Annual Compliance of a Private Limited Company
Annual Returns review & Minutes tracking.
Issuing certificates (by CS).
Drafting of Returns & filing financials.
MCA Returns & IT Returns.
Annual compliance is one of the biggest responsibilities for smoother functioning of a Private Limited Company. It is always preferred that these compliances must be followed diligently to avoid any penalties and fines in the future. Thus, one must be aware of the annual compliance of a Private Limited Company to be followed. Apart from the below mentioned annual compliances, one must be on a lookout for any amendments and notifications that may subject the Private Limited Company to any more legal or regulatory annual compliances.
A meeting for shareholders is required to be held every single year, for the primary tasks such as approval for the financial statements, declaration of their dividends, auditor’s appointment etc. AGM is to be held in a city where company’s registered office situates.
it is mandatory that a minimum of 4 (four) board meetings are held within a period of one year, which implies 1 (one) board meeting every quarter. The quorum of directors being 1/3rd or the two directors, and whichever will be greater shall be present for the meeting. Such board meetings must be logged and signed minutes must be maintained.
Apart from annual financials, there are some other forms required to be filed. Such forms required the certification of a practicing CA or CS.
It is mandatory that the company directors should inform about their directorship in the other companies annually.
A Private Limited Company is required to maintain various registers at the company's registered office. The following are the kinds of Statutory Registers to be maintained:
Failure to comply with the keeping of these registers attracts a punishment of Rs, 1 lakh, extending up to Rs. 10 lakh. Any officer in default may be subjected to a punishment of Rs 25 thousand up to 1 lakh.
Apart from the above, there are certain event based compliances
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