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Section 8 Annual Compliance

  • Maintenance of Books of Accounts
  • Maintenance of Statutory Registers
  • Convene Statutory Meetings
  • Preparation of Financial Statements
  • Income Tax Returns
  • Financial Statement Returns Filing (AOC-4)
  • Annual Return Filing (MGT-7 -ROC Annual Returns)
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Annual Compliances For Section 8 Company

A Section 8 Company is an NGO & one of the forms of companies mentioned in The Companies Act 2013.Like every company registered under this act, Section 8 Company is required to file Compliances as prescribed in the Act.

A Section 8 Company is registered for promoting sports, art, science, religion, charitable activities, etc. These companies are in obligation to file annual and event-based (one-time) compliances with The Ministry of Corporate Affairs.

Benefits of Filing Compliances

  • Avoid Penalties

    Non-filing of compliances can attract penalties and fines for the company.

  • Building Trust

    A company filing compliance and disclosing financial information on time is considered as trustful in the eyes of suppliers, vendors, and customers.

  • Transparency of Operations

    Filing of compliances reveals the actual situation prevailing in company operations. Filing of compliances such as financial returns can reveal about the financial health of the company.

  • Avoid any Legal Issues

    Non-filing of compliances can give rise to legal consequences such as notice from The Ministry of Corporate Affairs. Therefore one should file compliances on time to avoid any legal troubles.

  • Credibility

    It is easier for a company to get financial aid and market credit in case the compliances are timely filed than a company whose compliances are not appropriate.

List of Annual Compliances for Section 8 Company

Annual compliances are the compliances that are obligatory to be filed at regular intervals. These are periodical in nature and constitute a liability for the company to file.

The list of annual compliance for a Section 8 Company is as follows.

  • Appointment of Auditor

    Every Section 8 Company needs to appoint an auditor to take care of books of accounts for the company. Appointment of Auditor is must for every Section 8 Company.

  • Maintenance of Books of Accounts

    Every Section 8 Company is expected to maintain its books of accounts periodically. This includes all the transactions related to income, expense, and donations.

  • Maintenance of Statutory Registers

    It is mandatory for the section company to maintain statutory registers. This will provide an overview of the working structure of the company.

  • Convene Statutory Meetings

    Section 8 Companies are under obligation to convene a meeting of the board of directors and meeting of shareholders.

  • Preparation of Financial Statements

    Section 8 Company needs to prepare its financial statements. Financial statements are a record of financial transaction that occurred in the company.

  • Income Tax Returns

    Every Section 8 Company is under obligation to file income tax returns by 30th September of the following financial year.

  • Financial Statement Returns Filing (AOC-4)

    It is mandatory for a Section 8 Company to file AOC-4 along with supporting documents. This return comprises details of the financial statements of the company. This is filed within 30 days of the date of annual general meeting.

  • Annual Return Filing (MGT-7 -ROC Annual Returns)

    The Section 8 Company will file its annual return with the Ministry of Corporate Affairs through form MGT -7.

One-Time Compliances for Section 8 Company

One-time or event-based compliances are those which are filed only on the occurrences of the concerned event. These are non-repetitive and are not needed to be filed periodically.

The obligation to file such compliance occurs because of the happening of a specific event. The list of event-based or one-time compliances is as follows

  • Receipt of share application money.
  • For Allotment of shares.
  • Transfer of shares.
  • In Appointment/Resignation of directors.
  • In Appointment /Resignation of Managing Director/ Whole Time Director.
  • Executing agreement with related parties.
  • Any Change in the Bank signatories.
  • Any Change in the statutory auditor.
  • Additional Compliances- Registration for 80G and 12AA(Not Mandatory)

Due Dates for Section 8 Company Compliances

A Section 8 Company should avoid penalties and fines by filing compliances on time. Below are the due dates for filing of compliances for a Section 8 Company.

COMPLIANCE

DUE DATE

AGM (Annual General Meeting)

30 th September

AOC-4

Within 30 days of AGM

MGT-7

Within 60 days of AGM

Income Tax Return

30th September

Penalties for Non-Filing of Compliance

Every Section 8 Company should file compliances on time and with necessary records. Failure to do the same can attract heavy penalties and fines.

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