Annual Compliance

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Annual Compliances FOR LLP registration in India


A limited liability partnership (LLP) is a partnership in which some or all partners (depending on the jurisdiction) have limited liabilities. Limited Liability Partnership agreement means any written agreement between the partners of the limited liability partnership or between the limited liability partnership and its partners which determines the mutual rights and duties of the partners and their rights and duties in relation to that limited liability partnership

ANNUAL COMPLIANCES FOR LLP: Annual Compliances For (LLP)

  • LLP is required to file :
  • LLP Form 8 (Statement of Account & Solvency) and
  • LLP Form 11 (Annual Return) annually.

The ‘Annual Return’ is required to be filed within 60 days of close of the financial year and ‘Statement of Accounts & Solvency’ shall be filed within 30 days from the end of six months of the financial year to which it relates. Every LLP has to maintain uniform financial year ending on 31st March of a year.

All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Companies must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.

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Annual compliances OPC

  • Filing of Annual Return : FORM MGT-7 Containing the Statement of Disclosure of Shareholders and Directors, this Form is to be filed with the relevant ROC, within a maximum of Sixty Days counted from the date of Annual General Meeting (AGM).
  • Filing the Financial Statements : Containing all monetary and finance related audited accounts of the OPC, this Form is to be filed with the ROC concerned, on or before 30th October every year.
  • Filing Income Tax Returns : This Form is to be filed by the OPC on or before 30th September every year. If the annual turnover of the OPC exceeds INR One Crore, then mandatory is tax audit.

ANNUAL COMPLIANCES FOR PRIVATE COMPANY !!

A private limited company is a company privately held for businesses owned either by nongovernmental organizations or by a relatively small number of shareholders . This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares.

  • Appointment of Auditor (E-form ADT-1): Form ADT-1 is filed for a 5-year appointment. After that every year in AGM, Shareholder ratify..
  • E-forms Filing Requirements
    MGT-7: File Annual Return within 60 days of holding of AGM for the period 1st April to 31st March.
    AOC-4: File Financial Statement: i.e Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report
    MBP- 1 : Every Director of the Company in First Meeting of the Board of Director in each Financial Year needs to disclose his interest in other entities by filing the form. Fresh MBP-1 needs to be filed, whenever there is change in his interest from the earlier given MBP-1
  • Form DIR-8: Every director of the compamny in each financial year has to file with the company disclosure of non-disqualification
  • Payment of periodic dues (GST Liability, TDS & TCS payment)
  • Monthly/Quarterly GST Returns
  • Quarterly TDS Returns
  • Assessment of advance tax liability and payment of advance tax periodically
  • Filing of Income Tax Returns
  • Filing of Tax Audit Report
  • Statutory registers and books of accounts
    Books of Accounts/Financial Statements(section 44aa)
    Board Meeting Minutes Book
    General Meeting Minutes Book (i.e. AGM, EGM, Postal Ballot, Creditors Meetings, Debenture holders Meetings)
    Statutory Registers: Example:- MGT-1: Register of Members, MGT-3: Foreign register of members, Debenture Holders other security holders or beneficiary residing outside India
  • Report by Board of Directors: Every Company has to prepare a board report in which details of the state of the company, operations during the year, net profit, dividend declaration and its compliance with a set of financial, accounting and corporate social responsibility standards contains.

Annual Compliances for Public Company !!

  • Annual Return in Form MGT-7: This Form contains the latest information about the directors and shareholders of the public limited company, and is to be filed with relevant ROC within Sixty days of holding the Annual General Meeting (AGM).
  • Form AOC-4 : This Form is to be filed with the relevant ROC within Thirty days of holding the AGM of the company. As per the new provisions dictated by the Companies Act of 2013, this Form will contain the Balance Sheet, Profit and Loss Account, Directors' Report, Cash Flow Statement, Auditor's Report, and the Consolidated Financial Statement. Again, now every listed public limited company located anywhere in India, is required to prepare its Financial Statement in Extensible Business Reporting system (XBRL).
  • Form MGT-14 : This Adoption of Financials and Director's Report, is to be filed within Thirty days from the Board Meeting, together with the copy of the Board Meeting of the public limited company.
  • TDS Returns: Quarterly TDS Returns
  • Monthly/Quarterly GST Return
  • Assessment of advance tax liability and payment of advance tax periodically
  • Income Tax Returns: This inevitable Form is to be filed with the Income Tax Department, on or before 30th September of the following financial year. Again, tax-audit will be compulsory if the annual turnover of the public limited company gets more than Rs. One Crore.
  • Secretarial Audit Report in Form MR-3: Now, every public limited company (listed or unlisted) is required to submit the Secretarial Audit Report along with the Board Report, under any of the following conditions --- a) when its total paid-up capital becomes equal to or crosses Rs. Fifty Crore; or b) its annual turnover equals to or exceeds Rs. 250 Crore
  • Form MGT-14: This Adoption of Financials and Director's Report, is to be filed within Thirty days from the Board Meeting, together with the copy of the Board Meeting of the public limited company
  • Form MGT-15: : This contains exclusive report on the Annual General Meeting (AGM) of the company.
  • Assessment of advance tax liability and payment of advance tax periodically.
  • Filing of Income Tax Returns
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