Annual compliance

The Companies Act lays down annual legal compliances such that every company should follow without fail. These annual compliances act as regular updates to the Government. It emphasizes that company is conducting business according to the Indian law. The mandatory annual compliances includes appointing the auditor, Annual general Meetings, Board meeting of Directors, Annual ROC form filing, Maintain register and records, Income tax compliances, audit reports. When a limited company has found to be not adhering the annual and event compliances then it can be penalized. The Directors have to bear the negative consequences. Added to it, the Directors are not allowed to incorporate a new company for a period of 5 years.

The company should hold a meeting for the shareholders once in a year within a period of 6 months from the date of closing financial year. A company should file the annual returns, financial statements with directors and shareholders details. The records must adhere the rules and ready for the inspection. When compliances are adhered the company raises the reputation in the eyes of the public. There is less burden.

A proprietorship firm means it is not different from the proprietor. It is not a company, so it is not necessary to have registration under Companies Act.

It is required to file income tax return every year. The income tax can be filed either physically or e-filing portal. Form IT3 and Form IT4 are used. Proprietorship does not require an audit to file tax return by 31st of July. It requires to file income tax returns by 30th of September. If proprietorship has conducted domestic and international transactions have to file return by 30th of November.

Individual tax return should be done by the firm. The proprietorship having annual turnover upto 1.5 crore.

TDS return filing is on quarterly basis. TDS is tax deducted at Source. It is a form of tax that is collected by the Government of India. It is managed by CBDT. 1st Quarter- 31st March 2021. 2nd Quarter- 31st March 2021. 3rd Quarter- 31st January 2021. 4th Quarter- 31st May 2021.

A private company is owned by non-government organization or relatively owned privately. The private limited company does not trade the shares to the public.

The first auditor shall be appointed by BOD that too within 30 days of Incorporation.

Private limited company having turnover up to 1.5 crore can opt for the quarterly filing.

Income tax return of private limited company on or before 30th September.

TDS return filing is on quarterly basis.

It is necessary to file AOC 4 within 30 days of AGM. If failed it will get penalty.

It is necessary to file MGT 7 within 60 days from AGM. Else it will be penalised.

Every Director who has DIN on or end of the financial year. It is necessary to file the form DIR-3 KYC before 30th April.

Initial return for the disclosure of details.

All companies that have incorporation before 31st December 2017. Else it will have penalty.

One person company is a private company, a minimum of 2 Directors, 2 members are required. It has been introduced by Company’s act 2013. It is incorporated by single person.

OPC incorporated after November 2018 and has share capital is necessary to obtain the certificate. It should be obtained within 180 days from date of incorporation of company. Failure will attract the penalty.

OPC having turnover upto rs. 1.5 crore can opt for quarterly filing and private limited Rs.1.5 crore for monthly filing.

Income tax of One Person Company. It should be filed within 30th September.

It is done on quarterly basis 1st April to 30th June. Due date is 31st July. 1st July to 31st September. Due date is 30th September. 1st October to 31st December. Due date is 31st January. 1st January to 31st March. Due date is 31st May.

It is necessary to file AOC 4 within 30 days of AGM. If failed it will get penalty.

It is necessary to file MGT 7 within 60 days from AGM. Else it will be penalised.

Every Director who has DIN on or end of the financial year. Then file the form DIR-3 KYC before 30th April.

Initial return for disclosure of details by company but not considered as deposits from 1st April till 22nd January 2019.

All companies that are incorporated on or before 31st December 2017.

Limited liability need to intimate the revenue to the respective Income tax department and registrar of companies. Annual return should be filed in 30th May. Due date is 30th October.

Form 11 should provide details of partners, contribution, total number of partners, details of the body corporate. All LLP should file within May 30. Else penalty will be levied.

Form 8 provides the details like statement of solvency, Account statement, Statement of income and expenditure must be filed. It should be done within 30th October. If it faces failure the penalty will be imposed.

LLP has annual turnover up to 1.5 crore can opt for quarterly filing. LLP that has annual turnover Rs. 1.5 Crore has monthly filing.

The due date is 31st July for income tax filing. LLP that has exceeding turnover of Rs.40 lakhs, contribution exceeds Rs.25 lakh required to get the accounts audited due date for filing income tax.

It is done on quarterly basis 1st April to 30th June. Due date is 31st July. 1st July to 31st September. Due date is 30th September. 1st October to 31st December. Due date is 31st January. 1st January to 31st March. Due date is 31st May.