Know About the Essential Annual Compliances for Private Limited Company
A private limited company must ensure to following compliances as determined by the Companies Act, 2013.
The Companies Act, 2013 legalizes appointment, compensation, retirement, and qualifications of the Company’s Directors and other perspectives, including organizing stakeholders and business meetings.
Private Limited Companies must meet ROC compliance. Regardless of capital earnings or total turnover, the organization must obey the rules of annual compliance norms.
All registered organizations in India, such as Private Limited Company, section 8 company, public limited company, and OPC, have to uphold yearly compliance, including Income tax returns and annual turnover. However, registering your company is ideal for making your business authorize in the market, but one must also follow annual compliances associated with it.
Handling a business’s daily operations and obeying corporate law compliances is a time-consuming effort; it can be daunting for entrepreneurs. Hence getting the help of professionals is appropriate. CSFiling Online Pvt Ltd will work for you as a consultant to make sure timely completion of compliances and protect you from fines and penalties.
What Compliances Private Limited Company Has To Maintain Compulsorily?
The compliances norms of Private Limited companies have been amended tremendously in a couple of years. Private Limited Company has to abide by basic compliances compulsorily which are explained underneath:-
Origination of business (within 3 months)
It is mandatory for a registered private limited company with minimum paid-up capital post-2019 to acquire commence of business certification prior to starting any business. A company must receive the business commencement certificate within 3 months of company registration.
If any business owner or responsible person of the company becomes unsuccessful in acquiring this certificate, they have to pay a monetary fine of Rs 50,000 for the organization and INR 1000 per day for the director for every day of non-attendance
Appointment of Auditor (Within one month)
The appointment of a statuary auditor is mandatory for a registered Indian organization within one of the registration. If the company becomes unsuccessful in designating an auditor, the company won’t get permission to start a business. There is also a penalty of INR 300 every month.
DIN eKYC
It is obligatory for all the company’s directors to file for the DIN eKYC or DIR-3 eKYC. The Director must present a specific mobile number and personal Email ID. If the company become failed to file the DIN eKYC, they need to pay Rs. 5000 penalty.
In case of Non-compliance
Suppose a private limited company doesn’t fulfill prescribed compliances as per the Companies Act. In that case, the company gets penalized, and its director will be punished for violating rules.
The additional fees are needed to be paid if there is postpone annual filing. Therefore, it is always ideal to follow the compliances timely.
How taxlawindia will help you Out in filing the Private Limited Company Compliances
When you have an expert with you, there is no point in worrying about completing the compliances. We attaxlawindia understand the system, regulations, terms, and conditions of the company’s compliances. We have company registration professionals to guide you every time whenever you need
We make sure to file compliances on time and save you from unwanted penalties and punishment as per the company act.