List of compliances after Private Limited Company registration- a) ROC Compliance b) GST Compliance c) Other Compliance 4. TDS Compliance 5. PF Compliance 6. ESI Compliance 7. Income Tax Compliance ROC Compliance Whenever the company got registered, first compliance they have to do Auditor Appointment as Form ADT-1. According to the companies Act in every Pvt. Ltd. Company, Auditor Appointment is mandatory. Whenever financial statement like balance sheet, profit and loss account F.A., then directors also sign and 1 CA also sign as an auditor. The appointment is done within 30 days from the date of company registration and within 15 days from AGM. In case the auditor is not appointed within the time limit and if the delay is up to 30 days then the penalty is 2 times of normal fee (i.e., approx. Rs.1200). As the delay in time increases penalty will also increase- More than 30 to 60 days - 4 times of normal fee More than 60 to 90 days – 6 times of normal fee More than 90 to 180 days – 10 times of normal fee More than 180 days – 12 times of normal fee For auditor appointment, a board meeting is conducted and the details to be filed with ROC- • Consent from Auditor • Board Resolution and intimation to Auditor The next Compliance is the Certificate of Commencement of Business. It was filed through Form INC- 20A. When the company got registered that time capital is been filled. Then the amount is deposited in the company Bank account by all the shareholders as per their share. Without doing this company cannot commence business. Then the Bank Statement is forwarded to companies CA as Bank Statement is the proof of deposition of the bank. Then ROC will be filed along with a bank statement. You will get the approval after one day, then you can start your business. This Form should be filed within 180 days from the date of company registration. If delayed then a penalty clause will apply i.e., More than 30 to 60 days - 4 times of normal fee More than 60 to 90 days – 6 times of normal fee More than 90 to 180 days – 10 times of normal fee More than 180 days – 12 times of normal fee The next compliance is Loan/Deposit Intimation. It was filed through Form DPT-3. This form is filed by those companies whose Loan is outstanding as of 31st March of the previous final year. The form is filed every year by 30th June. If the form is not filed within the time then a penalty clause will apply i.e., More than 30 to 60 days - 4 times of normal fee More than 60 to 90 days – 6 times of normal fee More than 90 to 180 days – 10 times of normal fee More than 180 days – 12 times of normal fee The next compliance is Update Director KYC (Rule- 12A). Under Companies Act Directors KYC is to be updated every year. It is mandatory for all the directors. It is filed through Form DIR-3 KYC. Copies of PAN Card and Aadhar Card are to be filed as identity and Aadhar Proof. It is filed every year by 30th September. If delayed then a Fix Penalty of Rs.5,000/- per Director will apply. If KYC details are not filed within the due date then the system will mark them as non-compliant status as “Deactivated due to non-filing of DIR-3 KYC”. DIR-3 KYC forms are filed by those who are filing for the first time or by those who have to update their KYC details DIR-3 KYC WEB is filed by those who had previously filed the reforms. The next Compliance is the Intimation of Financial Statement. It is filed through Form AOC- 4. Along with this Form, Audited Financial Statement e.g. Auditor Report, Balance Sheet, Statement of Profit or Loss, Director’s Report & MGT-11 is to be filed. It is to be filed every year by 29th October or within 30 days starting from the date of concluding the Annual General Meeting (AGM). If it is delayed then a penalty of Rs.100 per day, subject to a maximum of Rs.10 Lakh will apply. Some companies have to file AOC-4 XBRL within 30 days of the conclusion of AGM. This form is only filed by those companies who are listed, or whose paid-up capital is Rs.5 Crore or more, or whose turnover is Rs.100 Crore or more, or those companies that are maintaining their accounts as per Indian Accounting Standard Rule, 2015. The next mandatory Compliance is AOC-4 CFS (Consolidated Financial Statement). It is in addition to AOC-4 or AOC-4 XBRL. It applies to those having Subsidiary Company, Associate Company, Joint Ventures The next Compliance is the Intimation of Annual Return. It is filed through Form MGT-7. A list of shareholders is to be filed along with this ROC. In this, we have to mention some particulars like- • shareholder details and their holding • shareholders meeting • board meeting • committee meeting • composition of BOD • remuneration to key managerial persons • details of the Associate company/ Joint Venture/ Holding Company/ Subsidiary Company • During the Financial Year, if any penalty or additional penalty is been imposed • Details of Compounding of offences This form is compulsory for all Private Limited Companies. It is to be filed every year by 28th November or within 60 days starting from the date of concluding the Annual General Meeting. If it is delayed then the penalty of Rs.100/- each per day will apply. Cost Audit Report- it is filed through form CRA-4 within 30 days from receipt of the Cost Audit Report. It is filed by only those companies on which the Cost Audit Report applies. In cost audit rules two tables