List of mandatory compliance applicable on Private Limited Company:
1. Commencement of Business – INC 20A – Sec10 (A): For Companies Incorporated after 2nd Nov 2018, a declaration to be issued by the directors within 180 days of incorporation. This declaration needs to be filed along with proof of subscription money received by the company in form 20A with the Registrar of Companies.
Penalty for non-filing of INC 20A – Sec10 (A): Company shall be liable to a penalty of Rupees 50,000/- and Rupees 1000/- per day (Maximum Rupees 1,00,000) for defaulting directors. Also, the registrar can remove the name of the Company.
2. First Board Meeting – Sec 173(1): First Meeting of Board of Directors is required to be held within 30 days of the Incorporation of Company.
Subsequent Board Meetings – Sec 173(1): Minimum 4 Board Meetings to be held every year with not more than 120 days gap between two meetings.
Notice for Board Meeting – Sec 173(3): Notice of Board Meeting must be send in writing to every director at least 7 days before the meeting.
Penalty for default in sending Notice–Sec 173(4): In case of default in sending notice then there is a penalty of Rupee 25,000 u/s 173(4) of Company Act 2013.
3. Disclosure of interest by Directors (Section 184) – FORM: MBP-1: Every director at:
First meeting in which he participates as director; or
First meeting of Board in every FY; or
Whenever there is a change in disclosures shall disclose in Form MBP‐1 (along with a list of relatives and concerns of relatives in the Company as per RPT definition), his concern or interest in any company, body corporate, firm or other association of individuals (including shareholding interest). Form MBP‐1 shall be kept in the records of the company for up to 8 years.
Penalty for contravention – Sec 184 (4): There is a penalty of up to Rupee 1 lakh or 1-year imprisonment or both.
4. First Auditor Appointment –Sec 139(1): First Auditor of the company shall be appointed by the BOD within 30 days of Incorporation who shall hold the office till the conclusion of 1st AGM. In the case of First Auditor, filing of ADT-1 is not mandatory.
Subsequent Auditor – Sec 139(1)- FORM ADT-1: The BOD shall appoint the auditor in the first AGM of the company who shall hold the office till the conclusion of 6th AGM and shall inform the same to ROC by filing ADT-1. The responsibility to file Form ADT 1 is that of the company and not of the auditor within 15 days from the date of appointment.
5. First Annual General Meeting- Sec 96(1): A newly incorporated Company is required to hold it First AGM within a period of nine months from the date of closing of the first financial year of the Company.
Subsequent Annual General Meeting- Sec 96(1): Every Company is required to hold an Annual General Meeting on or before 30th September every year during business hours (9 am to 6 pm), on a day that is not a public holiday and either at the registered office of the Company or within the city, town or village where the registered office is situated.
Penalty for not holding AGM–Sec 99: Default shall be punishable with fine which may extend to 1,00,000 rupees and in the case of continuing default, with a further fine which may extend to 5,000/- rupees for every day during which such default continues.
6. Notice for AGM – Sec 101(1): A 21 clear days’ notice is required to be given for the same.
Penalty for contravention –Sec 102(5): In case of any default in sending AGM Notice, Person responsible shall be liable to a minimum penalty of Rupee 50,000.
7. Filing of Annual Return – Sec 92(4) (Form MGT-7): Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.
If a company fails to file a copy of the Annual Return within 60 days from the date of AGM, Company can file MGT-7 after 60 days of AGM but after the payment of additional fees of Rs.100/- each per day.
If a company fails to file a copy of the Annual Return within 60 days from the date of AGM, Company and Every Director who is in default shall be liable to a penalty of Rs. 50,000/- and in case of continuing failure, with a further penalty of Rs. 100/- for each day during which such failure continues, subject to a maximum of Rs. 5,00,000/-
8. Filing of Financial Statements-Sec 137 (Form AOC-4): Every Private Limited Company is required to file its Balance Sheet along with the statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.
If a company fails to file a copy of the financial statements within 30 days from the date of AGM, Company can file AOC-4 after 30 days of AGM but after the payment of additional fees of Rs.100/- each per day.
If the Company failed to file financial statements within 30 days, Company and Every Director shall be liable to a penalty of Rs. 1,000/- for every day during which the failure continues but which shall not be more than Rs. 10,00,000/- and The managing director and the Chief Financial Officer of the company, if any, and, in the absence of the managing director and the Chief Financial Officer, any other director who is charged by the Board with the responsibility of complying with the provisions of this section, and, in the absence of any such director, all the directors of the company, shall be liable to a penalty of Rs. 1,00,000/- and in case of continuing failure, with a further penalty of Rs. 1,000/- for each day after the first during which such failure continues, subject to a maximum of Rs.5,00,000/
9. Statutory Audit of Accounts: Every Company shall prepare its Accounts and get the same audited by a Chartered Accountant at the end of the Financial Year compulsorily. The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar.
10. Director KYC –DIR3 KYC: On or before 30th September.
11. Form MSME-I: Every Company having outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details as per the following timeline:
For April to September: On or before 31st October
For October to March: On or before 30th April
12. FORM DPT-3: All the Company having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not by 30th June
13. Filing of Income Tax Return of Company: Every company need to file its tax return to Income tax department on or before 30th
14. Directors Income Tax Return: Every Director also required to file their tax return to the income tax department on or before 31st
15. TDS/TCS deduction & Return filing
16. GST Return Filing
17. Advance Tax Payments
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