Annual Compliance - Private Limited Company

Overview of Annual Compliance - Private Limited Company

Annual Compliance for a Private Limited Company is the set of mandatory yearly filings, board meetings, statutory audits and disclosures every Pvt. Ltd. company must complete under the Companies Act, 2013 and the Income Tax Act, 1961 — irrespective of turnover or whether it has done business in that financial year. Non-compliance attracts heavy penalties, additional fees of up to Rs. 100 per day per form and even disqualification of directors. Our compliance team takes complete ownership of your calendar so you never miss a deadline.

Key annual compliance for a Private Limited Company

• First Board Meeting within 30 days of incorporation
• Minimum 4 Board Meetings every year (gap between two meetings not more than 120 days)
• Annual General Meeting (AGM) within 6 months of financial year end
• Appointment of statutory auditor in Form ADT-1
• INC-20A — Declaration of Commencement of Business (within 180 days)
• AOC-4 — Filing of financial statements (within 30 days of AGM)
• MGT-7 / MGT-7A — Annual Return (within 60 days of AGM)
• DIR-3 KYC for every director (by 30th September every year)
• Income Tax Return in Form ITR-6
• Tax audit u/s 44AB (if turnover > Rs. 1 crore)
• DPT-3 — Return of deposits / loans (by 30th June)
• MSME-1 — Half-yearly return on outstanding payments to MSMEs

Statutory audit

Every Private Limited Company must have its accounts audited by a Chartered Accountant in practice, regardless of turnover or profit. The audit covers verification of books of accounts, internal controls, tax compliance and the truth and fairness of financial statements.

Penalties for non-compliance

Late filing of MCA forms attracts an additional fee of Rs. 100 per day per form, with no upper limit. Non-filing of annual returns for two consecutive years can lead to the company being struck off and the directors being disqualified for 5 years. Income-tax penalties and prosecution apply separately for ITR defaults.

Why choose KBP & Associates

• Avoid heavy MCA penalties of Rs. 100 / day per form
• Keep directors away from DIN disqualification
• Active company status for tenders, loans and investors
• Audited financials build trust with banks and VCs
• Smooth income-tax assessments and refunds
• Single point of contact for all yearly filings

Documents required

• Bank statements for the full financial year
• Sales and purchase invoices
• Expense bills and vouchers
• Previous year's audited financials and ITR
• GST returns filed during the year
• TDS returns filed during the year
• Details of directors, shareholders and shareholding changes
• Minutes of board and general meetings
• Loan / investment statements and confirmations

Our process

1. 1

   Compliance calendar setup

   We map all due dates — board meetings, AGM, AOC-4, MGT-7, DIR-3 KYC, ITR — to your financial year.

2. 2

   Bookkeeping & finalisation

   Books are finalised, trial balance prepared and ledgers reconciled.

3. 3

   Statutory audit

   Our CA team conducts the statutory audit and prepares the audit report.

4. 4

   Board meetings & AGM

   We draft notices, minutes and resolutions for 4 board meetings and the AGM.

5. 5

   MCA filings

   AOC-4 (financials) and MGT-7 / MGT-7A (annual return) are filed within the due dates.

6. 6

   Income Tax Return

   Company ITR-6 is filed along with tax audit (if applicable).

7. 7

   Director KYC

   DIR-3 KYC for every director is filed by the 30th September deadline.

Frequently asked questions