Annual Compliance for Private Limited Company
MyCompanywala.com helps to Private Company is a corporate held under private ownership which requires regular filing with the Ministry of Corporate Affairs. For every organization it is obligatory to file an yearly return and audited financial statements including profit and loss statement and balance sheet with MCA for every financial year. The ROC filing is essential without reference to the company's sales whether it is zero or in large numbers. Hence, annual compliances for private limited companies are mandatory for a reputed company.
In order to report the activities performed in each financial year, the due terms for annual filing of a company are based on the occurrence of Annual General Meeting. The Annual General Meeting is usually held within 18 months from the date of incorporation of a company or 9 months from the closure of the financial year whatever is near. .
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Benefits of Annual Compliance for Private Limited Company
Avoid being a Defaulter
Regular filing of Annual compliance for a private limited company avoids heavy penalties and additional fees in case of non fulfillment of filing the required forms.
Invitation to Potential Investors
In order to ensure the creditworthiness of the company the potential are highly interested in scrutinizing the financial worth of the organization. An investor can click here directly request the company or check the regular filing status on MCA portal. Hence, potential investors prefer to invest with a company with regular filing of Annual compliance for Private Limited Company.
Ensures Credibility
Legal compliance is crucial for every organization. Various participants such as investors, ministry tenders and for loan support purposes, the regular filing of annual compliances for a private limited company plays an important criteria to determine the trustworthiness of the company.
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Due dates of Annual Compliance for a Private Limited Company in 2020
Acquisition of Commencement of business certificate
Registration of companies in India after November 2019 should acquire the commencement of business certificate within 180 days of incorporation of business. Non acquisition will lead to heavy penalties on the company as well as to the Board of Directors.
Appointment of Auditor
All registered private companies are required to appoint a certified auditor within 30 days of incorporation of the company. Non appointment of which will lead to a heavy penalty of Rs. 300 per month and the company cannot start its operating activities.
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Filing of MCA Form AOC-4
MCA Form AOC-4 should be filed by all the registered Private limited companies on or before 30th November 2020 for financial year 2019-20. Negligence to file AOC-4 will charge a penalty of Rs.200 per day.
Filing of MCA Form MGT-7
The last date to file MCA Form MGT-7 is on or before 31st December 2020 for financial year 2019-20. Delay of which will attract a penalty of Rs.200 per day of the delay date.
Filing of Income Tax Return
The deadline for filing income tax return (ITR) for financial year 2019-20 has been extended to November 30, 2020 from the normal deadline of 31st July 2020. Non fulfillment will lead to a heavy penalty of Rs.10,000.
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