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- Accountant
- MCA Compliance
- ADT-1
- ITR-6 Filing
- DIN eKYC for (2 Directors)
- Commencement of Business
- Monthly GST Computation
- GSTR 3B Return Filing
- GSTR 1 Return Filing
- LEDGERS Accounting Software
Expert Guidance on Compliance for Private Limited Companies
Expert Guidance on Compliance for Private Limited Companies
Navigating the compliance landscape for private limited companies in India can be challenging, requiring adherence to the stringent regulations set forth by the Companies Act of 2013. This encompasses a wide range of obligations, from appointing directors and conducting shareholder meetings to fulfilling ongoing regulatory commitments. The complexity of these requirements can often overwhelm business owners, particularly those managing startups and emerging enterprises.
Allycon offers comprehensive guidance and support to streamline the compliance process for your business. Our expert team specializes in aligning your company’s activities with the legal requirements, offering tailored solutions from incorporation to fulfilling ongoing compliance needs. Whether you’re at the beginning of your business journey or managing an established company, Allycon is your trusted partner in simplifying corporate compliance.
Let us help you ensure compliance with ease! Start today with Allycon.
Compliance for Private Limited Company
In the context of a private limited company, compliance refers to the adherence to rules, regulations, or guidelines set by legal authorities, particularly those outlined in the Companies Act 2013. Compliance is crucial for maintaining the legitimacy and operational efficiency of a business, especially with respect to the obligations required by the Registrar of Companies (RoC). The Companies Act governs critical aspects of corporate governance, including the appointment, qualifications, remuneration, and retirement of directors, as well as the conduct of board and shareholder meetings.
At Allycon, we ensure that your company meets all necessary compliance requirements. This includes adhering to RoC regulations that apply to all private limited companies, regardless of their turnover or capital investment.
ROC Compliance for Private Limited Company
Ensuring that your business adheres to ROC compliance is crucial for legal operation in India. ROC compliance involves fulfilling statutory obligations and adhering to the provisions of the Companies Act. These compliance requirements are divided into:
- Annual Compliance: This involves regular, annual filings such as submitting annual returns and financial statements.
- Event-Based Compliance: These are triggered by specific events such as changes in management, share capital, or registered office details.
- Other Compliances: This includes miscellaneous regulatory obligations like maintaining director KYC updates and statutory registers.
Annual Compliances for Private Limited Company
Annual compliance is a vital part of corporate governance for any private limited company in India. Below is a detailed breakdown of key annual compliance requirements:
| Annual Compliances | Due Date |
|---|---|
| INC-20A: Declaration for Commencement of Business | Within 180 days of incorporation |
| Appointment of Auditor & Filing E-form ADT-1 | Within 15 days of the AGM |
| Board Meetings | As per the company’s board meeting schedule |
| Annual General Meeting (AGM) | Within 9 months of the end of the financial year |
| AOC-4: Filing of Financial Statements | Within 30 days after the AGM |
| MGT-7A: Annual Returns for Small Companies/OPCs | Within 60 days of the AGM |
| DIR-12: Appointment/Resignation of Directors | Within 30 days of changes |
| DIR-3 KYC: Director KYC Submission | By September 30th each year |
| DPT-3: Return of Deposits | By June 30th each year |
| Directors’ Report | At least 21 days before the AGM |
| Maintenance of Statutory Registers & Books of Accounts | Ongoing throughout the financial year |
| Circulation of Financial Statements & Other Documents | At least 21 days before the AGM |
Event-Based Compliances for Private Limited Company
Apart from annual filings, certain compliances are required in response to specific events. These include:
- Changes in the company’s authorized or paid-up capital.
- Allotment or transfer of new shares.
- Issuing loans to other companies or directors.
- Appointment of managing or whole-time directors.
- Changes in bank accounts or signatories.
- Appointment or resignation of statutory auditors.
Each of these events must be reported to the Registrar of Companies within a specified time frame, often requiring the submission of designated forms. Failure to meet these deadlines can result in additional fees or penalties.
Non-Registrar compliance
In addition to ROC compliance, companies must also adhere to various non-registrar regulatory obligations that may be governed by other authorities. These include:
Payment of Periodic Taxes:
- Goods and Services Tax (GST)
- Tax Deducted at Source (TDS)
- Tax Collected at Source (TCS)
- Advance Tax and Professional Tax (PTax)
Filing of Periodic Returns:
- GST returns (monthly/quarterly/annual)
- TDS returns (quarterly)
- Income Tax Returns
- Tax Audit Reports
- ESIC and Provident Fund (PF) returns
- Professional Tax (PTax) returns
Regulatory Assessments and Reporting:
- Compliance with environmental laws, competition laws, and industry-specific acts like the Factory Act.
Non-compliance Penalty
Non-compliance with the Companies Act can lead to significant financial penalties for both the company and its defaulting officers. Fines may increase with the duration of non-compliance, and delayed filings may incur additional fees. To avoid these penalties, companies must adhere to their compliance obligations on time.
Streamline Company Compliance with Allycon
At Allycon, we make compliance management seamless and straightforward. Here’s how we support your business:
Comprehensive Compliance Platform:
Our compliance platform is designed to simplify your compliance obligations, allowing you to manage deadlines, file returns, and generate reports effortlessly.Dedicated Compliance Manager:
Each client is assigned a dedicated compliance expert to manage all aspects of company compliance. This single point of contact ensures efficient handling of all your legal obligations.Accounting & Secretarial Services:
From maintaining accounts to preparing financial statements and board meeting minutes, Allycon’s experts are here to manage your compliance and secretarial tasks.MCA Annual Return Filing:
We handle all MCA filings, ensuring timely submission of your annual returns and financial documents.Income Tax Return Filing:
Our team prepares and submits your company’s income tax returns, ensuring full compliance, even for dormant companies.
Related Business Registrations
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
