Advoxpert is your go-to partner for ensuring seamless annual compliance for Private Limited (PVT) companies. Navigate through regulatory requirements with ease in just a few clicks. T&C* apply.
✓ Top-Tier Compliance Filing:
Rely on our team of highly qualified CAs to deliver excellence in every aspect of compliance filing. Explore our comprehensive package for all the details.
✓ Complete Corporate Legal Assistance:
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The Companies Act 2013, overseen by the Ministry of Corporate Affairs (MCA), governs all registered companies in India. This includes private limited companies, one-person companies, limited companies, and section 8 companies. To maintain compliance, these entities must annually submit returns to the MCA and file income tax returns. Non-compliance may lead to penalties or director disqualification. An annual general meeting is a prerequisite before filing returns, to be held within 18 months from incorporation or 9 months from the financial year-end, following the commencement of the financial year on April 1 and concluding on March 31.
The Initial Annual General Meeting must occur within six months from the financial year's close. Irrespective of profits or losses, businesses, including those without sales, are obligated to file income tax returns annually.
✓ Legal Protection:
Annual compliance ensures that a company operates within the legal boundaries, reducing the risk of legal challenges and protecting its overall legal standing.
✓ Financial Transparency:
Through mandatory annual filings, companies showcase transparent financial statements, building trust among stakeholders and potential investors.
✓ Avoid Penalties:
Timely submission of compliance documents helps companies steer clear of penalties and legal repercussions, preserving financial resources.
✓ Operational Efficiency:
Adhering to annual compliance procedures ensures that a company's day-to-day operations align with legal standards, promoting overall operational efficiency.
✓ Stakeholder Confidence:
Consistent compliance fosters confidence among stakeholders, including customers, suppliers, and employees, contributing to a positive business image.
✓ Access to Funding:
Compliant companies are more appealing to investors and lenders, enhancing their ability to secure funding for expansion and strategic initiatives.
Mandatory Compliance Checklist for Companies in India:
● Commencement of Business (Within 180 Days):
Companies incorporated in India are obligated to secure a Commencement of Business certificate within 180 days from incorporation. Failure to obtain this certificate may result in a fee of Rs.50,000 for the company and a liability of Rs.1,000 for the client.
● Auditor Appointment (Within 30 Days):
Registered companies in India must appoint a statutory auditor within 30 days of incorporation. Failing to designate an auditor within the stipulated time could lead to a monthly fine of Rs.300, and the company will not be permitted to commence business until compliance is met.
● Income Tax Return (30th Sep):
Every Indian-incorporated company is required to file an Income Tax Return on or before September 30th for each financial year. Failure to file the income tax return within the specified period may result in a penalty of Rs.10,000.
● MCA Form AOC-4 (30th Nov):
Companies incorporated in India must submit MCA Form AOC-4 on or before November 30th for each financial year. Non-compliance with this requirement may lead to a penalty of Rs.200 for each day of default or delay.
● MCA Form MGT-7 (31st Dec):
Indian-incorporated companies are expected to file MCA Form MGT-7 on or before December 31st for every financial year. Failure to submit this form may incur a penalty of Rs.200 for each day of default or delay.
● DIR-3 eKYC:
Directors of all companies are required to submit DIN eKYC or DIR-3 eKYC. This involves providing and verifying the director's mobile number and personal email address. Failure to register DIN eKYC may result in a penalty of Rs.5,000 per DIN.
● Director's Report:
Preparing and submitting a director's report, providing an overview of the company's operations, financial performance, and future plans.
● Maintenance of Statutory Registers:
Keeping and maintaining statutory registers, including registers of members, directors, and other required records.
✓ Expert Guidance: Benefit from Advoxpert's expert counsel for navigating annual compliance intricacies.
✓ Timely Filings: Ensure punctual submission of crucial documents, avoiding compliance delays.
✓ Legal Compliance Assurance: Rely on Advoxpert for thorough legal checks, preventing penalties through strict compliance adherence.
✓ Tailored Plans: Personalized compliance plans designed to precisely fit each client's unique needs.
✓ Efficient Coordination: Advoxpert streamlines Annual General Meeting coordination, ensuring regulatory alignment and client confidence.
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