Compliance for Private Limited Company

Annual compliance for a private limited company includes all of the requirements that the private limited company must meet in order to comply with the rules and regulations. All types of entities must comply with the law on an annual basis. It becomes mandatory to abide by the Companies Acts along with all the departments with which an entity is dealing with such as GST, Income Tax etc. Heavy penalty is imposed by the respective Govt. departments for non-compliance.

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Compliance – An Overview

A Private Limited Company is an enterprise that is maintained privately, it is one of the highly advocated businesses in India in particular for startups. The registration of the private constrained company is ruled by The Companies Act 2013 in India. According to the Companies Act, 2013, a minimum of 2 shareholders is wished to begin a personal company, while a most of 200 members. In case a private confined company undergoes any economic risk, the personal property of members or shareholders is now not subject to sale, i.e. they ought to have confined liability.

A limited organization allows confined liability to its vendors and to its management team. But in the case of a public constrained company, a firm can promote shares to investors which is regarded as a beneficial act in elevating the capital for the business. To establish a Public Limited Company, a minimum of three Directors are required and there is no cap on the maximum quantity of members. Importantly, it has more strict regulatory necessities when compared to a Private Limited Company.

Public Limited Company is a one-of-a-kind type of business enterprise but holds most of the traits of a private restricted company. It enjoys more advantages such as ease of transferability, borrowing capacity, limited liability, and perpetual existence. Like any different companies in India, Public Limited Company is additionally registered according to the policies and regulations of the Companies Act, 2013.

The separate identification of Private Limited Company requires to maintain its lively status through the regular annual submitting with MCA. For every non-public company, it is mandatory to file audited economic statements and an annual return with the Ministry of Corporate Affairs for every economic year. The ROC filing is obligatory irrespective of the annual turnover, whether it is in crores or nothing. Likewise, whether a single business deal is undertaken or extra or none, annual compliances for the private restricted company are obligatory for every registered company.

Both the varieties are filed to submit the small print of the business things to do and financial data for referred Financial Year. The due dates noted in the annual filing of a Private Limited organization are completely primarily based on the date of the Annual General Meeting. If the company non-stop fails to file the return it may lead to the elimination of the company’s name from the register of MCA, which consists of disqualification of company directors. Importantly, such companies need to note that MCA has actively taken daring steps against companies that fail to file annual returns regularly.

Compliance Requirements

  • Dedicated CA/CS: After association with Verslas Guru, a committed in-house CA/CS will be assigned on your order that will be the single point of contact to manipulate your business compliance. You might also ask any questions about the company’s Compliance, Taxation and Regulatory issues.
  • Accounting Support: Our Team will review the bills of the company for a particular financial year on the basis of which they will finalize the Balance sheet & income & loss accounts of your company.
  • Annual Audit Support Services: In-house Dedicated Professional will grant the necessary guide for the statutory audit of the company.
  • Income tax return Filing: Our Tax Advisory will submit earnings tax returns and will guide you from time to time about tax planning, Advanced tax repayments etc.
  • Company Secretary Services: Our In-house CS will prepare/review the minutes of the meeting of your corporation as per the Companies act 2013. Minimum 4 board conferences are required to be held in one financial year in case of other than small companies while in case of small organizations only two board meetings are required to be held.
  • Financial Statements & Annual Return Filing: Once shareholders approve your monetary accounts in the AGM (Annual General Meeting), our crew of professionals shall file your monetary statements & annual return with MCA in Form AOC-4 & MGT-7 respectively.

Types of Compliances

ROC Compliance

  • Auditor Appointment within 30 days from the date of incorporation
  • Balance Sheet Finalization
  • Statement of Profit & Loss Account (Including Consolidated Financial Statement)
  • Cash Flow Statement
  • Directors’ Report
  • MGT-9 (Extracts of Annual Return)
  • Auditors’ Report
  • Notice of AGM
  • Maintain Statutory Registers
  • Professional tax Registration and Filing
  • Filing of Financial Statements in Form AOC-4
  • DPT -3 Filing
  • MSME 1 & 2 Filing

GST Compliance

After Obtaining Online GST Registration as a Normal Taxpayer, the entity will be required to file the GST returns on time. The requirement of GST Returns is based totally on the annual turnover of a taxable person. If annual turnover is much less than Rs 5 Cr then solely you get an option to file quarterly returns. On the respective Due dates of GST returns, details of sale and purchase are furnished in the form GSTR1 and GSTR3B respectively. Non-filing or delay in returns attracts penalties from the GST department.


The organization is required to hold its bills and finalize its monetary statements (Balance Sheet & P/L Account) on the foundation of its sale and purchase bills for the preceding year.

Audit of Accounts

Audit is an unbiased examination of books of accounts, statutory records, and vouchers in order to confirm whether or not the financials characterize real & truthful value. For the audit of books of accounts, an auditor has to be appointed by company within 30 days from the date of incorporation

Income Tax Compliance

Every organisation is required to file Annual profits tax returns via 30th September of the following monetary year. Also, businesses are required to adhere to advance tax compliance. While making precise payments, a Company has to deduct tax at supply (TDS) which is relevant on repayments such as Salary, Interest, Dividend, Rent, Fee for expert and technical services, Commission and brokerage etc.

It is obligatory for the payer to deduct a particular share from the fee and pay the stability to the recipient. A quarterly return has to be filed via the payer to the Income tax branch containing small print of payee, date of deduction and date of remittance to branch etc.

Additional Mandatory Compliance

  • AGM: Every private limited enterprise is required to carry out an Annual General Meeting. This is additionally acknowledged as the shareholder’s meeting or the commonplace meeting. Such compliance is required to be carried out yearly. Such assembly ought to be carried out within 15 months of the ultimate Annual General Meeting or 6 months from the closure of the monetary year. The first AGM would be held 9 months earlier than the closure of the Financial year. This would imply the assembly is supposed to be held on 31 Dec 2020.
  • Board Meetings: The meeting of the Board is recognized as Board Meetings. Such conferences have to be held after three months. Hence a minimun of 4 meetings has to be held in a year. The maximum gap for a board meeting is one hundred twenty days.
  • Financial Statements: Have to be filed with the ROC, within 30 days of the Annual General Meeting.
  • Annual Return of the Company: Has to be filed with the ROC within 60 days of the Annual General Meeting.
  • Return on Foreign Assets and Liabilities: This compliance has to be met each year with the aid of 15 July.
  • CSR Declaration/ CSR Meetings: Carried out yearly.
  • Annual Declaration- This have to be carried out as per the necessities of the board meetings. This ought to be carried out in Form DIR-8 and Form MBP-1. This compliance needs to be carried out with the aid of the employer in the first board assembly of each economic year.
  • MSME Returns: Must be carried out half-yearly.
  • KYC Requirement of Directors: DIR-3 KYC.


Yes, annual compliance is a mandatory requirement for all private limited companies in India. If an organization no longer complies with the above requirements, then they are liable to pay penalties imposed by the government. Hence annual compliance is a requirement for all private limited companies in India.
MCA and ROC are unique compliance necessities that have to be carried out by means of a non-public restricted company.

MCA is an abbreviation for the Ministry of Corporate Affairs. This registry appears as the compliance necessities for personal agencies in India.

ROC is an abbreviation for Registrar of Companies. This shape of compliance has to be carried out both quarterly, 1/2 each year, or annually.

The annual compliance requirements of a private limited company is somewhat similar to that of a public limited company. However, when it comes to the requirements of independent directors then such compliance is not required under the private limited companies.

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