Many incorporate companies however are not aware of the compliances they should be following up post company incorporation. Due to no professional guidance and other factors, they end up facing huge interest and penalty. There is various compliance which is mandatory for companies such as the appointment of the auditor, holding of the board meeting and AGMs, maintaining books of accounts, the filing of forms with the registrar. Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting.
Regarding Annual filing requirement, the company is required to file the Balance sheet and Statement of Profit and loss attaching audit report within 30 days from AGM (in case of one Person Company 180 days from close of the financial year). Annual return is also filed by the company which contains the details such as the business activities of the company, capital structure, details of directors/shareholders etc. Annual return is to be filed within 60 days of AGM.
Let’s see the dates to comply for the financial year 2017-18:
Say AGM will be on 30th Sep-18
i. 15th Oct-18: ADT-1 for the appointment of auditor
ii. 30th Oct-18: AOC-4 for Filing of the Balance sheet, Profit and Loss and audit Report
iii. 29th Nov-18: MGT-7 for filing the annual return.
If you are wondering about the AGM requirements under company laws, We will give you an understanding for same, As per companies Act, 2013 Company shall hold its first AGM within nine months from the date of closing of the first financial year of the company and subsequent AGM shall be held within a period of six months from the date of closing of financial year.
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This is very important for all those companies newly incorporated who may not be aware of the fact that they need to comply with the roc filing. Even if your company was incorporated just before the financial year end, you shall file the roc for financial year 17-18. For non-compliance will have the effect of huge interest and penalty. It is always better to take the advice of professionals and comply with the annual filing in India or roc filing mandated by company laws. Summary:
Get your annual filing requirement completed for the financial year 2017-18, It is mandatory for all companies irrespective of turnover or the level of operation CAONWEB
Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.