.
Both the forms are filed to report the activities and financial date for concerned Financial Year. The due dates for annual filing of a company are based on the date of the Annual General Meeting. The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors. Also, it has been observed that MCA has actively taken bold steps for dealing with any such failures.
Compliance of law is the primary requirement for any business. The date of the company’s annual return filing displayed on the Master Data on MCA portal. Government tenders, loan approval or for similar other purposes, the regularity in compliance is a major criterion to measure the credibility of an organization.
While pulling funds for a company from the investors, the investors demand all financial records and date before finalizing the proposal. The investors may either approach the company directly or can also check the financial records from the MCA portal. Investors also tend to favour the companies with regular compliance records.
In case of consecutive default in annual filing, the LLP can be declared as defunct or receive default status. Also, the partners can be declared as defaulters and may also be disqualified from their further appointment in LLP or company. Hence, LLP needs to file the return to maintain active status. Regular filing also saves the LLP from heavy additional fee and penalties.
PAN Card, Certificate of Incorporation and MoA – AoA of Private Company
Financial Statements must be audited by independent auditor
Independent auditor’s report and Board report must be provided
Valid and active DSC of one of the directors must be provided
Within 30 days from the date of AGM
Within 60 days from the date of AGM
Whether the Annual Filing is necessary for all companies?
What is the penalty for non-compliance of annual filing of Private Limited Company?
Whether the audited financial statement is mandatory annual filing for Private Companies?
Is appointment of statutory auditor falls under annual compliance ?
In case of no operations in the company , do directors require to sign directors report ?
Which is the form filed for appointment of Statutory Auditor?
Which form is an attachment to the companies Director Report ?
MGT-9 is an attachment to the company’s director report which is an extract of MGT-7 and addresses the following :
1. Registration and other details like CIN, date of incorporation, companies name and address of a registered office
2. Principle business activity of the company
3. Of holding, subsidiary, and associate companies
4. Shareholding pattern
5. Indebtedness of the company
6. Remuneration of managing directors, directors and/or manager, and key managerial personnel.
7. Penalties/ Punishment/ Compounding of offense.
How should the transfer or transmission of shares of the company be notified to the MCA?
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