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ROC Compliances for Private Limited Companies in India

ROC Compliances for Private Limited Companies

Private limited company is the most popular choice of entrepreneurs, who want to establish their business, due to its numerous benefits. But along with benefits here come the responsibilities which include ROC compliances for Private Limited Companies in India. ROC compliance for Pvt Ltd Company is a crucial aspect that requires sticking to the specific obligations. 

Pvt Company Compliances in India help in various ways including to gain the trust of investors and other stakeholders. Maintaining proper ROC compliance for Pvt Company is not just a legal requirement but also shows your commitment of being accountable to the government department & your company. It can be complicated to navigate the annual compliances for Pvt Ltd registration. This is where Legal Pillers provide you the expert assistance for annual compliances of your company.

Benefits of ROC Compliances for Private Limited Companies in India

It is very beneficial for you to maintain the proper annual compliance for Pvt Ltd Company. Here, in this section, we will tell you about the benefits of staying updated with & maintaining the proper compliances after the registration of private limited company. 

  • Tax Benefits

If a private limited company files the Pvt company compliances on time, then companies can take advantage of tax benefits. ROC Compliance for Pvt Company also helps in avoiding penalties.

  • Reduction of Risk

If ROC of Company has been completed properly and on time, then it will reduce the legal risk. Timely filing of all the annual compliances by a Private Limited Registration will lead to the proper governance. 

  • Financial Stability

Proper submission of annual reports & financial statements of a Pvt Ltd Company will make sure about maintaining the solid financial stability of the company. It also helps in maintaining the credibility of the company in front of its stability.

  • Legal Protection for Directors

Directors of Private Limited Companies have a legal responsibility to make sure about compliance. Doing compliance on time for Pvt Ltd Registration helps in the reduction of the personal liability of directors.

  • Avoid Penalties & Fines

Proper ROC of Company avoids the costly fines & penalties, prescribed under Companies Act 2013, that have been imposed by the regulatory authorities.

  • Enhanced Reputation

A well-compliant Private Limited Company Registration has been viewed respectfully in the business community. It also helps in boosting confidence of company in front of all stakeholders.

Quick Summary of ROC Compliances for Private Limited Companies in India

Compliances For Pvt Ltd Registration Time Limit/ Due Date
Declaration of Commencement of Business(Form – INC 20A) Within 180 days of incorporation
Auditor Appointment(ADT-1) Within 30 days of incorporation
Holding Board Meetings (at least 4) First meeting within 30 days of incorporation 
Reappointment of Auditor (ADT-1) Within 15 days of AGM
Filing MBP 1 (Director Disclosure) Every year at the first board meeting
Conducting AGM (Annual General Meeting) Within 9 months from closing of FY
Filing AOC 4 (Financial Statements) Within 30 days of AGM
Filing MGT 7A/7 (Annual Return) Within 60 days of AGM
Filing DIR 3 KYC (Director KYC) By September 30 each year
Filing DPT 3 (return of deposits) By June 30 each year
Filing ITR (Income Tax Return) 31st July 2024
Maintaining Statutory Registers & Book of Accounts Throughout the Financial Year

 

ROC Compliances for Private Limited Companies in India

  • Declaration for Commencement of Business

When you register Pvt Ltd Company Online, you must have to secure the certificate of Commencement of Business. You have to acquire this certificate within 180 days of incorporation by filing the form INC-20A

  • Board Meetings

Private limited companies must have conducted at least 4 board meetings and the first meeting should be held within 30 days of incorporation. The maximum gap between two boards meetings should be 120 days.

  • AGM (Annual General Meeting)

First AGM i.e. Annual General Meeting should be conducted within 9 months from the closing of the first financial year. Thereafter, the AGM should be held within 6 months of the end of the financial year. There should be a gap of maximum of 15 months between 2 AGMs.

  • Auditor Appointment

Companies must have to appoint their first auditor within 30 days of incorporation and shareholders have to confirm the appointment in the first AGM. Auditor appointment will be done by using form ADT-1 that has to be filed within 15 days of AGM. Its purpose is to intimate the ROC about the auditor appointment.

  • Director Disclosure

Directors of the company must have to file the form MBP-1 to disclose their interests in any other company. This disclosure should be made every year at the first board meeting.

  • Statutory Audits

It is important to conduct the statutory audits as per the jurisdiction & the size of Private Limited Registration. An independent auditor has to be appointed who examine the financial statements and also provides his opinion on the accuracy & compliance of the company with accounting standard.

