Proprietorship firms must file an annual income tax return. Owners under 60 years need to file if their yearly income surpasses Rs. 2,50,000. For those aged 60 to 80, it's mandatory if the income exceeds Rs. 3 lakhs, while those above 80 need to file if income exceeds Rs. 5 lakhs.
Compliances for Proprietorship
Income Tax filing : Due by July 31st; if turnover is under 1 crore. If turnover exceeds Rs. 1 crore, tax audit filing is due by September 30th.
GST filing : Quarterly for turnovers up to Rs. 1.5 crore; monthly for turnovers above Rs. 1.5 crore.
TDS return filing : Quarterly deadlines - July 31st, September 30th, January 31st, and May 31st.
A private limited company is a business held by a small group with limited liability. Shareholders are responsible for the company's debts to the extent of their contribution. This structure restricts liability to their shares, limits shareholders to 200, and bars public trading of shares. All entities under the Companies Act, 1956/2013, like Private Limited, Public Limited, and Section 25/Section 8 companies, must file Income tax and annual returns with the Ministry of Corporate Affairs.
Appointment of Auditor: Companies in India must appoint auditors within 30 days of incorporation.
Compliances for Private limited Companies:
Commencement of business : Companies formed post-November 2018 with share capital need a commencement certificate within 180 days. Failure incurs a penalty of Rs.50,000 for the company and Rs.1000/day for Directors.
GST filing : Companies with Annual Turnover up to Rs 1.5 crore can opt for quarterly filing; above Rs.1.5 crores, monthly filing is necessary.
Income Tax filing : Private Limited company's income tax return should be filed by 30th September.
TDS return filing : Quarterly basis – 1st Apr to 30th Jun – Due date is 31st Jul, 1st Jul to 30th Sep – Due date is 30th Sep, 1st Oct to 31st Dec – Due date is 31st Jan, 1st Jan to 31st Mar – Due date is 31st May.
Form AOC-4 with MCA : Mandatory filing within 30 days of the Annual General Meeting, penalty Rs.100/day for non-filing.
Form MGT-7 with MCA : Required within 60 days of the AGM, penalty Rs.100/day for non-filing.
DIN KYC : – Directors allotted DIN before the financial year-end must file DIR-3 KYC by 30th April of the following financial year.
Filling Form DPT - 3 : Initial Return for non-deposit loans till 22nd Jan 2019 within 30 days from deployment.
INC-22-A : Active companies incorporated pre-31st Dec 2017 must file particulars for office verification in e-Form ACTIVE-INC-22A by 25th April 2019, penalty Rs. 10,000 for late filing.
A One Person Company (OPC) is a distinct legal entity separate from its member. This implies that the company is responsible for its affairs, and the member is not held personally liable. Therefore, creditors cannot pursue the member to recover dues pending from the company. The company must file its Income Tax and annual returns with the Ministry of Corporate Affairs within 180 days after the financial year closes. The due date for filing the income tax return for an OPC is on or before the 30th of September.
Appointment of Auditor: An OPC in India must appoint auditors within 30 days from its date of incorporation.
Compliances for OPC:
Commencement of business : : Business Commencement: An OPC formed post-November 2018 with share capital needs a certificate of commencement of business within 180 days from incorporation. Failure results in a penalty of Rs. 50,000 for the company and Rs. 1000 per day for its Directors.
GST filing : An OPC with Annual Turnover up to Rs 1.5 crore can opt for quarterly filing, while those above Rs. 1.5 crores should opt for monthly filing.
Income Tax filing : The income tax return of an OPC should be filed by 30th September of the respective assessment year.
TDS return filing : Quarterly basis – 1st Apr to 30th Jun – Due date is 31st Jul, 1st Jul to 30th Sep – Due date is 30th Sep, 1st Oct to 31st Dec – Due date is 31st Jan, 1st Jan to 31st Mar – Due date is 31st May.
Form AOC-4 with MCA – : It's mandatory for every OPC to file Form AOC-4 within 180 days from the financial year's closure.
Form MGT-7 with MCA : - It's mandatory for every OPC to file Form MGT-7 within 180 days from the financial year's closure.
DIN KYC : Every Director with DIN allotted on or before the financial year-end must file Form DIR-3 KYC by 30th April of the immediately following financial year.
Filling Form DPT - 3 : Initial return for disclosure of non-deposit loans till 22nd Jan 2019 should be filed within 30 days from the form's deployment.
INC-22-A : All active companies incorporated on or before 31st Dec 2017 must file particulars for office verification in eForm ACTIVE-INC-22A by 25th April 2019. The penalty for late filing is Rs. 10,000.
Limited Liability Partnerships (LLPs) are required to inform the Income Tax and Registrar of Companies about their revenue and fund outflow. LLPs registered in India must file their Annual Return by 30th May, and the Statement of Account by 30th October. Additionally, apart from filing returns with MCA, LLPs must file their income tax return every year within 6 months from the end of the financial year.
Compliances for LLP
LLP Form 11 : This form includes partner details, contributions received from each partner, total number of partners, and information about corporate partners. All LLPs should file this form by 30th May of the following financial year, with a prescribed fee. Failure to do so will result in a penalty of Rs.100 per day.
LLP Form 8 : This form presents details of Solvency, Accounts, and Income & Expenditure Statements. It should be filed by 30th October of the subsequent financial year, along with the prescribed fee. Failure to file incurs a penalty of Rs.100 per day.
GST filing : LLPs with an Annual Turnover up to Rs. 1.5 crore can choose quarterly filing, while those above Rs. 1.5 crores should opt for monthly filing.
Income Tax filing : Income Tax Filing: The deadline for filing income tax for LLPs is 31st July. LLPs with turnover over Rs. 40 lakh or contributions exceeding Rs. 25 lakh need to get their accounts audited. For tax audit cases, the deadline is 30th September.
TDS return filing : 1st April to 30th June – Due date: 31st July, 1st July to 31st September – Due date: 30th September, 1st October to 31st December – Due date: 31st January, 1st January to 31st March – Due date: 31st May.
