Annual Filling is a mandatory for every company incorporated in India. The E-form filing along with the required documents must be filed with MCA.
All companies registered under the Companies Act, 2013 or earlier like private limited company, one person company, limited company, and section 8 company is required to file MCA annual return and income tax return for each year irrespective of the fact whether they are working or not. Section-8 Companies are required to conduct an Annual General Meeting at the end of each financial year and file financials and annual return with the Ministry of Corporate Affair to maintain compliance.
A Section 8 company is a non-profit organisation formed with the objective of promoting commerce, arts, science, sports, education, research, social welfare, and protection of the environment. in a country. Though they are authorized to run a business and earn a profit, the profit can only be utilized for meeting company objectives, and cannot be shared among the members.
A Section 8 company is required to adhere to the compliance levied by Registrar of Companies (ROC) and Income tax authorities. Failure to fulfil their compliance requirements results in paying heavy penalties, and chances are such organizations and their directors’ may even get disqualified for a period of time.
Section 8 Company should follow the annual compliances within the below mentioned time:
|Form No||Compliance||Due Date||Last Date|
|AOC-4||Directors Report||Within 30 days of the Annual General Meeting||29th October|
|MGT-7||Annual Returns||Within 60 days of the Annual General Meeting||28th November|
|Form ITR -6||Income Tax Returns||30th September||30th September|
The basic reason for meeting the compliance of Section 8 Company is to avoid penalties. Also, it ensures the smooth functioning of the company. Below are some of the listed points:
About the Author
Author is Pulkit Goyal, FCA helps in corporate as well as non-corporate entities taxation system. Has vast experience in FEMA/Transfer Pricing and Valuation of Business Assets, helping foreign companies in opening up of Liaison/ Branch Office in India and complying with various tax laws applicable to foreign companies while establishing a business in India. He is also the founder of Goyal Mangal & Co. Chartered Accountants, a Chartered Accountancy firm established in the year 2011 with its head office in Jaipur and can be reached at email@example.com.