Compliance

Solubilis provides Annual compliance services in Chennai, Bangalore, Hyderabad, Cochin and anywhere in India. Compliances are the mandatory process required to confirm the active status of the business undertaking. Annual return filings, auditing are compulsory one. ROC filing is important process in annual compliance process. Most of us having the misconceptions are that excess of turnover taking its importance in the annual filing. But the fact is whether it is a huge profit or utter loss annual filing is inevitable one. It varies according to the type of entities.

Proprietorship Company:

Proprietorship firms are required to file return of income every year, the income tax return filing of the proprietorship firm is of the proprietor. Proprietors other than senior citizens are required to file income tax return if the aggregate income in a year exceeds Rs. 2,50,000/-. If proprietor above the age of 60 years to 80 years, filing of income tax return is compulsory if the total income exceeds Rs.3 lakhs in a year. Proprietor above the age of 80 years is required to file income tax return if the total income exceeds Rs.5 lakhs.

Compliances for Proprietorship

Income Tax filing – Income tax return of proprietorship to be filed on or before 31st July of the respective assessment year, if the turnover below 1 crore, Business having sales turnover or gross receipts exceeds Rs.1 crore tax audit would be required due date for tax audit filing is 30th September of the respective assessment year.

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GST filing - Proprietorship having Annual Turnover up to Rs 1.5 crore can opt for quarterly filing and Proprietorship having Annual Turnover above Rs.1.5 crores should opt for monthly filing.

TDS return filing – TDS return filing is on quarterly basis – 1st April to 30th June – Due date is 31st july, 1st July to 31st September – Due date is 30th September,1st October to 31st December – Due date is 31st January, 1st January to 31st March – Due date is 31st May.

Private limited Company

Every company registered under Companies Act, 1956/2013 l- Private limited company, Public limited company and Section 25/ Section 8 Company must file Income tax return and annual returns with Ministry of Corporate Affairs. Before filing of annual return the company must conduct at least 4 board meetings in a financial year and Annual general meeting within 6 months form the end of each financial year - Due date is 30th September. First Annual General Meeting should be conducted within 9 months from the date of closure of financial year. Companies must file income tax return irrespective of profit or loss. Even dormant companies with no transactions are required to file income tax return each year. The due date for filing income tax return for a company is on or before the 30th of September

Appointment of Auditor: All the companies registered in India must appoint auditors within 30 days from the date of incorporation.

Compliances for Private limited Companies:

Commencement of business - Companies incorporated after November 2018 and having share capital are required to obtain certificate of commencement of business before starting any business activity or exercising any borrowing powers. It must be obtained within 180 days from the date of incorporation of the company. Failure to obtain commencement certificate will lead to penalty of Rs.50,000 for company and penalty of Rs.1000 per day for the Directors.

GST filing – Private limited having Annual Turnover up to Rs 1.5 crore can opt for quarterly filing and private limited having Annual Turnover above Rs.1.5 crores should opt for monthly filing.

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Income Tax filing – Income tax return of private limited company to be filed on or before 30th September of the respective assessment year

TDS return filing – TDS return filing is on quarterly basis – 1st April to 30th June – Due date is 31st July, 1st July to 31st September – Due date is 30th September,1st October to 31st December – Due date is 31st January, 1st January to 31st March – Due date is 31st May.

Form AOC-4 with MCA – Its mandatory for every company to file form AOC 4 within 30 days from the date of Annual general meeting. Failure to file AOC 4 will attract penalty of Rs.100 per day.

Form MGT-7 with MCA - Its mandatory for every company to file form MGT 7 within 60 days from the date of Annual general meeting. Failure to file MGT 7 will attract penalty of Rs.100 per day.

DIN KYC – For every financial year - Every Director who has been allotted DIN on or before the end of the financial year, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year.

Filling Form DPT-3Initial Return for disclosure of details of outstanding money or loan received by company but not considered as deposits from 01st April, 2014 till 22nd January, 2019 should filed within 30 days from the date of deployment of form.

