Private Limited Companies must fulfill their obligations to regulatory and legal provisions according to the requirements of the Companies Act, 2013. Financial compliance and statutory reporting fall under the main obligations of corporate entities alongside corporate governance standards. The following outlines the annual compliance checklist:

• Board Meetings of Private Company

1. Every Private Limited Company is required to hold a minimum of two board meetings every financial year, with the gap between two consecutive board meetings not exceeding 120 days.

2. A board meeting is required to approve the financial statements, dividend declarations, and other important matters.

• Annual General Meeting (AGM)

1. Private Limited Companies must hold an AGM within 6 months from the end of the financial year, and the gap between two AGMs should not exceed 15 months.

2. The company should pass resolutions at the AGM for approval of financial statements, appointment/reappointment of directors, etc.

• Filing of Financial Statements (Form AOC-4)

1. Private Limited Companies are required to file their financial statements with the Registrar of Companies (ROC) in Form AOC-4.

2. The financial statements include the balance sheet, profit and loss account, and director’s report. This must be done within 30 days from the date of the AGM.

• Filing of Annual Return (Form MGT-7)

1. The company must file the Annual Return in Form MGT-7 within 60 days from the date of the AGM.

2. The annual return includes details of the company’s shareholding, directors, and other related information.

• Income Tax Return Filing (ITR-6)

1. A Private Limited Company must file its Income Tax Return under ITR-6 by 31st October following the end of the financial year.

2. This is required to disclose the company’s income, expenses, and tax liabilities.

• Appointment of Auditor

1. Every Private Limited Company must appoint an auditor at its first AGM and thereafter, the auditor is required to be appointed/reappointed every 5 years.

2. The auditor’s report is included in the financial statements.

• Statutory Registers Maintenance

1. Maintain statutory registers such as the Register of Members, Register of Directors, Register of Charges, etc.

2. The company must also update these registers regularly as per changes in the company’s structure.

• Payment of Fees

1. Private Limited Companies are required to pay annual filing fees to the Registrar of Companies for filing financial statements and annual returns.

• Compliance with Other Laws

1. The business needs to follow statutes like GST and TDS regulations and Labour Laws depending on its sector.

2. All businesses need to adhere to any regulatory requirements meant for their particular industry sector.

Annual Compliance for Limited Liability Partnerships (LLP)

An LLP has its own compliance requirements, although less stringent than those for a Private Limited Company. The following are the key compliance points for LLPs:

• Annual Return Filing (Form 11)

1. The annual return consisting of Form 11 must be submitted to the RoC within 60 days after financial year closure by LLPs.

2. This form contains details of the LLP’s partners and the business.

•  Statement of Accounts and Solvency (Form 8)

1. LLPs must file Form 8 with the RoC by October 31st of each year. This form contains the solvency certificate and financial information for the year.

• Income Tax Return Filing

1. LLPs must file their Income Tax Return under ITR-5 by 31st July of the assessment year, detailing their income, expenses, and liabilities.

Annual Compliance for One Person Company (OPC)

An OPC is subject to slightly different regulations compared to Pvt Ltd Companies, but still must adhere to compliance requirements.

•  Board Meetings : As OPCs have only one director, they are not required to hold board meetings. However, the director’s report should be filed annually.
• Annual General Meeting (AGM) : OPCs are exempt from holding an AGM.
• Filing of Financial Statements : OPCs must file their financial statements with the RoC using Form AOC-4.
• Annual Return Filing (Form MGT-7) : OPCs are required to file the Annual Return in Form MGT-7 within 60 days from the end of the financial year.
• Income Tax Return Filing : OPCs must file their Income Tax Return under ITR-6 by 31st October.

Common Compliance Deadlines for Private Limited Companies, LLPs, and OPCs

• Annual General Meeting (AGM): Within 6 months of the end of the financial year.

• Form AOC-4 (Financial Statements): 30 days from the date of AGM.

• Form MGT-7 (Annual Return): 60 days from the date of AGM.

• Form 11 (LLP Annual Return): 60 days from the end of the financial year.

• Form 8 (LLP Solvency Statement): By October 31st.

• Income Tax Return (ITR-6/ITR-5): By 31st July (for LLP) or 31st October (for Pvt Ltd/OPC).

Audit Requirements for Private Limited Companies

• By law every Private Limited Company must submit to statutory audit according to the provisions of the Companies Act 2013 for accurate financial reporting.

• Every audit needs to be performed by a Chartered Accountant who will report their findings through an auditor’s report included within the financial statements of the company.

Can an Auditor Be Appointed for More Than One Term?

• Yes, an auditor can be appointed for more than one term. However, the company must rotate auditors after a term of 5 years for individual auditors and 2 terms for audit firms (if applicable). This is done to ensure independence and objectivity in auditing.

Conclusion

A Private Limited Company together with LLP and OPC must follow the Companies Act 2013 along with additional regulatory requirements because this ensures operational efficiency and prevents penalties. Annual compliance requires businesses to retain proper documentation and file necessary documents with the RoC while conducting board meetings and selecting auditors as part of their obligations.

Businesses obtain annual compliance packages from service providers to gain access to the cheapest service combined with processing and compliance support across all paperwork and filings.

Company compliance with legal regulations provides protection while maintaining good governance practices.

Businesses wishing to receive professional service along with affordable compliance packages should reach out to registered professionals or client-facing consultancies that focus on company compliance requirements.

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