are given. Table-A contains Regulated Sectors whereas Table-B contains non-regulated Sectors. If you are manufacturing goods or providing services and these fall under Table-A or Table-B and in preceding years the turnover of all Goods & Services exceeds Rs.25 Crore then, in that case, you have to file CRA-4. It is filed within 30 days from receipt of the Post Audit Report. GST Compliance GST Compliance is applicable only when the company has taken GST registration and private limited registration. GST registration is mandatory when the turnover is more than 20 Lakh subject to exceptions. The first compliance is Monthly/Quarterly GST sales Details. It is filed through form GSTR-1. Sales details invoice wise is to be filed with GST department. It is to be filed by the 11th of every month. If delayed in filing then a penalty of Rs.20/50 per day for each monthly return will apply. The next GST Compliance is Monthly GST payment. It is filed through form GSTR-3B. The sales and purchase summary is to be filed with the GST department. It is to be filed by the 20th of every month. If delayed in filing then the penalty of Rs.20/50 per day for each monthly return will apply. The next GST Compliance is the Annual GST return. It is filed through form GSTR-9. An annual summary of Sales and Purchase Invoices is to be filed with the GST department. It is to be filed by 30th September of the next Financial Year. If delayed in filing then the penalty of Rs.200 per day will apply. The next GST Compliance is the Annual GST Audit. It is filed through form GSTR-9C. Audit by CA of Sales and Purchase details filed in GST Returns is to be filed with GST department. It is to be filed by 30th September of the next Financial Year. If delayed in filing then the penalty of Rs.200 per day will apply. The next GST Compliance is a List of Parties not filed Purchase Invoices. It is filed through form GSTR-2A. GST Input Credit (ITC) is available only when your vendor has filed your purchase invoice in his/her GST Return is to be filed with the GST department. It is to be filed by 30th September of the next Financial Year. If no return is been filed then you cannot avail of the benefit of GST. ITC is not available if the purchase invoice not showing online. The next GST Compliance is Correction in GST Return. It is filed through form Correction. Correction of details filed wrongly by mistake is to be filed with the GST department. It is to be filed by 30th September of the next Financial Year. If no return is been filed then you cannot avail of the benefit of GST. ITC is not available if correction is not made online. OTHER COMPLIANCES TDS COMPLIANCE 1. A Monthly TDS deposit is to be made by the company in the form of Challan-281. Payment of Challan is to be made online through Net Banking is to be filed with GST Department. It is to be filed by the 7th of every month. If delayed then a penalty of interest at 1.5% per month will apply. 2. Quarterly TDS Return Filing is to be made by the company in the form of Form 24Q/26Q. Details of the transaction on which TDS deducted is to be made online through Net Banking are to be filed with GST Department. It is to be filed by the 30th of Every Month immediately following the relevant Quarter period. If delayed then the penalty of Rs.200/- per day for each quarterly return will apply. PF AND ESI COMPLIANCE 1. Monthly PF Deposit is to be done by the company online through Form ECR. Employee details are to be filed with GST Department. It is to be filed by the 15th of every month. If delayed the then penalty of interest at 1% per month will apply. 2. Monthly ESI Deposit is to be done by the company through Online Challan. Employee details are to be filed with GST Department. It is to be filed by the 15th of every month. If delayed then the penalty of interest at 1% per month will apply. INCOME TAX COMPLIANCE 1. First Income Tax compliance is Advance Income Tax. It is filed through Challan-280. Tax is to be paid in advance. It is an online payment through net banking. It is paid in instalments to the government on 15th June, 15th September, 15th December & 15th March of every year. If delayed then a penalty of interest at 1% per month will apply. 2. The second income tax compliance is the s Self-Assessment Income Tax. It is filed through Challan-280. Before filing Income Tax Return, Balance Tax Liability is to be paid. Until the tax is paid, ITR can’t be filed. 3. Third Income Tax compliance is Income Tax Return-Directors. It is filed through ITR-1/2/3/4. Income & Tax to be filed by 31st July of the next Financial Year. If delayed then the penalty of Rs.1000/- to Rs.10,000/- will apply. 4. Fourth Income Tax compliance is Income Tax Audit- Company. It is filed when turnover crosses one Crore. It is to be filed through Form- 3CA. Income Tax Audit for correct tax liability is to be filed with the Government. It is to be filed by 30th September of the next Financial Year. If delayed then the penalty of Rs.1.5 lakh or 0.5% of the total sale, whichever is less will apply. 5. Fifth Income Tax compliance is Income Tax Return-Company. It is to be filed through ITR-6. Profit and Loss Account and Balance Sheet Details are to be filed with the Government. It is to be filed by 30th September/31st October of the next Financial Year. If delayed then the penalty of Rs.1000/- to Rs.10,000/- will apply.
