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Annual Filing of Company

Annual Filing of Company

Annual Filing of Company

Preparation of Financial Statements:

Balance Sheet: Prepare a balance sheet showing the financial position of the company as of the end of the financial year.

Profit and Loss Account: Prepare a profit and loss account detailing the company’s income and expenses for the financial year.

Cash Flow Statement: Prepare a cash flow statement reflecting the company’s cash inflows and outflows during the financial year.

Notes to Accounts: Include notes providing additional information and explanations related to the financial statements for Annual Filing of Company. 

2.Board Meeting and Approval:

Board Meeting: Convene a meeting of the board of directors to approve the financial statements.

Director’s Report: Prepare a director’s report highlighting the company’s performance, operations, and future prospects.

  1. Auditor’s Report:

Audit Appointment: Appoint a statutory auditor to audit the company’s financial statements.

Audit Conduct: The auditor conducts an independent examination of the financial statements and provides an audit report.

Auditor’s Opinion: Obtain the auditor’s opinion on whether the financial statements present a true and fair view of the company’s affairs.

4 Annual General Meeting (AGM):

Convening AGM: Convene an Annual General Meeting (AGM) of the shareholders to approve the financial statements and other agenda items.

Resolution Passing: Pass necessary resolutions for the adoption of financial statements and appointment/reappointment of auditors.

  1. Filing of Annual Returns and Documents:

Annual Return (Form MGT-7): File Form MGT-7 with the Registrar of Companies (RoC) within 60 days from the date of the AGM.

Financial Statements (Form AOC-4): File Form AOC-4 containing the financial statements with the RoC within 30 days from the date of the AGM.

Auditor’s Report: Attach the auditor’s report along with the financial statements while filing Form AOC-4.

Director’s Report: Ensure that the director’s report is also filed along with the financial statements

Compliance with Regulatory Authorities:

Income Tax Return: File income tax returns with the Income Tax Department within the due date specified under the Income Tax Act.

Goods and Services Tax (GST): File GST returns, if applicable, with the GST authorities within the prescribed due dates.

Other Regulatory Filings: Ensure compliance with other regulatory filings and disclosures required by sector-specific regulations or authorities.

Record-Keeping:

Maintenance of Records: Maintain proper records of all financial statements, resolutions, audit reports, and other documents filed with regulatory authorities.

Document Retention: Ensure that all records are retained for the prescribed period as per the Companies Act and other applicable laws.

Compliance Review:

Internal Compliance Review: Conduct periodic internal reviews to ensure ongoing compliance with regulatory requirements.

External Compliance Audit: Engage external auditors or consultants to conduct compliance audits and provide recommendations for improvement.

Annual Compliance for Private Limited Company

Financial Statements Preparation:

Balance Sheet: Prepare a balance sheet as of the end of the financial year, showing the company’s financial position.

Profit and Loss Account: Prepare a profit and loss account detailing the company’s income and expenses during the financial year.

Cash Flow Statement: Prepare a cash flow statement reflecting the company’s cash inflows and outflows.

Notes to Accounts: Include explanatory notes providing additional information related to the financial statements.

Board Meeting and Approval:

Board Meeting: Convene a meeting of the board of directors to approve the financial statements.

Director’s Report: Prepare a director’s report highlighting the company’s performance, operations, and future prospects.

Appointment of Auditors:

Statutory Audit: Appoint a statutory auditor to audit the company’s financial statements for the financial year.

Auditor’s Report: Obtain an audit report from the auditor, providing their opinion on the company’s financial statements.

Annual General Meeting (AGM):

Convening AGM: Hold an Annual General Meeting (AGM) of the shareholders within six months from the end of the financial year.

Approval of Financial Statements: Present and approve the financial statements, director’s report, and auditor’s report at the AGM.

Resolutions: Pass necessary resolutions, including the adoption of financial statements and the appointment/reappointment of auditors.

Annual Return Filing:

Form MGT-7: File the annual return in Form MGT-7 with the Registrar of Companies (ROC) within 60 days from the date of the AGM.

