TaxNivaaran is conceived with an idea to support startups and growing businesses by providing services such as Company or LLP registration, bookkeeping, auditing, and company law compliances. From incorporation to tax filings, we've got you covered. Take your first step toward hassle-free compliance.
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Frequently asked questions
Is an annual report mandatory for private companies?
These compliances are required annually. As part of the annual filing process, the following forms must be submitted to the ROC: Form MGT-7 (Annual Return): Every private limited company must file its annual return within 60 days of holding the Annual General Meeting.
Whether the Annual Filing is necessary for all companies?
All registered Private Limited Companies in India are required to adhere to RoC (Registrar of Companies) compliance, regardless of their turnover or capital. This annual compliance must be fulfilled within a year of the company's Annual General Meeting (AGM) starting from its first financial year.
What are the penalties for a Private Limited Company that fails to file its annual return?
Since July 2018, companies failing to follow the statutory compliance for Private Limited will be charged ₹100 for each day of a delay till the actual date of filing. There is no ceiling limit to an additional fee. For continuous failure, penalties apart from the additional Government fee can be levied on both – the company and directors, including imprisonment.
Does the appointment of a statutory auditor fall under annual compliance?
A statutory auditor's appointment for a Private Limited Company can last for five consecutive years or until the next Annual General Meeting (AGM). This appointment is not considered an annual compliance requirement.
In case there are no operations in the company, are directors required to sign directors' reports?
Under the Companies Act 2013, all companies must file an annual return with the MCA (Ministry of Corporate Affairs), including a signed Director Report. This report is a mandatory attachment to Form MGT-7.
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