INC-22-A - All Companies which are incorporated on or before 31st December 2017 and are Active as on date are required to file the particulars for verification of registered office, in eForm ACTIVE-INC-22A on or before 25th April 2019. Penalty for non filing of the form by the due date is Rs. 10,000/-.

One Person Company:

One person must file Income tax return and annual returns with Ministry of Corporate Affairs within 180 days from the closure of financial year. The due date for filing income tax return for a company is on or before the 30th of September.

Appointment of Auditor:One person company registered India must appoint auditors within 30 days from the date of incorporation.

Compliances for OPC:

Commencement of business – One Person Company incorporated after November 2018 and having share capital is required to obtain certificate of commencement of business before starting any business activity or exercising any borrowing powers. It must be obtained within 180 days from the date of incorporation of the company. Failure to obtain commencement certificate will lead to penalty of Rs.50,000 for company and penalty of Rs.1000 per day for the Directors.

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GST filing – One person company having Annual Turnover up to Rs 1.5 crore can opt for quarterly filing and private limited having Annual Turnover above Rs.1.5 crores should opt for monthly filing.

Income Tax filing – Income tax return of One Person company to be filed on or before 30th September of the respective assessment year

TDS return filing – TDS return filing is on quarterly basis – 1st April to 30th June – Due date is 31st july, 1st July to 31st September – Due date is 30th September,1st October to 31st December – Due date is 31st January, 1st January to 31st March – Due date is 31st May.

Form AOC-4 with MCA – It’s mandatory for every One Person Company to file form AOC 4 within 180 days from the closure of financial year.

Form MGT-7 with MCA - It’s mandatory for every company One Person Company to file form MGT 7 within 180 days from the closure of financial year.

DIN KYC – For every financial year - Every Director who has been allotted DIN on or before the end of the financial year, would be mandatorily required to file form DIR-3 KYC before 30th April of the immediately next financial year.

Filling Form DPT-3Initial Return for disclosure of details of outstanding money or loan received by company but not considered as deposits from 01st April, 2014 till 22nd January, 2019 should filed within 30 days from the date of deployment of form.

INC-22-A - All Companies which are incorporated on or before 31st December 2017 and are Active as on date are required to file the particulars for verification of registered office, in eForm ACTIVE-INC-22A on or before 25th April 2019. Penalty for non filing of the form by the due date is Rs. 10,000/-.

Limited Liability Partnership Company:

All Limited Liability Partnership need to intimate their revenue and fund outflow statements to respective departments of Income Tax and Registrar of Companies. LLP registered in India must file its Annual Return is 30th May and Due date for filing Statement of Account is 30th October. Apart from filing return with MCA, LLPs must mandatorily file income tax return every year within 6 months form the closure of the financial year.

Compliances for LLP

LLP Form 11 - Form 11 should provide details of partners, Contribution received from each partner, Total number of partners, Details of body corporate as partner. All LLPs should file this form within 30th May of next financial year along with prescribed fee, failure to file form within due date will attract penalty of Rs.100 per day.

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LLP Form 8 - Form 8 provides details of Statement of Solvency, Statement of Accounts and Statement of Income & Expenditure must be filed within 30th October of the next financial year along with along with prescribed fee, failure to file form within due date will attract penalty of Rs.100 per day.

GST filing – LLP having Annual Turnover up to Rs 1.5 crore can opt for quarterly filing and LLP having Annual Turnover above Rs.1.5 crores should opt for monthly filing.

Income Tax filing – The due date for LLP income tax filing is 31st july . LLP whose turnover exceeds Rs. 40 Lakh or contribution exceeded Rs. 25 Lakh are required to get their accounts audited due date for filing income tax for tax audit cases is 30th September.

TDS return filing – TDS return filing is on quarterly basis – 1st April to 30th June – Due date is 31st July, 1st July to 31st Sepetmber – Due date is 30th September,1st October to 31st December – Due date is 31st January, 1st January to 31st March – Due date is 31st May.

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