Customer

Company

Usage

Get In Touch

Support :
support@filemydoc.com
Sales :
sales@filemydoc.com
+91 90382 02111
Other Query :
info@filemydoc.com
(033) 4800 0423

Follow Us

Manage Your Accounting & Annual Compliances with Ease

Get started to Manage Your Accounting & Annual Compliances with Ease and completely online with Filemydoc.com in 3 simple steps. Connect with India's best consultants & professionals for mandatory annual compliances starting from at Rs. 12999/- (Exclusive Govt. Fees and Taxes).

Search over 300+ professional services

Popular : Pvt Ltd Company  Startup India  TM Registration  GST Registration

Leave all your complex hassles of Annual compliances with Filemydoc.com in 3 simple steps

01
Fill the form

Fill in the basic details eg. Name, Email, Phone, City.

02
Talk to Instadoc Expert

Get callback from our experts and submit required details.

03
We Will Manage Everything

We will do online filings & accounting for you.

Get Started in 3 Seconds

* These fields are required.

Overview

The term compliance describes the ability to comply with orders, set of rules, or requests.
A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are adequately met.
The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company's Directors and other aspects such as conducting board meetings and shareholder meetings.
The RoC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
All companies registered in India like a private limited company, one person company, limited company, and section 8 company need to maintain the annual compliances like annual returns and income tax return each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated.
Managing the business's everyday operations while complying with the difficult corporate laws can be a task for the entrepreneur. So, it is always better to take the professionals' help and understand the legal requirement to ensure timely fulfillment of these compliances to waive off the penalties or fines.
Here, we will look at some of the Common compliances that a private limited company has to ensure mandatorily.

Get Started For Annual Company Compliance

* These fields are required.

Checklist for Annual Company Compliance

Compliance Description
Commencement of business ( within 180 days) For companies registered in India after November 2019, having a share capital, it is necessary to obtain a commencement if business certificate before commencing any business or exercising the borrowing powers. The commencement of business certificate must be obtained within 180 days of incorporating a Company.
In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default.
Auditor Appointment (Within 30 days) All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won't be allowed to commence business. Also, there is a penalty of Rs. 300 per month.
Income Tax Return Income tax returns need to be filed on or before 30th September 2021 for the Financial year 2020-21.
MCA Form AOC-4 The registered private limited companies must file MCA Form AOC-4 on or before 30th November 2021 for the FY2020-21. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay.
MCA Form MGT-7 It is necessary to file MCA form MGT-7 on or before 31st December 2021 for FY2020-21. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay.
DIN eKYC All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There's a penalty of Rs. 5000 in case of failure to file DIN eKYC.
Hold Annual General Meeting For a private limited company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the Financial year.
Director's report Preparation of the Directors report will be done with all the information required under Section 134.

Benefits of Accounting & Business Compliances

  • Budgeting: It assists organisations in efficiently controlling the company's income and expenditure while monitoring managerial policies and goals.
  • Evaluating the Business's Performance: Helps in measuring the performance of the business in terms of key measures such as net profit, sales growth, and so on.
  • Managing Cash Flow: Keeping track of the money that comes into the business on a regular basis helps in projecting patterns, paying employees and suppliers, repaying debts, etc.
  • Financial Information to Investors and Stakeholders: Investors will gain a better understanding of the business's financial health, including its solvency, creditworthiness, liquidity, stock, and bond issuers.
  • Mandatory by law: In India, the Registrar of Companies requires a strict record of income tax payments at the end of the year, failing which companies may face additional taxes or fines.

Documents required for Accounting & Annual Compliances

The documents required will vary depending on the service you require. Our professionals will convey the same to you based on your requirements.

