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 caajay92@gmail.com. The author is the founder of Solution Tax (an platform for filing income tax returns, company incorporation, accounting/bookkeeping, audits related compliance etc.)
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