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Compliance for Private Limited Company

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Compliance requirements for a Private Limited Company in India are crucial to ensure legal adherence, maintain transparency, and avoid penalties. Here's an overview of the key compliances:

Annual Compliances

  1. Annual General Meeting (AGM):

    • Requirement: Every Private Limited Company must hold an AGM within six months from the end of the financial year.

    • Purpose: Approval of financial statements, declaration of dividends, appointment or reappointment of directors, and auditor's appointment.

  2. Financial Statements:

    • Requirement: Prepare and file financial statements (Balance Sheet, Profit and Loss Account, Director's Report) within 30 days of AGM.

    • Filing: File with the Registrar of Companies (RoC) along with the Auditor's Report.

  3. Annual Return:

    • Requirement: File an annual return (Form MGT-7) containing company details, shareholding pattern, director's details, etc., within 60 days of AGM.

    • Filing: File with the RoC.

Periodic Compliances

  1. Board Meetings:

    • Requirement: Hold at least four board meetings in a year (one meeting every quarter).

    • Minutes: Maintain minutes of meetings and resolutions passed.

  2. Statutory Audit:

    • Requirement: Conduct an annual statutory audit of the financial statements by a qualified Chartered Accountant.

    • Audit Report: Submit the audit report to the RoC along with the financial statements.

  3. Income Tax Return (ITR):

    • Requirement: File income tax returns (ITR) annually by September 30 (if not audited) or November 30 (if audited).

    • Tax Audit: Conduct tax audit if turnover exceeds specified limits under the Income Tax Act.

Compliance with Regulatory Authorities

  1. Registrar of Companies (RoC):

    • Annual Filings: File annual returns (Form MGT-7) and financial statements (Form AOC-4) with the RoC.

    • Event-Based Filings: Notify RoC about changes in company structure, directors, registered office, etc.

  2. Goods and Services Tax (GST):

    • Registration: Register under GST if applicable (if turnover exceeds prescribed limits).

    • Periodic Returns: File monthly/quarterly GST returns and annual return (GSTR-9).

  3. Employees' Provident Fund (EPF) and Employees' State Insurance (ESI):

    • Compliance: Deduct and deposit EPF and ESI contributions for eligible employees.

    • Returns: File monthly/quarterly returns and annual returns with respective authorities.

  4. Tax Deducted at Source (TDS):

    • Deduction: Deduct TDS as per Income Tax Act provisions on specified payments.

    • Filing: File quarterly TDS returns (Form 24Q, 26Q, etc.) and issue TDS certificates to deductees.

  5. Other Regulatory Compliances:

    • Environmental Laws: Comply with environmental regulations and obtain necessary clearances.

    • Labour Laws: Adhere to various labor laws concerning minimum wages, working hours, etc.

    • Intellectual Property Rights (IPR): Protect and manage company trademarks, patents, copyrights, etc.

Additional Compliances

  1. Compliance Certificates:

    • Obtain compliance certificates from professionals (Company Secretary, Chartered Accountant) as required by law.

  2. Director's Responsibilities:

    • Ensure directors comply with their duties as per the Companies Act, 2013.

  3. Corporate Governance:

    • Adopt and follow good corporate governance practices.

  4. Event-Based Compliances:

    • Notify RoC about changes in shareholding, transfer of shares, alteration of memorandum/articles of association, etc.

Penalties for Non-Compliance

Non-compliance with these requirements may lead to penalties, fines, or legal actions against the company, its directors, or officers. It's essential for Private Limited Companies to stay updated with regulatory changes and fulfill all obligations in a timely manner to ensure smooth operations and avoid legal repercussions.

Seeking professional guidance from Company Secretaries, Chartered Accountants, or legal advisors can help ensure comprehensive compliance with all applicable laws and regulations

By choosing Corporate Verdict, you can rest assured that your Trademark registration will be handled efficiently, allowing you to focus on growing your business.

For more information or to start the registration process, visit our website or contact our team today!

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