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File Annual Compliance for Your Company In India
Annual compliance for companies in India is crucial to ensure adherence to legal and regulatory requirements. It helps maintain transparency, accountability, and trust among stakeholders. Regular compliance also prevents legal penalties and enhances the company's reputation.
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Tax and Compliances
Following are the Compliances that will be required
Annual General Meeting (AGM)
Conducting an AGM to discuss and approve financial statements, declare dividends, appoint auditors, and address any other business matters.
Filing of Annual Return
Filing Form MGT-7 with the Registrar of Companies (RoC) containing details of the company's shareholders, directors, and other key information.
Filing of Financial Statements
Filing Form AOC-4 with the RoC, which includes the company's balance sheet, profit and loss account, and other financial documents.
Income Tax Return
Filing the company's income tax return for the financial year to report income, expenses, and taxes paid.
Secretarial Audit Report
For certain classes of companies, filing a secretarial audit report by a company secretary to ensure compliance with various laws and regulations.
Consequences and Compliances
Following are the Compliances that will be required
Penalties and Fines
Non-compliance can lead to substantial financial penalties and fines imposed by regulatory authorities.
Legal Action
Companies and their directors may face legal action, including prosecution, for failing to meet compliance requirements.
Loss of Reputation
Non-compliance can harm the company's reputation, affecting its relationships with stakeholders, investors, and customers.
Operational Hurdles
Failure to comply may lead to operational restrictions, including disqualification of directors and cancellation of licenses.
Documents Required
Following are the documents that will be required
Bank Statement
Bank statement of the company/entity during the Financial Year.
Sales and Purchase Invoices
Sales Invoices of the company/entity during the Financial Year.
Cash Ledgers
Cash Ledgers of the company/entity during the Financial Year.
Frequently Asked Questions
Answered all frequently asked questions, Still confused? feel free to contact us.
What is the due date for holding the AGM?
The AGM must be held within six months from the end of the financial year, i.e., by September 30th.
What are the penalties for late filing of annual returns?
Late filing of annual returns can attract penalties ranging from INR 100 to INR 200 per day of default, depending on the type of form and delay.
Is the secretarial audit mandatory for all companies?
No, the secretarial audit is mandatory only for listed companies and certain other classes of companies as prescribed under the Companies Act, 2013.
Can the financial statements be filed without audit?
No, the financial statements must be audited by a qualified auditor before filing with the Registrar of Companies.
What is the consequence of not holding an AGM?
Failure to hold an AGM can result in penalties for the company and its officers, and the Registrar of Companies may initiate legal action.