Private Limited Company, How to register aa Private Limited Company in India, What is private Limited Company, Ebizfiling

Following are the Mandatory compliances to be carried out by a Private Limited Company.:

 

  • Appointment of Auditor

The first Auditor will be appointed within one month from the date of incorporation of the Company. Moreover, Auditor will be appointed for the 5 (Five) years and form ADT-1 will be filed for 5 year appointment

  • Statutory Audit of Accounts

The Auditor shall provide an Audit Report and the Audited Financial Statements for the purpose of filing it with the Registrar

Every Private Limited Company is required to file its Annual Return within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.

Every Private Limited Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting.

  • Holding Annual General Meeting

It is mandatory for every Private Limited Company to hold an AGM in every Calendar Year. Companies are required to hold their AGM within a period of six months, from the date of closing of the Financial Year

  • Preparation of Directors’ Report

Directors’ Report will be prepared with a mention of all the information required under Section 134.

  • Income Tax Compliances

Calculation and Quarterly Payment of Advance Tax Filing of Income Tax Returns (Tax will be payable at a flat rate of 25% plus Education Cess)

 

Tax Audit is Mandatory in case sales, turnover or gross receipts of a business exceed Rupees One Crore in the previous year relevant to the assessment year.

 

Filing of Tax Audit Report is required in case of applicability of Tax Audit.

 

Maintenance of Statutory Registers and Records

 

A Private Limited Company has to maintain various statutory registers and records as required by the Company law such as Register of shares, Register of Members, Register of Directors etc. Besides, Incorporation documents of the company, Resolutions of the meetings of the Board of Directors, Minutes of the Board Meetings and Annual General Meeting etc. are also required to be preserved by the Company

 

Such records are to be kept at the registered office of the company and shall be open for inspection to its members during business hours. Also, the books of account of every company relating to a period of at least eight financial years should be preserved and kept in good order.

 

  • Other Event Based Filings

 

Besides Annual Filings, there are various other compliances which need to be done as and when any event takes place in the Company. Instances of such events are as follows:

  • Change in Authorized or Paid up Capital of the Company.
  • Allotment of new shares or transfer of shares
  • Giving Loans to other Companies.
  • Giving Loans to Directors
  • Appointment of Managing or whole time Director and payment of remuneration.
  • Loans to Directors
  • Opening or closing of bank accounts or change in signatories of Bank account.
  • Appointment or change of the Statutory Auditors of the Company.

 

If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues. If there is a delay in any filing, then additional fees are required to be paid, which keeps on increasing as the time period of non-compliance increases.

 

It should be noted that some of the Annual Filing Forms can also be revised but the fees for subsequently revised filing shall be charged, assuming it as a new filing.

 

About EbizFiling.com :

 

EbizFiling.com is a motivated and progressive concept conceived by like-minded people, which helps small, medium and large businesses to fulfill all compliance requirements of Indian Laws.

 

Get in touch for a free consultation on info@ebizfiling.com or call 9643203209.

About Ebizfiling -

EbizFiling is a concept that emerged with the progressive and intellectual mindset of like-minded people. It aims at delivering the end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad in all the best possible ways.
 
To know more about our services and for a free consultation, get in touch with our team on  info@ebizfiling.com or call 9643203209.
 
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Author: ishita

Ishita Ramani is a young woman entrepreneur and currently the Operations Director at Ebizfiling India Private Limited. In her entire career so far, she has led a team of 50+ professionals like CA, CS, MBAs and retired bankers. Apart from her individual experience on almost every facet of Indian Statutory Compliances, she has been instrumental in setting up operations at Ebizfiling.com! Read about her journey at- https://www.greatcompanies.in/post/ishita-ramani-operation-director-at-ebizfiling-india-pvt-ltd

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