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Annual Compliance for Private Limited Company

Online Legal India LogoBy Online Legal India Published On 30 Dec 2020 Updated On 06 Jan 2023 Category Private Limited Company

The Private Limited Company is amongst the most popular form of starting a business because of the benefits vested upon the employee and the employers. Once your Private Limited Company is Registered, then you would require to follow Compliances of Private Limited Company. Let me take you through the list of some common Compliances of Private Limited Company that  are mandatorily followed:

Annual Compliance Required for Private Limited Company(PLC)

  • Appointment of Auditor: From the ADT-1 the auditor will be appointed for the span of 5years. From the date of incorporation to the first. From the date of incorporation of the company, the first Auditor will be appointed within one month.
  • Statutory Audit of Accounts: A CA should audit the financial account at the end of every financial year. To fill it with the registrar, the Auditor must provide an Audit Report and also the Audited Financial Statements.
  • Filing of Annual Return (Form MGT-7): Every Private Limited Company or PLC should hold an Annual General Meeting within 60 days post-incorporation. It should file an annual return for the period 1st April to 31st March.
  • Filing of Financial Statements(Form AOC-4): Every Private Limited Company should file its Balance Sheet along with the statement of Profit and Loss Account and Director Report.
  • Holding Annual General Meeting:  An AGM must be held every calendar year by a Private Limited Company.
  • Preparation of Directors’Report: Directors’ Report will be prepared with a mentioning all the information required under Section 134.

What are the forms required to be filed for Annual Compliances?

Every year for once, Private Limited Companies are required to file their Annual Accounts and Returns disclosing details of its shareholders, directors, etc to the Registrar of Companies. As a part of the Annual Return Filing, the following forms are needed to be filed with the ROC:

    • Form MGT-7 (Annual Return): Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be filled for the period 1st April to 31st March.
    • Form AOC-4 (Financial Statements): Every Private Limited Company is required to file its Balance Sheet along with the statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.

What is the Due date to file forms?

If a Company fails to defer with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with a fine for the period for which default continues. Private Limited Companies registered in India must file Income Tax Return on or before 30th September 2020.

  • Late filing – Daily penalty of Rs 100 up to maximum Rs 5 Lac 
  • Non-filing – In case of non-filing for three financial years at a row will cause the exclusion of Directors.

 It should be noted that some of the Annual Filing Forms can also be revised. Although, the fees for subsequently revised filing shall be charged, assuming it as a new filing. Compliances of Private Limited Company need to be followed for the smooth functioning of the Company.

How can we help you?

These compliances can be made online you can file your application online on the official website of Online Legal India™. Our expert team of highly qualified CA/CS and 10+ years of experienced lawyers would assist you to comply with the legal filings of Private Limited Company. We have budgeted services for those who are willing to venture into a company, business or any other kind of organization. 

 Apart from getting registered with MCA, any business person must also register with GST, TAX and Compliances, Accounting, Trademark Registration, or creative assistance in Logo Designing and Import Export Code registration to step a foot forward in the Foreign market. To deliver your digital assistance we have the best minds in the industry for your business incorporation, our concierge work round the clock to give you a hassle-free Private Limited Company Registration(PLC) online.


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