- CA Pulkit Goyal
- | Company Law - Articles |
- 08 Jun 2020
- 73,014 Views
- 3 comments
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.
Page Contents
What is Section-8 Company?
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.
Annual Compliances of Section-8 Companies
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.
- Appointment of An Auditor:Under section 139 of the Companies Act 2013, it is mandatory for companies to appoint an auditor. The book of accounts and annual returns of the company shall be audited by the statutory auditor who will be appointed for a period of 5 years.
- Maintenance of Statutory Registers:The company is required to maintain a statutory register consisting of members, loans obtained, charges created, its directors, etc. as enumerated under section 8 of the companies act 2013.
- Convening Meeting:Annual general body meeting is to be conducted once a year within 6 months of the end of financial year and other board meetings have to be conducted.
- Boards’ Report:The Board of Directors of the company shall file their boards’ report in an appropriate manner, consisting of all the financial statements and other annexures. The board report is required to be filed in Form AOC-4.
- Preparation of Financial Statement of The Company:The company will get the balance sheet, profit and loss A/C, cash flow statement and other financial statements Audited by the statutory auditor which is to be filed with ROC.
- Tax Returns:The ITR is required to be filed at the end of every assessment year, before 30th September.
- Filing of Financial Statements:The financial statement shall be filed in the appropriate form ( E-FORM AOC-4), within 30 days from the date of annual general meeting,
- Filing Annual Returns:The annual return containing all the information like management details, shareholders’ details will be filed in Form MGT-7 with Registrar of Companies (ROC), within 60 days of the annual general meeting.
Know about the Due dates for filing Section 8 Company Compliances
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 |
What is the benefit of following annual compliance of Section 8 of the Company?
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:
- Better Credibility of the Companies.
- Avoid getting into any legal trouble.
- To build trust amongst the customers.
- To avoid penalties.
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 pulkit@cagmc.com.
Author Bio
My Published Posts
Join Taxguru’s Network for Latest updates on Income Tax, GST, Company Law, Corporate Laws and other related subjects.
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Whatsapp
GROUP LINK
Join us on Telegram
GROUP LINK
Review us on Google
More Under Company Law
3 Comments
Leave a Comment
Latest Posts
- Latest GST Ready Reckoner – 2022
- CBIC notifies Customs Exchange rate for Import & Export wef 03.02.2023
- IRDAI revises Guidelines on issuance of FRN to Cross Border Reinsurers
- Sebi may allow AIFs to carry forward unliquidated investments to new scheme
- SEBI prescribes Manner of achieving minimum public shareholding by listed entities
- Expected Loss (EL) based Rating for ratings of projects/ instruments associated with infrastructure sector
- IBBI suspends license of IP for Repeated non-cooperation & series of non-compliances
- SEBI (Issue and Listing of Non Convertible Securities) (Amendment) Regulations, 2023
- Documents to submit for registration of real estate project under RERA, 2016
- Finance Bill, 2023- Highlights of Income Tax & GST Proposals
- Section 155(14) – Claim of TDS Credit after filing of Income Tax Return
Popular Posts
- Tax Compliance Calendar for February, 2023
- Budget 2023: Key Points For Taxpayers & Which Income Tax Regime is better
- Statutory Tax Compliance Tracker for February, 2023
- Section 80EEA Deduction: Interest on loan taken for certain house property
- ICAI Empanelment to act as Observers at Examination Centres
Featured Posts
- Budget FY 23-24: Standard deduction benefit INR 52,500 or INR 50,000
- Budget 2023: Threshold limits for presumptive taxation schemes increased
- Relax levy of additional fee in filing of 46 forms – ICSI Request MCA
- Extend name reservation & re-submission period – ICSI requests MCA
- Depreciation as per Companies Act, 2013 – Brief Analysis
ITR 6 or ITR 7……Please confirm
It should be ITR 7 and not ITR 6.
Sir,
A humble submission: You mentioned in point ‘Preparation of Financial Statement of The Company:’ that FS are prepared by Statutory auditor. It may pls be corrected as FS are audited by Statutory auditor.