Compliance

Service Description

Private Limited Companies (Pvt. Ltd.) are required to comply with a set of legal and regulatory requirements to operate in accordance with the law and protect the interests of their stakeholders. Here is an overview of the compliances that Pvt. Ltd. are required to comply with: 1. Board Meetings: The board of directors of the Pvt. Ltd. must hold at least four meetings every year, with a maximum gap of 120 days between two consecutive meetings. 2. Annual General Meeting (AGM): The Pvt. Ltd. must hold an AGM within six months of the end of its financial year. 3. Annual Filing: Pvt. Ltd. are required to file annual returns (AOC 4 and MGT 7A) with the Registrar of Companies (RoC) and the Income Tax Department (ITR). AOC4 to be filed in ROC with in 30 days from the date of AGM and MGT 7A within 60 days. 4. Audit: Pvt. Ltd. are required to conduct an annual audit of their financial statements by a qualified auditor. 5. Income Tax Returns: Pvt. Ltd. must file their income tax returns by September 30th of each year. 6. TDS: The Pvt. Ltd. must deduct TDS (Tax Deducted at Source) on payments made to vendors, contractors, and employees, and deposit the TDS amount with the government. 7. GST Returns: Pvt. Ltd. must file monthly, quarterly or annual returns under the Goods and Services Tax (GST) regime, depending on their turnover. 8. Secretarial Compliance: The Pvt. Ltd. must comply with various secretarial requirements, such as maintaining statutory registers and conducting board meetings and AGMs. 9. Compliance Certificates: A qualified company secretary must issue compliance certificates certifying that the company has complied with all the legal and regulatory requirements. 10. Statement of Financial Transaction (SFT): A company issuing shares have to file SFT in Form 61A on or before 31 May of the FY, immediately following the FY in which the transaction is recorded or registered. 11. MSME1: The Ministry of Corporate Affairs (MCA) issued a notification on 22 January 2019 that specific companies have to file the particulars of all current outstanding dues in Form MSME-1 with the ROC (Registrar of Companies). MSME-1 is a half-yearly return to filed before on or before 31st October for April to September and 30th April for October to March. Non-compliance with any of the above requirements can lead to penalties and legal repercussions, which can negatively impact the reputation and financial health of the company.