If your firm is registered in India, you must be aware of and abide by the many requirements outlined by corporate regulations, such as the Companies Act, 2013, for private limited companies. Annual compliance for Private Limited Companies tends to be a topic that most expanding companies wish to know about as many startups are incorporated as corporations.
One type of limited liability ownership is a private limited corporation. A private limited company’s restricted liability of its shareholders, independence from other legal bodies, capacity to generate equity capital, and perpetual succession are some of its distinctive qualities that contribute to its popularity. It is the most advised form of organization for family-owned small and medium-sized enterprises.
Table of Contents
What is private limited compliance?
The legal and regulatory requirements that a private limited company must meet in order to conduct business legally are referred to as private limited compliance. By adhering to corporate governance guidelines, upholding openness, and performing its financial and administrative duties, the company is guaranteed to be in compliance. Typical domains of private limited compliance encompass:
- Company Registration: The company must be registered with the Registrar of Companies (RoC) under the Companies Act, 2013.
- Annual Compliance: This includes filing the company’s annual returns and financial statements with the RoC. Companies must hold an Annual General Meeting (AGM) and submit forms like AOC-4 (for financial statements) and MGT-7 (for annual returns).
- Income Tax Returns: Filing income tax returns is mandatory every year, irrespective of the company’s profits or losses. Additionally, advance tax payments may be applicable based on the company’s income.
- Goods and Services Tax (GST): If the company’s turnover exceeds the threshold, it must register under GST and file monthly or quarterly GST returns.
- Director KYC and Compliance: Directors of the company must comply with KYC (Know Your Customer) norms and submit required forms such as DIR-3 KYC annually.
- Board Meetings: The company must hold at least four board meetings per year, and the minutes of these meetings must be maintained.
- Statutory Audits: Private limited companies are required to have their financial statements audited by a certified auditor annually.
- Compliance with Corporate Laws: Companies must adhere to the regulations of the Companies Act, 2013, SEBI (if applicable), and other industry-specific laws.
- TDS (Tax Deducted at Source): If the company deducts tax from payments, it must file quarterly TDS returns.
- ESI and PF Compliance: Companies with a certain number of employees must register and contribute to the Employee State Insurance (ESI) and Provident Fund (PF) schemes.
The corporation and its directors may be subject to penalties, fines, or legal action if these standards are not met.
Compliance Calendar – October 2024
| Date | Compliance Description |
|---|---|
| 07th Oct | TDS Payment for Sep 2024 |
| 11th Oct | GSTR 1 (Monthly) for Sep 2024 |
| 13th Oct | GSTR-1 (Jul-Sep 2024) for QRMP |
| 14th Oct | ADT-1 filing (Appointment of an Auditor for Companies) |
| 15th Oct | TCS Return in Form 27EQ for Jul-Sep 2024 |
| 15th Oct | Provident Fund (PF) & ESI Returns and Payment for Sep 2024 |
| 18th Oct | CMP 08 for July to Sep 2024 (Composition) |
| 20th Oct | GSTR 3B for Sep 2024 (Monthly) |
| 22nd Oct | GSTR 3B (Jul-Sep 2024) for South India |
| 24th Oct | GSTR 3B (Jul-Sep 2024) for North India |
| 29th Oct | AOC 4 Filing for Companies for FY 2023-24 |
| 30th Oct | Form 8 Filing for LLP’s for FY 2023-24 |
| 30th Oct | TDS Payment in Form 26QB (Property), 26QC (Rent), 26QD (Contractor Payments), 26QE (Crypto Assets) for Sep 2024 |
| 30th Oct | Issue of TCS Certificates in Form 27D for July to Sep 2024 |
| 31st Oct | Income Tax Returns for Non Corporate’s who need Audit and Corporates for FY 2023-24 |
| 31st Oct | TDS Returns in Form 24Q, 26Q, 27Q for July to Sep 2024 |
Legal Compliance Checklist for Private Limited Company
There are many forms and returns that must be filed annually in accordance with the firms Act of 2013 compliance requirements for private limited firms. The Income Tax Act of 1961 is relevant and needs to be complied with by all private limited businesses.
Here is the list of Compliances for Private limited company in India
| S. No | Form Purpose | Form No | Notice period/Due date |
|---|---|---|---|
| 1. | Annual financial Statements– If paid up share capital>5 crores /turnover>100 crores, financial statements are to be filed in XBRL Format | AOC-4 | Within 30 days of the annual general meeting |
| 2. | Annual Returns- If paid up share capital>10/ turnover>50 crores, the Pvt ltd company must obtain a certificate from practising company secretary in form MGT-8 | MGT-7A (small companies and OPC), MGT-7 (others) | Within 60 days or before due date of Annual General meeting held. |
| 3. | Disclosure of Interest by the Director to the Company | MBP-1 | First Board meeting of every Financial Year |
| 4. | Disclosure of Non-Disqualification by the Director to the Company | DIR-8 | First Board meeting of every Financial Year |
| 5. | Director KYC | DIR-3 KYC | 30Th September of every year |
| 6. | Deposit Returns | DPT-3 | 30th June of every year |
| 7. | Reappointment/ Casual Vacancy of Auditor | ADT-1 | In case of Reappointment or Causal vacancy within 15 days of the Annual General Meeting held or Extrairdinary general meeting, within which a new auditor is appointed. |
| 8. | Unpaid and Unclaimed Accounts Statements | IEPF-2 | Within 60 days or before due date of Annual General meeting held. |
| 9. | Disclosing the Beneficial Owner | BEN-2 | Within 30 days of receiving the BEN-1 from the shareholder. |
| 10. | Pending Payments to Vendors if it is an MSME | MSME-1 | Follows half yearly return. Due dates for-
1st April to 30th Sep is 30th Oct 1st Oct to 31st Mar is 30th Apr |
| 11. | Appointment and Resignation of Directors- changes in the board of directors, such as appointments, resignations, or changes in director details, must be filed within specified time | DIR-12 | Not applicable |
| 12. | Allotment of Shares- On issuance of new shares, whether for raising capital or other purposes, the details of the allotment must be filed | PAS- 3 | Not applicable |
| 13. | AGM- required to file a notice of the Annual General Meeting (AGM) with the ROC | 21 days before the Annual General Meeting |