TAX & ROC

To run a company, you need to adhere to statutory compliance. Therefore, annual compliance for businesses are needed to be filed before their due date. Taxcomate is a team of business compliance experts who can you.

Private Limited Company Compliance

Private Limited Company Compliance

  • Overview
  • Plan includes
  • Why Annual Compliance
  • Benefits of compliance
  • Process

Private Limited Company Annual Filing & Compliances

All companies registered in India like a private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing an annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of the financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company’s annual return would be due on or before September 30th.

In addition to MCA annual return, companies must also file income tax returns irrespective of income, profit, or loss. Hence, even dormant companies with no transactions are required to file income tax returns each year. Private limited companies, limited companies, and one person companies would be required to file Form ITR -6. The due date for filing income tax returns for a company is on or before the 30th of September.

Taxcomate provides a comprehensive cloud-based iCFO and compliance management service for small and medium-sized businesses. Our compliance service includes financial statement preparation, secretarial services, income tax return filing, and MCA annual return filing. Based on requirements as your business scales, we can also provide GST return filing services, TDS return filing services, advanced tax computation, and payroll processing. Get in touch with a Taxcomate Advisor to begin managing your company’s compliance in an easy and hassle-free manner.

Once you have registered your company, you are going to run a business freely. However, you still have to file annual returns to the MCA in order to legitimate in the eyes of law. These annual returns or annual compliances for the private limited company are needed to be filed on an annual basis.

There are two types of private limited company compliances:

  1. Annual Compliances: These annual compliances for Private Company are needed to be filed on regular intervals. They are mandatory compliances that the private limited companies need to prepare for.
  2. Event-based compliances: These are compliances that are filed on certain MCA notifications.

The annual compliance of a company contains the following matters:

  1. ROC filing
  2. Finance statement submission
  3. Profit and loss statements
  4. Income tax returns
  5. Annual returns.
  6. Minutes of meeting

These are legal matters that can be attended to best through the aid of business experts. Therefore, compliance for a private limited company should only be filed by these experts. This is where we step in.

3 Main Reasons, Why do you need to Stay Compliant?

  • Improved Public Relations
Once a company has met all its legal obligations it can actually market it positively on websites or through ads. It can be put in job applications and all other places via which the company is reaching the market. Managing the compliance brings good name to the company.
  • Employee retention
There are many compliance issues that deal with the benefit of the employees, some these even talk about protecting the employees. For a company that adheres to these guidelines, it becomes easy to retain the employees as the workforce of the company feels home in the company and strives to work for the betterment of the business and the product.
 
Thus, for a Private Limited, which anyway is bound by a lot of compliance guidelines, it is paramount to manage all that. As in the longer run it showers the company with all the benefits that may or may not be visible in the beginning.
  • Smooth operations
Certain rules help more than they harm. Rules related to discrimination and harassment help create a better working environment for employees which can lead to better productivity. Also better security – financial as well physical – help employees provide more to the company.

Benefits of Completing Compliance On Time

Considering that the needs and burdens of compliance will never go away, it is time to embrace them—not as only a cost of doing business, but for the many benefits that they bring, including the 5 listed here.
 
Risk reduction – organisational as well as individual
 
Once a company has lived up to the entire compliance requirement it saves itself from lot of legal and financial troubles. By legal troubles we mean the investigation and business interruptions that follows.
 
Crisp and better organized framework
 
In cases where compliance is done on time, there are always certain filters and reference points which help in getting rid of paraphernalia and make sure the company stuck to what is best suited for the development of its services.
 
Better relationship between stakeholders
 
Any stakeholder or regulator, while doing business with a company, ensures that the business he is stepping into is ethically and morally a well set unit.
 
The more the transparency the better the business
 
Compliance ensures that there is transparency in the way a business functions. The customers when provided by a true and honest story, which happens when you complete the compliance on time, about a company, they are lured into it.
 
Helps realize the mission of the company
 
Compliance programs are what make sure that everyone in the company is aware of the actual agenda. Because of its legal nature it is like a whip to ensure that everyone is on the same page as far as the mission of the company is concerned.
 
It is important for all organizations to be managed efficiently and in a professional manner . So it is very important how it is controlled and adapted to these rules and regulations. It’s always better to hire compliance filing experts to take care of all the due dates and avoid the last minute hassle and govt. penalties.

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Private Limited Company Compliance Registration

₹9,999.00

Never let the businessman see down by giving your business a shining name with Private Limited Company Compliance registration. It is extremely easy to start and run!

Benefits of TAX & ROC ?

  • The filing of annual forms requires the compilation of accounts for the entire year which helps to analyse the financial position of the company

  • The timely and yearly filing of forms avoids the burden of penalty, which may arise due to non-filing as required by the law.

  • Procures bank credits and good investment from reliable investors with ease.

  • The Government keeps the record of the existence of the companies on the basis of regular filings, failing to do so the company is considered fake.

  • Helps in acquiring loans from banks and other financial institutions of the basis of regular Tax filed documents

  • Increases the potential to grow big and expand the business