Company Annual Compliance | ITR

Proprietorship companies are required to file Income tax return every year. 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.

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.

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

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/-.

It’s a type of private limited company. It has the separate legal entity different from the member. This means that the Company is responsible for the affairs of the company and the member are not responsible for the same. Hence no one can proceed against the member recover their dues pending from the company. The company must file their 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.

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

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.

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.

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.

FAQ'S

All Companies are under obligation to maintain the annual accounts which should reflect genuine and authentic information/views of its state and affairs. If even the COMPANY does not do any business in the market still it has to comply with the statutory requirement of Annual Return, profit, Balance Sheet and Income Tax Return every year. The fee depends on the capital of the Company.

Yes, as per section 92, Annual return also to be filed by a small company also

The Annual return can be submitted by any of its directors but it shall be duly signed by both the directors of the COMPANY and by the Manager or Company Secretary. There are certain cases when there is no Manager/ CS in a COMPANY in such situations signature of both the directors is compulsory.

Yes, every company irrespective of the number of transactions has to get the compliance filings done. However, the process will be much simpler.

Balance sheet and Annual Returns have to be filed once a year. In addition, companies have to file Form 3 if there is Return of Allotment, Form No INC-22. If there is a change in the Registered Office; Form No DIR-12 for Change of Directors; etc.

The AGM has to be conducted at the registered office of the company or at any other place within the city, town or village wherever the registered office is situated. The Meeting should happen during the business hours (9 am-6 pm) on any day that is not a national holiday declared by the Central Government

Whenever a change occurs in the interest of Directors, the same has to be disclosed at the first Board Meeting held As per section 184, whenever any change occurs in the interest of Directors, disclosure of the same is required to be made at the first Board Meeting held after such change