Annual compliance for private limited company

What Is Private Limited Company Compliance?

Private Limited Company is most popular to start a startup. Private limited company, one person company, limited company and section 8 company must file MCA annual return and income tax return each year. Apart from basic compliance like GST return, TDS filing, ESI and PF return private limited company must file its Income tax return irrespective of income, profit or loss. In nutshell, annual ROC  and monthly GST, TDS, EPF/ESI compliance are applicable on private limited company.

Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated private limited company following are the few compliances which are necessary to do:

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Commencement of Business

As per the rules, companies registered in India after November 2019 are required to obtain certificate of Commencement of business within 180 days of incorporation of the company. If company fails to obtain the Commencement of business certificate, a penalty of Rs. 50,000 for the company and a penalty of Rs.1000 per day for the Directors for each day of default.

Auditor Appointment

All companies registered in India must appoint an Auditor of the company within 30 days of incorporation otherwise it will lead to a penalty of Rs.300 per month and the company would not be allowed to commence business.

List of monthly and annual compliance for Private Limited Company :
  • Monthly or Quarterly GST Return (If registered under Goods & Services tax).
  • Monthly TDS payment and Quarterly TDS return.
  • Monthly ESI and EPF return.
  • Preparation of Financial Statements as per companies act, 2013.
  • Annual General Meeting of private limited company.
  • Income Tax Return (ITR) filing of Private limited company.
  • Form MGT-7: Annual Return of company.
  • Form AOC-4: Filing Financial Statements and Other Documents of company.
  • Income Tax Return (ITR) filing of Directors.
  •  Audit Report certified by CA.

The following is a summary of private limited compliance in a year:

GSTGoods and Services tax (GST) registration is based on the turnover of business. If partnership firm is registered under GST, it is compulsory to file GST return.
TDSTax deducted at source (TDS) rules is applicable on transaction based. Like: if partnership firm is paying salary to any employee which is more than the basic exemption limit and tax is applicable, TDS is required to deduct from salary and paid to government on monthly basis.
ESI & EPFIn nutshell, every factory/business engaged in the business as per the act and employed 20 or more persons are required to register under the act. Monthly payment of PF contribution and filing of Return is mandatory.
Financial Statement as per companies act,2013Balance Sheet, Profit Loss statement and Cash flow statement are the part of financial statement of the company as per companies act,2013 which is required to prepare annually.
Annual General MeetingAnnual General Meeting (AGM) of a company is compulsory to conduct. AGM of newly registered company should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. So a Company’s annual return would be due on or before 30th September.
Income Tax Return (ITR) of Private limited companyAs per the income tax act, 1961, Income Tax Return (ITR) of private limited company is compulsory to file irrespective of its Income or loss. The ITR form applicable to company is ITR-6.
Form MGT-7(Annual Return of company):Every company is required to file the annual return as per The Companies Act, 2013 within 60 days from the conclusion of the Annual General Meeting.
Form AOC-4(Filing Annual Accounts of company):The financial statements of company must file in MCA Form AOC-4 within 30 days from the conclusion of the Annual General Meeting.
Income Tax Return (ITR) of DirectorsDirectors in the company get salary and sitting fees from the company. They are also required to file their Income tax return annually.
AuditAs per the act, audit of accounts and submission of audit report of a company certified by CA (Chartered Accountant) is mandatory.

Private Limited Company Compliance Package

EXPECTED

Turnover Upto Rs. 10 Lakh

₹ 4,999/- 

(All Inclusive)
  •  12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Private limited company Income Tax Return.
  • Annual Financial statement of a company.
  • Audit Report certified by CA.
  •  Form MGT-7 filing.
  • Form AOC-4 filing.
  •  Income tax return of Directors.
  • Computation of Income.

EXPECTED

Turnover Upto Rs. 50 Lakh

₹ 8,999/-

(All Inclusive)
  •  12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Private limited company Income Tax Return.
  • Annual Financial statement of a company.
  • Audit Report certified by CA.
  •  Form MGT-7 filing.
  • Form AOC-4 filing.
  •  Income tax return of Directors.
  • Computation of Income.

EXPECTED

Turnover Upto Rs. 1 crore

₹ 14,999/-

(All Inclusive)
  •  12 month GST Return.
  • 1 year TDS return.
  • 12 month ESI & PF return.
  • 12 month Book keeping & accounting.
  •  Private limited company Income Tax Return.
  • Annual Financial statement of a company.
  • Audit Report certified by CA.
  •  Form MGT-7 filing.
  • Form AOC-4 filing.
  •  Income tax return of Directors.
  • Computation of Income.
 
 
 

NOTE: Package content and prices can be change without any notification.

Documents Required For Private Limited Company Compliance

  • Monthly Sales and Purchase bill for GST return.
  • Monthly TDS sheet (Draft sheet we will provide) for TDS payment and Return.
  • Monthly Expenses bill for Accounting.
  • Monthly ESI & PF sheet (Draft sheet we will provide) for payment and return. 

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