  • Filing of Form MGT 7 (Annual Return)

Each Pvt Ltd Company registration must have to file its annual return using the form MGT 7 within 60 days of conducting the AGM i.e. Annual General Meeting.

  • Filing of Form AOC 4 (Financial Statements)

Each Private Limited Company must have to file its financial statement including balance sheet, statement of Profit & Loss Account and director’s report within 30 days of holding AGM i.e. Annual General Meeting by using form AOC 4.

  • Filing Income Tax Return

A Pvt Ltd Company must have to file its ITR i.e. Income Tax Return with IT Department within the time limit that has been prescribed by the government. To file ITR, company has to submit all the data related to balance sheet & profit loss account.

  • Filing form DIR-12

Each Pvt Ltd registration must have to file the form DIR-12 for the appointment/ resignation of the directors (if any) along with their consent within 30 days of appointment/ resignation.

  • Filing DIR-3 KYC

Directors of the company must have to file their KYC using form DIR-3 by 30th September of each year, providing their DIN that was allotted by Mach 31 of that year and the status is approved.

  • Filing Form DPT-3

Companied have to report the details of deposits and/ or outstanding receipts of loan or money other than deposits annually before June 30 by using form DPT-3.

  • Maintaining Statutory Registers

Companies must have to maintain and regularly update their statutory registers & records including minutes of board meetings, AGMs, creditors meetings, and debenture holder meetings.

  • Circulation of Financial Statement & Other Relevant Documents

A private limited company has to send the approved financial statements along with the director’s report & auditor’s report to all the members. It has to be sent at least 21 days before the AGM i.e. Annual General Meeting.

Key Considerations Related to ROC Compliances for Private Limited Companies in India

  • A Pvt Ltd Company registration must have to conduct at least 4 board meetings in a year.
  • You need to conduct the first board meeting within 30 days of Private Limited Company Registration.
  • The company need to appoint an auditor within 30 days of Private Limited Company Registration in India.
  • You need to file INC 20A within 180 days of online Private Limited Company Registration.
  • If you don’t file INC 20A, you will not be able to make changes in company.
  • Compliances are mandatory in the Pvt Ltd Company Registration in India.
  • There is a late fee that has been prescribed by the government for each non compliance.

Process of ROC Compliances for Private Limited Companies in India by Legal Pillers

  • Step 1: Consultation & Documentation

Our expert team of professional at Legal Pillers begins by conducting a review of the information of your company & the required documents.

  • Step 2: Preparation of Compliance Forms

On the basis of assessment, we prepare the forms of compliances with the help of cutting-edge technology of DSCs i.e. Digital Signature Certificates.

  • Step 3: Submission & Approval

After the successful approval by ROC i.e. Registrar of Companies, we quickly provide you the acknowledgement & compliance certificate.

Why Legal Pillers is Best For ROC Compliances for Private Limited Companies in India?

In India, numerous options are available for the annual compliances for Private Limited Company Registration after successfully completing the registration process. But among the several choice Legal Pillers stands as the top choice of business owners for maintaining the annual compliance of their company. Here are the reasons why you should choose us- 

  • Filing by CA/ CS Experts

Our expert team of professionals simplifies the process of compliances making sure about a smooth & hassle free experience for you.

  • Proper Tax Optimization

Our Income Tax experts will make sure about the proper tax management for your Private Limited Company, so that you can save your hard earned money. You can utilize this money for the betterment of your business.

  • Avoidance of Penalties

With Legal Pillers, you have a dedicated team of professionals who are committed to make sure that you should file your compliances on time to avoid the penalties.

  • Compliance Calendar

Our team will maintain and keep you updated about the date of compliance, so that your did your work within the government regulations. With our high level platforms of technology, you can get the access to our compliance calendar.

Conclusion

Annual Compliances for Pvt Ltd Company are very important for the smooth functioning and legal compliance of your Companies. Companies can maintain the transparency, accountability, and trust among stakeholders by fulfilling these requirements. Directors & management of the company should stay updated with the evolving regulatory landscape. You can seek the guidance from professional like Legal Pillers to make sure about the flawless compliance. For right compliances you have to register your private company properly. And you can register your company effortlessly at an affordable Pvt Ltd Company registration fees.

Legal Pillers will make the process of compliances easy & smooth. Legal Pillers is the top choice of businesses and hence we will help you to fulfill your ROC compliance for LLP and also Pvt company compliances. Choose Legal Pillers as your trusted partner and fulfil your compliance obligations properly on time.

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