Company Annual Compliance

Companies registered in India need to file an annual report with the Registrar of Companies and Income Tax department after the closing of its books of account on 31st March every year. The due date of filing the ITR for companies is 30th September 2017.

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Company Annual Compliance

A private limited company is a creation of law and is required to keep and maintain proper books of account, records, registers and minutes of the meeting in general. However, after the end of the financial year, which is 31st March 2017 for the financial year 2016-17, annual return to the registrar of companies and income tax return with the income tax department is filed. The compliance requirement depends on the date of incorporation of the company. A newly incorporated company is given relaxation in filing the annual return. The below presentation is a guide on the applicability of the compliance requirement under the companies act, 2013 and the income tax act 1962.

On or BEFORE
31-12-2016

A/C

AC

Audit

Audit

ITR

ITR

ROC

ROC

1

Account Finalisation & Statutory Audit

2

Hold Annual General meeting before 30th September 2017

3

Compute Income Tax Liability, Pay tax & file ITR

4

File Balance Sheet and Directors Report to ROC (AOC-4)

5

File Annual Return in Form No MGT-7 with the ROC.

Is Between
01 Jan to 31-3-2017

A/C

ac

Audit

audit

ITR

itr

ROC

roc

1

Finalise Balance sheet and profit and Loss Account

2

Compute Income Tax Liability, Pay tax & file ITR of the company before 30Th September 2017.

3

No AGM is held in FY 2017-18, hence no need to get books audited, No need to file annual return to the ROC

Is After
01-04-2017

A/C

ac

Audit

audit

ITR

itr

ROC

roc

1

For companies incorporated on or after 1st April 2017, there is no annual compliance due during FY 2017-18. which shallbe done in next year.

2

However, after the incorporation of the company, Auditors must be appointed within 30 Days, and stamp duty on issue of share certificate must be paid within 60 days.

Account Finalisation & Statutory Audit

01
Every company is obligated under section 128 of the companies act to prepare and keep at its registered office proper books of account. The failure results in Imprisonment of one year or with fine which shall not be less than 50,000 but may extend to 5,00,000
02
After the end of the financial year, the company shall prepare a balance sheet & profit and loss account which shall be audited by the statutory auditors.
03
The auditor in its report shall express his opinion whether the accounts of the company reflects the true and fair view of its state of affairs
Accounting and Audit

Annual General Meeting

01
The annual general meeting of the company shall be held within six months of closure of financial year, i.e. 30th September 2017 for the FY 2016-17
02
However, the first AGM can be held within nine months from the close of financial year. In other words, those companies which are incorporated within FY 2016-17 and up to 31st December can hold their first AGM until 31st December 2017.
03
The companies incorporated on or after 1st January 2017 the AGM shall be held up to 31st December 2018, Hence no ROC Compliance during FY 2017-18
Annual General Meeting

Income Tax Payment & Return Filing

01
After finalisation of the balance sheet and profit and loss account, we need to do the computation of income tax and pay Income tax after taking credit of TDS and advance tax already deposited.
02
The Income tax return for companies is filed in Form ITR-IV, the due date of filing the ITR is 30th September 2017 for the financial year 2016-17
03
The ITR for the company can be filed only through online mode with the digital signature of one director.

Return Filing with the ROC

01
The Date of Annual General Meeting is significant to reckon the due date of filing returns to the registrar of companies (ROC)
02
The first ROC return to be filed is about intimation of auditors appointment in AGM for subsequent period in Form No ADT-1 within 15 Days of AGM
03
Second return to ROC is filing of balance sheet, and profit and loss account and directors report in Form No AOC-4 within 30 days of AGM
04
Third return to be filed is Annual Return of the company in Form No MGT-7 within 60 Days of the AGM
Mca Roc

Belated Tax Return

01
In case the company did not file the income tax return within prescribed due date, i.e. 30th September 2017, then still the ITR can be filed however it shall be known as belated return
02
A belated return can not be revised as against an Income Tax Return filed within due date. Further, no loss of business can be carried forward.
03
Income tax department may levy penalty for not filing of ITR within its due date of filing.
04
The belated ITR for the company pertaining to FY 2016-17 can be filed up to 31st March 2018.
itr