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Compliances of Private Limited Company

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Customer Rating: 4.6

Expected To Be Complete* : 12 Jun 2024

Government fees for annual compliance of Private Limited Company will vary from INR 1500 to 2500 to be paid extra, if there will be any penalty, it will also be paid extra.
TERMS : Nil Compliance only includes MCA Compliance, ITR filing and Financial Preparation.

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Basic Compliance Plan

MCA Compliance

  1. Appoinment of Auditor within 30 days and filling ADT-1 
  2. Preparation and filing of INC-20A within 180 days from the date of incorporation.
  3. Preparation and filing of AOC-4
  4. Preparation and filing of MGT-7
  5. Preparation and filing of DPT-3
  6. Director KYC Through From DIR-3 KYC or Web Based KYC, as Applicable  
  7. Obtaining declaration as per Section 184(1) in Form MBP-1
  8. Declaration of interest in other companies
  9. Declaration of director for disqualification Section 164 and Rule 14 of Companies (Appointment and Qualifications of Directors) Rules, 2014
  10. Holding of Board Meeting
  11. Prepare minutes of the Board Meeting
  12. Holding Annual General Meeting
  13. Prepare Minutes of Annual General Meeting
  14. Preparation of Director Report

Income Tax Compliance

  1. Filing of Company ITR

Balance Sheet

  1. Preparation of Balance sheet of company

Expert Compliance Plan

All the services included in Basic Compliance Plan and additional services mentioned here:

Tax Deducted at Source (TDS)

  1. Preparation and filing of TDS returns.

GST Return Filing

  1. Monthly GST Return Filing.

Reporting

  1. Monthly reporting of financials.

Book keeping

  1. Accounting for the financial year upto Turnover 40 Lakhs

AI Based - Expert Compliance Plan

All the services included in Expert Compliance Plan and additional services mentioned here:

  1. AI Based Accounting Tool

Customer Review

Customers Review About Compliances of Private Limited Company

Compliances Private Limited Company

Private companies are those companies that are owned by private individuals and there will no government interference in the operation of the company. A private company trades its shares with a small group of shareholders and does not trade publically. 
Every company whether it is private or public comes under the Companies Act 2013, the act should have some compliances according to the prescription.

Benefits of filing compliance for Private Companies

  • The company by fulfilling the requirements of ROC and filing compliance regularly increases its reputation in the eyes of the public and also attracts more investors to the company.
  • It reduces the burden of more compliances by filing the basic compliances on a date.
  • Fulfilling compliance on time reduces the risk of facing penalties for the company.

So these are the benefits for filing private company compliance with ROC

Filing compliance is mandatory for all types of companies. It will be done with the Ministry of Corporate Affairs or MCA under the registrar of companies which has 22 branches all over India. If the company fails to file compliances it has to face some penalties which are charged per day till the company pays it.
There are certain prescribed lists of compliance for private companies which should be made as soon as it receives an incorporation certificate.

List of Compliances for private limited company

After incorporation of a private company, it has fulfilled certain compulsory compliance which are listed below,

  • Within 30 days of incorporation of a private company, you should appoint an auditor for 5 years by filing ADT – 1 form with the registrar of companies [ROC].
  • The private company should conduct a minimum of two board meetings should be conducted. At least 2 directors of 1/3rd of the total directors must be present at the time of the meeting and they should be informed 7 days before the date of the meeting and the minutes of the meeting must be preserved.
  • Annual General Meeting [AGM] should be conducted once a year and there should be a gap of 15 months between 2 AGMs. The intention of conducting an AGM is to discuss remuneration, declaration of dividends, auditor appointment, etc.
  • The directors of the private company should file MBP – 1 with the ROC for disclosing their interests in any other company and it should be filed every year at the first board meeting.
  • The directors of the company should file disclosure of non – disqualification by filling up form DIR – 8 and it should be done every year.
  • The company should appoint a statutory auditor for auditing and preparing your company’s audit report for the financial year and it is mandatory.
  • After conducting AGM within 60 days, the company has to file form MGT – 7 which includes certain details which can be read by the public such as,
  1. Information regarding board meeting.
  2. Details about the company and its branches.
  3. List of shares and debenture holders.
  4. Information regarding directors, members, etc.
  5. Director&rsquo's remuneration.
  6. Company&rsquo's any legal matters.
  7. Liability of the company.
  8. Any penalties imposed on the company.
  9. Certificate of compliance.
  • The company has to file form AOC – 4 which includes details regarding financial transactions made in the year with the ROC.
  • The company should prepare its accounts and get them audited by a chartered accountant.
  • Maintaining statutory registers, minutes of the meeting, and other reports should be preserved as mandatory.

So these are the compliances that should be maintained by the company.

There are certain noncompliances that are event-based and accordingly, they should be maintained such as,

  • TDS or TCS payments.
  • GST filing.
  • It returns.
  • Tax audits.
  • Advance tax payments.
  • Other payments.

These are the event-based compliance to be filed with ROC at the time of happening.

If You want to Get More Information about Private limited Compliances Read Our Compliances PDF

FAQs of Compliances of Private Limited Company

Compliance refers to the process of ensuring that a private limited company follows all the legal and regulatory requirements that are applicable to it.
Compliance is important for a private limited company because it helps the company to avoid legal and financial penalties, and also helps to maintain its reputation and credibility in the market.
The directors of a private limited company are responsible for ensuring compliance with all the legal and regulatory requirements that are applicable to the company.
The consequences of non-compliance for a private limited company can include legal and financial penalties, loss of reputation, and even the possibility of the company being struck off the Companies Register.

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