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Each company whether a Private Limited Company, Limited Company or One-Person Company is required to file the annual return after the end of each financial year. The procedure of the annual filing of a company is simple. Under Companies Act, 2013 companies are required to file the form electronically.
As per Companies Act 2013, there is a requirement of certification by a company secretary in practice of annual return extended to:
In case of non-compliance, he/she will be punishable by a fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.
Also, Read: Corporate Compliance Calendar for the year 2019.
According to section 92 (1), it is required for every company to prepare the return in the prescribed form containing the following particulars:
According to section 92 (4) it is required for every company to file annual return with the Registrar within sixty days from the date of annual general meeting or where no annual general meeting is held then within sixty days from the date on which the annual general meeting should have been held together with the statement specifying the reasons for not holding the annual general meeting, with such fees or additional fees as may be prescribed, within the time specified.
In case company fails to file its annual return before the expiry of the period specified, company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both as per section 92(5).
It is required for every company to prepare its book of accounts and keep it at its Registered Office.
Financial Statement for every financial year which gives a true and fair view of the state of the affairs of the company including its branch office.
The company can keep books of account at a place other than the Registered Office of the Company bypassing board resolution. After passing board resolution the company required to file form AOC-5 with the registrar within 7 days.
Books of accounts of each company must be preserved for a period not less than Eight Years immediately proceeding the financial year, along with relevant documents.
People Also read: Major Impact of Companies Amendment Bill, 2017.