Company Annual Return Filing for FY 2021-22

Companies registered in India need to file annual returns to the Registrar of Companies & the Income Tax Department. We help small businesses with the finalisation of their Balance Sheet & Profit and Loss Account. Our professional fee is reasonable, and we deliver quality and on-time service.

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Company Annual Compliance

Every company registered in India needs to file its annual accounts and annual returns with the Registrar of Companies every year within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. It is crucial for all the companies to file all its ROC Annual Filing Forms withing the prescribed time limit specified by the MCA (Ministry of Corporate Affairs). If any company fails to comply with the provisions of ROC Annual Compliance, then they may have to bear hefty penalties. Such penalties would be over and above the normal fees charged by the Ministry of Corporate Affairs and there is no way to get away with it.

Director KYC (DIR3) Filing

APPLICABILITY

Directors KYC (DIR-3 KYC) form is a mandatory ROC filing if DIN is allotted on or before 31st March 2022. Learn More »

DUE DATE FOR FILING

It required to filled on or before 30th July of immediate next financial year. 

PENALTY FOR NON-COMPLIANCE

  1. The DIN shall be inactive and the DIN holder will not eligible to appoint or resign in/from any company.
  2. Penalty for Non filing DIR-3 KYC will be flat INR Five thousand 5000

E Form ADT - 1 Filing

APPLICABILITY

Applicable to all Companies who are incorporated on or before 31st Dec 2021.

DUE DATE FOR FILING

It required to filled within Fifteen (15) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

PENALTY FOR NON-COMPLIANCE

The company and every officer of the company who is in default shall be liable to a penalty that depend on capital amount of company.

E Form AOC 4 Filing

APPLICABILITY

Applicable to all Companies who are incorporated on or before 31st Dec 2021.

DUE DATE FOR FILING

It required to filled within thirty (30) days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

PENALTY FOR NON-COMPLIANCE

The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of Thirty (30) days from the Date of Annual General Meeting (AGM).

E Form MGT -7 Filing

APPLICABILITY

Applicable to all Companies who are incorporated on or before 31st Dec 2021.

DUE DATE FOR FILING

It required to filled within 60 days from the Date of Annual General Meeting (AGM), of every year, file with the Registrar.

PENALTY FOR NON-COMPLIANCE

The Company is required to Pay additional duty of INR Hundred (100/-) per days after the expiry of 60 days from the Date of Annual General Meeting (AGM).

Company Income Tax Return Filing

APPLICABILITY

Apply to All company who incorporated on or before 31st March 2022

DUE DATE FOR FILING

Between 1st April 2021 – 30th Sept 2021

PENALTY FOR NON-COMPLIANCE

Non filing of ITR may impose penalty up to Rs10000.

Financial Statement of Company

The books of account form the basis for preparing the Financial Statements at the end of the financial year for filing the ROC Return and the Income Tax Return. The company’s financial statement is drawn in compliance with the accounting standards and in the prescribed format of Schedule III of the Companies Act, 2013, containing all necessary disclosures as is required under the law. We advise our customers to maintain their books of account using good accounting software and recent changes introduced by MCA.

Company Annual return

Statutory Audit of Company

The responsibility of preparing the company’s financial statement is on the Board of Directors of the company. Before the AGM, a company’s financial statements are required to be audited by the statutory auditor in the whole time practice and appointed as the company’s auditors. Section 139 of the Companies Act, 2013 clearly provides that the statutory auditor must be an independent person and is not someone who is also providing consultancy or accounting services to the company. We have an independent panel of qualified and experienced chartered accountants available to be appointed as your company’s statutory auditor. The auditor has to express an opinion on the financial statement, whether it reflects the true and fair view of the business or not.

Annual General Meeting (AGM)

The annual general meeting of a company is the meeting of the shareholders to conduct four significant business. The AGM is a statutory meeting under section 96 of the Companies Act, 2013. The company should hold its first AGM within nine months of the financial year’s end and the subsequent AGM to be held within six months of the financial year’s end. The gap between two AGM should not be more than fifteen months. We need to understand the meaning of Financial Year as it has been differently defined in the Companies Act, 2013.

Meaning of Financial Year

Concerning an existing company, the financial year means ending on the 31st March for every financial year. However, for a newly incorporated company, if it is incorporated on or after 1st January, the financial year shall be a period starting the date of incorporation and ending with 31st March to the Next of Next March.

Consequences of Default in Annual General Meeting

Any default in relation to AGM or any provision in section 96 to 98 of the Companies Act, 2013, every key managerial personnel of the company shall be punishable with a file that may extend to Rs One Lakh. A penalty of Rs 5000 for every default day is imposed by the ROC in case of a continuing offence.

Cost of filing Company Annual Return

The overall cost of filing a roc return and the ITR depends on several factors such as the number of transactions, GST Return reconciliation, and the client’s particular situation. For ease of understanding, the cost of filing annual compliance for the company may be divided into Consultant Fee, ROC Fee and late fee, if any. On the first hand, the consultant fee is a very relative factor and depends on each case and the consultant CA, CS, CMA or the Corporate and Tax Lawyer.

FAQs on Accounting, Book-keeping & Compliance

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

A private limited company can have a minimum of 2 directors and a maximum of 15. If there are more than 15 Directors appointed, the company has to file MGT-14 form and provide the SRN.

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

Annual General Meeting must be conducted within the stipulated timelines. However, if it is not conducted within the stipulated time frame, for the special reason, Registrar of companies may provide an extension for a period not exceeding three months, which can be applied before the last date for holding the AGM. According to section 97 of Companies Act, 2013, if any default is made in holding the AGM of a company U/S 96, the Tribunal may, notwithstanding anything contained in this Act or Articles of Association of company, on the application of any member of company may call or direct the company to call Annual General Meeting of the company. With the help of Section 97, if any company fails to call AGM and didn’t apply for an extension it can call AGM with the help of any member who can file the application to NCLT with Form NCLT-1. In case of any default in complying with provisions of Sections 96 & 97 or failed in complying with any directions of Tribunal, the company and every officer of the company who is in default shall be punishable with fine which may extend to Rs. 1,00,000/- and in case of continuing default, with a further fine which may extend to Rs. 5,000 for every day during which such default continues.

Pursuant to Section 134 of the Companies Act 2013 and Rules made thereunder, the company shall be punishable with a fine between Rs. 50,000 and Rs. 25,00,000/- and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 3 years or with fine of mimimum Rs. 50,000 and maximum Rs. 5,00,000/- or with both.

Yes, the Board of Directors can appoint a person for alternate directors. But he/she must not have been holding a similar post in any other company.

A Director has to be physically present to attend at least one Board meeting of the company. In absence of the original director, an alternate director may be appointed to attend the meeting. If a director absents himself from all the Board Meetings of the Company, he has to be vacated from the Office of Directorship of the company.

The Companies Act 2013, allows one person to be the managing director in up to 2 companies at the same time.