Contents of Form MGT-7: The annual return contains details such as registered office address, particulars of shareholders, directors, and changes therein during the financial year.

Financial Statement Filing:

Form AOC-4: File the financial statements in Form AOC-4 with the ROC within 30 days from the date of the AGM.

Contents of Form AOC-4: The financial statements filed include the balance sheet, profit and loss account, auditor’s report, and director’s report.

Income Tax Compliance:

Income Tax Return: File the income tax return with the Income Tax Department by the due date, typically September 30th of the assessment year.

Tax Audit: If the company’s turnover exceeds the prescribed limit, get the accounts audited by a Chartered Accountant and file the tax audit report along with the income tax return.

GST Compliance:

GST Returns: File Goods and Services Tax (GST) returns with the GST authorities by the due dates specified for monthly or quarterly returns.

Annual GST Return: File the annual GST return by December 31st of the subsequent financial year.

Other Compliance Requirements:

ESI and PF: Ensure compliance with the Employees’ State Insurance (ESI) and Provident Fund (PF) regulations, if applicable.

Secretarial Compliance: Ensure compliance with other secretarial requirements, including maintenance of statutory registers, minutes of meetings, and filings with regulatory authorities.

Record Keeping:

Document Retention: Maintain proper records of financial statements, audit reports, resolutions, and other documents for the prescribed period.

Corporate Records: Keep records of board meeting minutes, AGM minutes, and other corporate governance documents.

Annual Compliance for Private Limited Company

Holding of Annual General Meeting (AGM):

Convening: Hold an AGM within six months from the end of the financial year.

Approval of Financial Statements: Present and approve the audited financial statements, including the balance sheet, profit and loss account, and cash flow statement.

Approval of Director’s Report: Present and approve the director’s report, which includes details about the company’s operations, financial performance, and future prospects.

Resolutions: Pass resolutions for the adoption of financial statements, appointment/reappointment of auditors, and any other agenda items.

  1. 2. Appointment of Auditor:

Statutory Auditor: Appoint a statutory auditor to audit the company’s financial statements for the financial year.

Audit Report: Obtain an audit report from the statutory auditor, which includes their opinion on the accuracy and fairness of the financial statements.

  1. Preparation and Filing of Annual Financial Statements:

Balance Sheet: Prepare a balance sheet as of the end of the financial year, showing the company’s financial position.

Profit and Loss Account: Prepare a profit and loss account detailing the company’s income and expenses during the financial year.

Cash Flow Statement: Prepare a cash flow statement reflecting the company’s cash inflows and outflows.

Notes to Accounts: Include explanatory notes providing additional information related to the financial statements.

Filing with Registrar of Companies (ROC): File the annual financial statements, along with the auditor’s report and director’s report, with the RoC within 30 days from the date of the AGM.

  1. Annual Return Filing:

Form MGT-7: File the annual return in Form MGT-7 with the ROC within 60 days from the date of the AGM.

Contents of Form MGT-7: The annual return contains details such as registered office address, particulars of shareholders, directors, and changes therein during the financial year.

5. Income Tax Compliance:

Income Tax Return: File the income tax return with the Income Tax Department by the due date, which is usually September 30th of the assessment year.

Tax Audit: If the company’s turnover exceeds the prescribed limit, get the accounts audited by a Chartered Accountant and file the tax audit report along with the income tax return.

  1. Goods and Services Tax (GST) Compliance:

GST Returns: File GST returns with the GST authorities by the due dates specified for monthly or quarterly returns.

Annual GST Return: File the annual GST return by December 31st of the subsequent financial year.

  1. Compliance with Other Regulatory Authorities:

Employees’ Provident Fund (EPF) and Employees’ State Insurance (ESI): Ensure compliance with EPF and ESI regulations if applicable.

Other Regulatory Filings: Ensure compliance with any other regulatory filings required by sector-specific regulators or authorities.

  1. Maintenance of Statutory Registers and Records:

Maintenance of Registers: Maintain statutory registers, including registers of members, directors, and debenture holders.

Record-Keeping: Keep proper records of board meeting minutes, AGM minutes, and other corporate governance documents.

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