Annual Compliance

Solubilis offers Annual Compliance services in India. Compliance procedures become mandatory once a business is registered, confirming its active status. These include essential tasks such as annual return filings, auditing, and ROC filing. Contrary to common belief, the significance of annual filings isn't solely tied to high turnovers. Whether a business sees significant profits or faces losses, annual filing remains an essential requirement, varying based on the entity type.

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Proprietorship businesses must file their Income Tax Returns annually. For proprietors under 60 years, filing is mandatory when the yearly income surpasses Rs. 2,50,000. Those between 60 to 80 years must file if their income exceeds Rs. 3 lakhs annually. Proprietors above 80 years need to file returns when their total income crosses Rs. 5 lakhs in a year.

Compliances for Proprietorship

Income Tax filing : For proprietorships with turnover below Rs. 1 crore, the Income Tax Return deadline is July 31st. If the sales exceed Rs. 1 crore, a tax audit is needed, with the audit filing due by September 30th.

GST filing : Proprietorships with an annual turnover up to Rs. 1.5 crore can choose quarterly filing. Those above Rs. 1.5 crore must file monthly.

TDS return filing : : Quarterly TDS return filing deadlines are as follows: July 31st (April to June), September 30th (July to September), January 31st (October to December), and May 31st (January to March).

A private limited company, held privately with limited liability, restricts owner liability to their shareholdings and limits shareholders to 200, preventing public trading of shares. All companies under Companies Act, whether Private, Public, or Section 25/ Section 8, must file Income Tax and annual returns with the Ministry of Corporate Affairs.

Appointment of Auditor: Companies in India need to appoint auditors within 30 days of incorporation.

Compliances for Private limited Companies:

Commencement of business : Post November 2018, companies with share capital must obtain a commencement certificate within 180 days of incorporation. Non-compliance attracts penalties.

GST filing : Private limited companies with turnovers below Rs. 1.5 crore can opt for quarterly filing, while those above should file monthly.

Income Tax filing : The deadline for private limited companies' income tax returns is September 30th.

TDS return filing : Quarterly TDS return filings are due on July 31st, September 30th, January 31st, and May 31st.

Form AOC-4 with MCA : Mandatory filings within specified periods post the Annual General Meeting to avoid penalties.

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 : – Directors with DIN need to file form DIR-3 KYC by April 30th of the following financial year.

Filling Form DPT - 3 : Initial Return for loan details should be filed within 30 days from the deployment date.

INC-22-A : Companies incorporated before December 31st, 2017, must verify their registered office details through e-Form ACTIVE-INC-22A by April 25th, 2019, to avoid a penalty of Rs. 10,000 for non-filing.

A One Person Company (OPC) operates as a private limited company with its distinct legal entity, providing limited liability to its member. The company must file its Income Tax and annual returns with the Ministry of Corporate Affairs within 180 days of the financial year's closure, with an income tax return deadline of September 30th.

Appointment of Auditor: An OPC in India must appoint auditors within 30 days of incorporation.

Compliances for OPC:

Commencement of business : Commencement of Business: Post-November 2018, OPCs with share capital need a commencement certificate within 180 days of incorporation. Non-compliance attracts penalties.

GST filing : OPCs with turnovers below Rs. 1.5 crore can opt for quarterly filing, while those above should file monthly.

Income Tax filing : The deadline for income tax returns for OPCs is September 30th.

TDS return filing : Quarterly filings are due on July 31st, September 30th, January 31st, and May 31st.

Form AOC-4 with MCA – : Mandatory filings within 180 days after the financial year end.

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 : Directors allotted DIN by the financial year's end must file form DIR-3 KYC by April 30th of the following year.

Filling Form DPT - 3 : Initial Return for loan details should be filed within 30 days from the form deployment date.

INC-22-A : Companies incorporated before December 31st, 2017, active as of a specific date, must file e-Form ACTIVE-INC-22A by April 25th, 2019, to avoid a penalty of Rs. 10,000 for non-filing.

Limited Liability Partnerships (LLPs) must report their revenue and fund outflow to the Income Tax and Registrar of Companies departments. Filing annual returns by May 30th and the Statement of Account by October 30th is mandatory for LLPs registered in India. Additionally, LLPs must file income tax returns within six months from the end of the financial year.

Compliances for LLP

LLP Form 11 : Providing partner details, contributions received, and corporate partner information. Filing this form by May 30th of the next financial year is essential.

LLP Form 8 : Detailing Statement of Solvency, Accounts, and Income & Expenditure. It should be filed by October 30th of the next financial year. Failure will attract RS.100/day.

GST filing : Quarterly for LLPs with turnovers up to Rs. 1.5 crore and monthly for turnovers above Rs. 1.5 crores.

Income Tax filing : Due by July 31st, with accounts audit mandated for LLPs surpassing Rs. 40 Lakh turnover or Rs. 25 Lakh contribution, and filing for tax audit cases by September 30th.

TDS return filing : : Quarterly filings are due on July 31st, September 30th, January 31st, and May 31st

FAQ'S


Every company, regardless of whether it's active in the market or not, must maintain yearly accounts that honestly depict its situation. This includes reports like the Annual Return, profit details, Balance Sheet, and Income Tax Return. Even if a company isn't conducting business, it's mandatory to meet these legal requirements annually. The fees for these filings vary based on the company's capital.

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

When it comes to submitting the Annual return, any director can do it, but it needs signatures from both directors and either the Manager or Company Secretary. In cases where there's no Manager or CS, both directors must sign it. Regardless of the company's transactions, compliance filings are mandatory, but the process can be easier.

Every year, companies must file their Balance Sheet and Annual Returns. Additionally, they need to submit Form 3 in case of Allotment Returns, Form No INC-22 for changes in the Registered Office, and Form No DIR-12 for Directorial changes, and so on.

The Annual General Meeting (AGM) must occur at the company's registered office or at another location within the same city, town, or village as the registered office. It should take place between business hours (9 am - 6 pm) on any non-national holiday declared by the Central Government.

If there's any change in a director's interests, it needs to be revealed during the initial Board Meeting following that change, as outlined in Section 184.

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