Compliance for Private Limited Company

♥ 1st Year of Incorporation

> First 30 Days

Board Meeting

1st Board Meeting (BM): – Within 30 days of Incorporation

Auditor’s Appointment

Appoint 1st Auditor: Should be appointed within 30 Day of Incorporation in BM

Form MBP 1 (Disclosure of Interest by Director) : 1st BM of Every Financial Year and Declaration in DIR 8. Fresh MBP-1 needs to be filed, whenever there is change in his interest from the earlier given MBP-1.

>First 180 Days

Commencement of business certificate

The commencement of business certificate must be obtained within 180 days of incorporating a Company. FORM INC 20A must be file.

In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default.

  • Subsequent Year’s

After 1st Board Meeting: – Every Year 4 Board Meeting, Gap Between 2 Board Meeting Should More than 120 Days and for Small Company* Gap should not be less than 90 Days.

*Small Company means a company, other than a public company-

(i) paid up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than ten crore rupees, And

(ii) turnover of which as per profit and loss account for the immediately preceding financial year does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than one hundred crore rupees.

Note:1. MCA has announced the exemption of physical Board Meetings of the companies until 30th June 2020 for the matters such as the approval of financial statements, Board report, restructuring, etc.

Annual General Meeting

1st AGM : With in 9 Month From the End of Financial Year

Subsequent AGM : With in 6M From the End of Financial Year, Gap Should not be more than 15 Month

Auditor’s Appointment

Appointment of Subsequent Auditor: Appointed in AGM for 5 Years

Note: NOC/Communication with previous auditor is required.

Form ADT 1: – Within 15 Days from the date of appointment of auditor. Form ADT-1 is filed for a 5-year appointment. After that every year in AGM, Shareholder ratify the Auditor but there is no need to file ADT-1.

Annual Filling

Form AOC 4:- Filling of Financial Statement within 30 days of AGM ( For FY 20-21 last date is 30th November 2021)

Form MGT 7:- Filling of Annual Return within 60 Days of AGM ( For the F Y 20-21 Last date is 31st Dec 2021)

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.

Director Report : Directors’ Report is to be filed covering all the information required under Section 134.

Income Tax Return :– Upto 30th September Every Year i.e. For FY 2020-21 is 30th October 2021

Director KYC :- Upto 30th September Every Year.

DPT 3:- Reporting of Outstanding Loan upto 30th June.

Form CAR 2020 : Form CAR 2020 is advised to be submitted by the authorized signatory of every company/LLP

Registers Required to Maintain

Every Company shall keep and maintain following Registers in the specified format:

‐ Register of Members MGT-1

‐ Register of other Security Holders residing outside India MGT-3

– Register of Transfer and Transmission of Shares SH-6

– Register of Charge CHS-7

‐ Index of the Registers

Resolution

‐ Copy of every resolution (with explanatory statement, if any) or Agreement for the specified matters to be filed with ROC in Form MGT‐14 within 30 days.

  • Event based Compliance
Particulars Form No. Time Limit
Change in Directors or KMP DIR-12 Within 30 Days of such change
Increase in Authorized Share capital SH-7 Within 30 days of passing OR
Increase in Paid up share capital (Issue of security PAS-3 Within fifteen days from the date of the allotment
Change in registered office INC-22 Within fifteen days from the date of such change
Change in secured borrowing (Creation, modification and satisfaction of charge) CHG-1 All types of Charges within 30 days of its creation
Change of name of company INC-24 Within 60 days from the date of applying reservation of name in INC-1
Conversion of company INC-27
Filing of resolution and agreements MGT-14 Within 30 days from date of passing resolution
Removal of Director before Expiry ADT-2 Within 30 days from date of passing SR
Application for KYC of Directors DIR-3 KYC On or before 30th April of immediate next Financial Year (Annual Compliance)
Report for Disqualification of the Director DIR-9 To be filed by company within 30 days of such disqualification

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(The author can be contacted for further clarification at 9654182791 or via mail at [email protected] The author is the founder of Solution Tax (an platform for filing income tax returns, company incorporation, accounting/bookkeeping, audits related compliance etc.)

Disclaimer: The contents of this article are for information purposes only and does not constitute an advice or a legal opinion and are personal views of the author. It is based upon relevant law and/or facts available at that point of time and prepared with due accuracy & reliability. Readers are requested to check and refer relevant provisions of statute, latest judicial pronouncements, circulars, clarifications etc before acting on the basis of the above write up. The possibility of other views on the subject matter cannot be ruled out. By the use of the said information, you agree that Author is not responsible or liable in any manner for the authenticity, accuracy, completeness, errors or any kind of omissions in this piece of information for any action taken thereof. This is not any kind of advertisement or solicitation of work by a professional.

Author Bio

Qualification: CA in Practice
Company: Ajay Satish Kumar and Associates
Location: DELHI, Delhi, India
Member Since: 01 Jun 2020 | Total Posts: 8
I run my own Firm at Roshanara Road Near by kamla Nagar , Delhi. My Contact No 9654182791 and Email Id [email protected] I am in Practice Since 2017. I am also a Founder of Solution Tax View Full Profile

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