Procedure for Filing Annual Compliance

The mandatory compliances that most businesses must meet are as follows:

  • Step 1 : Facilitation of meetings of board of directors:
    The first meeting has to be conducted within 30 days of incorporating a business after which four meetings shall be held every quarter in a calendar year. There should not be more than 120 days between two consecutive meetings.
  • Step 2 : Preparation of the minutes of proceedings of meeting:
    Every company needs to file its minutes of the meetings and they shall be preserved permanently to add value in case of any dispute. The meeting minutes are to be maintained at the registered office.
  • Step 3 : Issuance of share certificates:
    The company is required to issue a share certificate to the subscribers of the memorandum within 60 days of incorporation.
  • Step 4 : Filing of disclosures of directors' interests and declarations of disqualification:
    In the first board meeting, all the directors are required to make disclosures about their interests in other business entities.
  • Step 5 : Filing declarations of commencement of business with the RoC:
    This has to be done upon registration of the company. Form INC 20A mandatorily needs to be filed within 180 days of incorporation.
  • Step 6 : Facilitation of annual general meetings:
    A company shall conduct at least one AGM each year. The first AGM shall be held within nine months from the closing of the first financial year of the company. In other cases, it shall be within six months from the closing of the financial year.
Annual company returns need to be filed with the RoC within 60 days of the conclusion of the AGM.
1. Quarterly compliance:
Every company has to hold a minimum of four meetings of its board of directors, that is, at least one board meeting every quarter of the calendar year.
2. Statutory registrations:
All statutory registrations like GST, PF, ESI, IEC, etc. must be completed.

Why Filemydoc.com for Accounting & Business Compliance

As a benefit of working with industry specialists, our team will keep track of all changes to the various relevant regulations and keep you up to date and compliant. Our accounting and compliance team will collaborate closely with you to identify all needs and ensure that the procedure is completed on time. Our experts will assist you in a broad spectrum of financial services that cover:

  • Basic financial consultation:
    We have expert chartered accountants and financial professionals who offer basic financial consultation that your company needs.
  • Bookkeeping:
    Bookkeeping is a process of recording financial transactions and information on a daily basis. The account bookkeeping services may include payments made to suppliers, loan payments, customer invoice payments, monitoring asset depreciation, and generating financial reports.
  • Preparation of accurate annual financial statements and monthly reports:
    The balance sheet, income statement, and cash flow statement provide information on the company's financial position, including an overview of assets and liabilities, as well as stockholders' equity. It also helps in understanding the company's earnings and expenditures, as well as how the company pays its obligations and meets its operating expenses.
  • Assistance in designing invoices:
    Invoices are records of a company's sales transactions. They include information on the shipment, such as the quantity of items, item descriptions, total sale price and selling price per item, terms of sale, buyer and seller information, amount due, invoice number, payment method, and payment due date. Invoices establish the legal rights, wherein if the customer fails to make the due payment, the company can take it forward legally.
  • Basic taxation advisory:
    Our taxation experts offer the best-in-class tax planning strategies that are suitable for your business structure. We understand the changing tax regimes in India and offer timely information.

FAQs on Manage Your Accounting & Business Compliances

Form ADT-1 is filed for appointing or replacing the Statutory Auditor.

MGT-9 is attached to the company's director report, which is an extract of MGT -7.

Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.

A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.

A company is required to maintain the compliances once the company is incorporated. The auditor is to be appointed within 30 days. Additionally, there is income tax filing and annual return filing that is to be done every year.

The annual general meeting (AGM) is held for the management and the shareholders to interact with each other. The Companies Act,2013 makes it compulsory to hold meetings to discuss the yearly results and appoint auditors.

The statutory audit as the name suggests is a mandatory audit for all companies. All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.

The companies incorporated under the Companies Act,1956 are required to file the following documents with the ROC The balance sheet in form 23AC which is to be filed by all the companies Profit and loss account in form 23ACA which is to be file by all the companies.

The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.

After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.

ROC is the officer governed by the MCA that deals with the functioning, the ROC has to ensure that the Private Limited Companies and the LLPs comply with the statutory requirement of the ACT. The registrar of the companies functions as the regulator for the companies registered with them.

How we make your legal easily accessible ?

We handle all your messy startup legalities and make you stress-free

01

Raise Service Request in 3 seconds

Raise service request by simply filling our easy to use online form to get started in 3 seconds.

02

Dedicated Manager Assigned

We instantly assign a dedicated manager for your service who helps you throughout entire job cycle.

03

Submit Documents & Track Progress

Submit required documents, make partial payment & track job progress in realtime.

04

Congrats ! Your Job is Done

Get your job done within the timeline provided and start building a great business.

12000+ businesses trust us

90% Positive Google Reviews with 4.8 overall rating.