A private limited company is a company privately held by small group of people with limited liability. The shareholder will be liable to pay for company’s liability only to the extent of the contribution made to the company. This type of business entity limits owner liability to their shareholdings, the number of shareholders to 200, and restricts shareholders from publicly trading shares. Every company registered under Companies Act, 1956/2013 whether it’s a 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.
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.
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 - 3 : Initial 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/-.