As per The Companies Act, 2013 there are some mandatory Company compliances that need to be documented by every Company. These ROC compliances are essential. Any slack will prompt heavy penalties, punishments and other lawful issues relating to the Company. There are mandatory forms that are to be recorded alongside indicated documents and returns.
These Company compliances for the Private Limited Company are classified into two parts which are as follows-
1. Company Compliances that are mandatory: A Private Limited Company must ensure that the mandatory compliances for ROC filing are being fulfilled. These compliances mandated by the statutes acts and can be completed with the help of CA Services and are as follows-
- Appointing the Statutory Auditor-The Board of Directors must appoint the First Auditor of the Company within 30 days of incorporation. The auditor shall hold the office till the conclusion of the first Annual General Meeting. Appointing other subsequent Auditors: The Board of Directors in the First and every subsequent Annual General Meeting must appoint or ratify the auditor. A Form ADT-1 is required to be filed with Registrar of Companies by the company informing the same.
- Audit Compliances: Every Company needs to maintain updated books of accounts that at the year end or at a fixed interval shall be audited by a Chartered Accountant. The statutory auditor will provide the auditor report and the audited financial statements after auditing the accounts at the end of the financial year for filing the same with the ROC.
- Board Meeting: It is mandatory that a minimum of 4 (four) board meetings are held within a period of one year, which implies 1 (one) board meeting every quarter. The quorum of directors being 1/3rd of the two directors, and whichever will be greater shall be present for the meeting. Such board meetings must be logged and signed minutes must be maintained.
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- Annual General Meeting: A meeting for shareholders is required to be held every single year, for the primary tasks such as approval for the financial statements, declaration of their dividends, auditor’s appointment, etc. AGM is to be held in a city where the company’s registered office situates. The Companies are required to hold an Annual General Meeting on or before 30th September of each financial year.
- ROC Filing: Once the audited financial statements are received the Company needs to file the same with the Registrar of Companies. Filing the Financial Statements through Form AOC-4 by the Private Limited Companies within 30 days of holding the Annual General Meeting must file their financial reports and statements and the Annual Return by filing Form MGT-7 within 60 days from the date of the AGM.
2. Other Company compliances that a Private Limited Company must follow are event based compliances-
- Filing of Form INC-22 if there is any change in the registered office of the Company.
- Any change in the authorized, paid-up share capital of the Company.
- Form DIR-3KYC before 30th April of each financial year for the application of KYC of the directors.
- Any change of directors needs to intimated within 30 days of the change.
- Form MGT-14 for filing agreements and resolution within the 30 days of passing of such resolution.
- Form INC-20A is to be filed within 180 days of the incorporation of the Private Limited Company for declaration of commencement or start of the business.
- Form CHG-1 to be filed by the Private Limited Company if there is a change in the secured borrowings within 30 days.
Question. What are the compliances for Pvt Ltd?
Ans. Statutory Audit
Annual Filing: Form AOC-4, MGT-7
For more info visit our site https://www.caonweb.com/roc-annual-filing.php and connect with an expert.
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Question. Is ROC filing mandatory?
Ans. Yes, irrespective of the turnover, operations each and every company needs to comply with ROC annual filing.
Question. Is audit compulsory for Pvt Ltd company?
Question. What is MCA annual filing?
Ans. It consists of filing Form AOC-4 and MGT -7 with the Registrar of Companies.
Question. What documents should be submitted for ROC filing for private limited companies?
Ans. Information and documents are required
- BANK STATEMENT OF ALL BANKS OF COMPANY
- CASH EXPENSES DETAIL WITH BILLS
- FIXED ASSETS PURCHASED BILL
- DEBTORS/ CREDITORS/ SALE/ PURCHASE BILLS
- LOAN GIVEN OR TAKEN DETAILS
- VAT, SERVICE TAX, GST, TDS AND INCOME TAX TAXES PAYABLE AND PAID DETAILS, If Applicable
- VAT, SERVICE TAX, GST, TDS RETURNS FILLED AND CHALLAN COPY
- SALARY PAYMENT DETAIL SHEET
- TDS DEDUCTION CERTIFICATE IF ANY
- ANY OTHER DOCUMENT WHICH IS VALUABLE FOR US FOR FINALIZATION OF ACCOUNTS
Question. What are the ways in which MCA filing can be done?
Ans. MCA filing needs to be done online by filling the requisite forms and uploading the same on the MCA portal.