Annual Compliances for Private Limited Company
A private limited company that has been incorporated in India must ensure the compliances concerning the Companies Act, 2013 are adequately met.
The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company’s Directors and other aspects such as conducting board meetings and shareholder meetings.
The RoC compliance for registered Private Limited Companies is necessary. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
All companies registered in India like a private limited company, one person company, limited company, and section 8 company need to maintain the annual compliances like annual returns and income tax return each year. Though Company Registration happens to be the most popular form of starting a business, various compliances need to be followed once the business is Incorporated.
In case if a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a dine for the period of which the default is continuing.
In case there is a delay in annual filing, additional fees are required to be paid. Hence, it is always better to fulfill the compliances on time.