An annual return and income tax return must file by a company registered in India as a Private Limited Company. This process is also include holding an Annual General Meeting at the end of each financial year and filing an annual return with the Ministry of Corporate Affair to maintain compliance. A newly incorporated company can hold its annual general meeting within 18 months from the date of incorporation or 9 months from the date of closing of the financial year.
The yearly return which also includes the information pertaining to the balance sheet of the company, compliance certificate, register of members, shares, and debentures, registered office address and management of the company, in India. As we know that the financial year starts on April 1 and ends on March 31st. With September 30th as the due date to file the annual compliances of the company.
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Some compliances that each Private Limited Company needs to fulfill by law
- Board Meetings.
- The Annual General Meetings.
- Filing Annual Forms.
- The Yearly Forms by the Company Directors.
- Statutory Register and Minute’s Book Maintenance.
Benefits of Annual Compliances
These are some benefits of Annual Compliances of a Private Limited Company like;
- Ignores Criminal Charges.
- Building a Positive Reputation.
- Higher Productivity in the Company.
- Trust and Brand Loyalty.
- Competitive Differentiation.
- Private Limited Companies has limited financial liability; liabilities are limited to their stocks only. Hence, it protects the individual asset and income.
Documents Required for Compliance of a Private Limited Company
Here are some documents which are required for compliance of a Private Limited Company:
- Statutory Registers.
- Minutes Book.
- Books of Accounts.
- Financial Statements.
- Directors Attendance of their meetings, conferences and many more. There is a separate register maintain for their attendance and this process is done manually.
In the process of filing Annual Compliance of a P.V.T. Company; after submission of all the required documents, the balance sheet of the company is finalized and legal experts file the Income Tax Return of the company. Notices, resolutions and minutes of the Board meeting or AGM are prepared. After that, the final forms are submitted with the registrar of the company.