Benefits of Annual Compliance for Private Limited Company
There are numerous benefits of a private limited company such as limited liability protection, easy to raise fund from venture capitalist and continuous existence while the confidence of the community come at the cost of increased annual compliance.
It is mandatory for business owners to comply with Companies act, Income tax, GST & State Laws. In addition to the ROC compliances, Companies have to submit income tax returns every year by 30th September. From the year 2018, the compliance requirement has been increased now for private limited companies.
We ensure to meet the corporate compliances on time as and when they are due. At Enterslice, we provide end to end advisory services to clients so that they can focus on business and our dedicated team of consisting team of 300+ CA, CS & Lawyers will take care of business compliance.
Annual Compliance Package
After order confirmation, a dedicated in-house CA/CS will be assigned on your order that will be the single point of contact to manage your business compliance. You may ask any questions about the company’s Compliance, Taxation and Regulatory issues.
Our Team will review the accounts of the company at the end of the financial year on the basis of which they will finalise Balance sheet & profit & loss accounts of your company.
Annual Audit Support Services
In-house Dedicated Professional will provide necessary support for the statutory audit of the company.
Income tax return Filing
Our Tax Advisory will submit income tax returns and will guide you from time to time about the tax planning, Advance tax payments etc.
Company Secretary Services
Our In-house CS will prepare/review minutes of the meeting of your company as per Companies act 2013. Minimum 4 board meetings are required to held in one financial year in case of other than small company while in case of small companies only 2 board meetings are required to be held.
Financial Statements & Annual Return Filing
Once shareholders approve your financial accounts in the AGM (Annual General Meeting), our team of professionals shall file your financial statements & annual return with MCA in Form AOC-4 & MGT-7 respectively.
Compliance calendar for Private Limited Company for Financial Year 2019-20
In 2019, many new compliance requirements have been introduced by the Ministry of Corporate Affairs.
Summary of compliance applicable for FY 2019-20:
The company is required to maintain its accounts and finalise its financial statements (Balance Sheet & P/L Account) on the basis of its accounts for the previous year.
Audit of Accounts
Audit is an independent examination of books of accounts, statutory records, and vouchers in order to ascertain whether the financials represent true & fair value. For the audit of books of accounts, an auditor has to be appointed by the company within 30 days from the date of incorporation
Income Tax Compliances
Every company is required to file Annual income tax returns by 30th September of the following financial year. Also, companies are required to adhere to withholding tax compliance. While making specific payments, a Company has to deduct tax at source (TDS) which is applicable on payments such as Salary, Interest, Dividend, Rent, Fee for professional and technical services, Commission and brokerage etc.
It is mandatory for the payer to deduct a specific percentage from the payment and pay the balance to the recipient. A quarterly return has to be filed by the payer to the Income tax department containing details of payee, date of deduction and date of remittance to department etc.
The due dates for filing TDS returns are as follows:
Filing Due Date
After Obtaining Online GST Registration as Normal Taxpayer, the entity will be required to file the GST returns (In Total 37) on time. The requirement of GST Returns is based on the annual turnover of a taxable person. If annual turnover is less than Rs 1.5 Cr then only you need to submit quarterly returns. On the respective Due dates of GST returns, you need to submit details of purchase and sale. Failure to file GST Returns will attract penalty.
- Auditor Appointment within 30 days from the date of incorporation
- Balance Sheet Finalization
- Statement of Profit & Loss Account (Including Consolidated Financial Statement)
- Cash Flow Statement
- Directors’ Report
- MGT-9 (Extracts of Annual Return)
- Auditors’ Report
- Notice of AGM
- Maintain Statutory Registers
- Professional tax Registration and Filing
- Filing of Financial Statements in Form AOC-4
- DPT -3 Filing
- MSME 1 & 2 Filing