Thursday, 29 August 2019

Company Annual Compliance in Gurgaon

COMPANY ANNUAL COMPLIANCE

#Companyannualfilling #LLPannualfilling #MGT-7 #ADT-1 #AOC-4 #Auditorappointment #Internalaudit
Post registration every Private/Public Limited Company is required to comply with a few mandatory legal requirements on yearly basis. Such as:

  • Maintenance of proper books of accounts relating to its financial transactions on yearly basis
  • Filing of Income Tax Return yearly i.e. by 30th September every year.
  • Filing of Form AOC-4, Form for filing financial statement and other documents with the registrar of companies, within expiry of 30 days from the date of the Annual General Meeting.
  • Filing of Form MGT-7, Form for filing annual return by the company, within the expiry of 60 days from the date of the Annual General Meeting.
  • Compliance to other secretarial work under the Companies Act. 2013 i.e. Filing of Form MGT-14, ADT-1, Drafting Minutes to the AGM, Board Meetings, etc.
  • Private Company may be required to file other statutory returns i.e. GST Return, Sales Tax Return, Excise Return, PF & ESI Returns and others depending upon the volume and nature of business.

We at Global Taxation can help you take care of the legal compliance needs for your Private/Public Limited Company in most cost efficient manner.

A. *PROCESS OF ANNUAL FILING (ROC FILINGS) FOR NEW COMPANIES (FORMED ON OR AFTER 1ST JANUARY OF THE RELEVANT YEAR)*

Companies that has been formed after 31st December of the relevant year (i.e. Company is formed on or after 1st January till 31st March)

Section 92 that mandated the Annual Filing stipulates that in case a company is formed after 1st January they can hold with 18 Months form the date of Incorporation

*BEST COMPLIANCE PRACTISES FOR ANNUAL FILING (ROC FILING)*
  • Prepare the financial statement for 18 Months
  1. Profit & Loss Account
  2. Balance Sheet
  3. Cash Flow Statement ( If applicable)
  • Conduct a Board meeting for finalization of accounts
  • Get the Accounts audited by you Statutory Auditors ( CA’s)
  • Get the Audit report
  • Conduct a Board meeting for Adoption of financial statements (Accounts)
  • Circulate Notice to AGM to all shareholders at least 21 prior to the date of annual general meeting Circulate
  • Notice to AGM to all shareholders at least 21 prior to the date of annual general meeting with the following contents
  • Directors Report
  1. Profit & Loss Account
  2. Balance Sheet
  3. Cash Flow Statement ( If applicable)
  • Conduct Annual General Meeting

*FORMS TO BE FILED FOR ANNUAL FILING (ROC FILINGS)*
  • ADT-1 FOR APPOINTNMENT OF AUDITORS
  • MGT-7 ANNUAL RETURNS
  • AOC-4 STATEMENTS OF ACCOUNTS

B. *PROCESS OF ANNUAL FILING (ROC FILINGS) FOR NEW COMPANIES (FORMED ON OR AFTER 1ST JANUARY OF THE RELEVANT YEAR)*

Companies that has been formed after 31st December of the relevant year (i.e. Company is formed on or after 1st January till 31st March)

Section 92 that mandated the Annual Filing stipulates that in case a *_company is formed after 1st January they can hold with 18 Months_* form the date of Incorporation

*BEST COMPLIANCE PRACTISES FOR ANNUAL FILING (ROC FILING)*
  • Prepare the financial statement for 18 Months
  1. Profit & Loss Account
  2. Balance Sheet
  3. Cash Flow Statement ( If applicable)
  • Conduct a Board meeting for finalization of accounts
  • Get the Accounts audited by you Statutory Auditors ( CA’s)
  • Get the Audit report
  • Conduct a Board meeting for Adoption of financial statements (Accounts)
  • Circulate Notice to AGM to all shareholders at least 21 prior to the date of annual general meeting Circulate
  • Notice to AGM to all shareholders at least 21 prior to the date of annual general meeting with the following contents
  • Directors Report
  1. Profit & Loss Account
  2. Balance Sheet
  3. Cash Flow Statement ( If applicable)
  • Conduct Annual General Meeting

*FORMS TO BE FILED FOR ANNUAL FILING (ROC FILINGS)*
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