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After incorporation, every company in India is required to comply with ongoing government rules and regulations; a private company is needed to conform with the many laws and requirements of the Companies Act 2013 and the rules promulgated thereunder. The Registrar of Companies (ROC) is the designated authority responsible for the administration of the Companies Act 2013 and is a ministry-level entity. Companies registered under the Companies Act, 2013 are required to electronically file various forms, returns, and documents with the Registrar of Companies (ROC) within the specified timeframe and with the prescribed charge. Annual Return Filing Due Date of Company in Mumbai, how to file annual return filings for private limited company in Mumbai.

Annual Filing of Company in Mumbai

The concept of compliance refers to the ability to adhere to rules, demands, or instructions. When forming a private limited company in India, make sure that all of the requirements of the Companies Act, 2013 are met. According to the Companies Act of 2013, directors and different viewpoints, such as top executive gatherings and investor gatherings, are regulated by the Company Act of 2013.

Enrolled Private Limited Companies must comply with the RoC at all times. Any business, regardless of total revenue or assets, must adhere to the annual reporting requirement. The annual compliances like annual returns and personal government forms are required of all Indian organisations like private limited companies, one-person companies, limited companies, and section 8 companies on a yearly basis. Even if Company Registration is the most popular way to start a business, once the company is incorporated, additional compliances must be followed.

Benefits of Annual Filing of Company in Mumbai

Credibility

The primary requirement for any business is compliance with the law—the date of the company’s annual return filing on the Master Data on the MCA entrance. Whether for service tenders, credit support, or for comparative purposes, consistency in compliance is a critical criteria for quantifying an association’s unshakable quality.

Investment

When a business seeks financial backing from financial backers, the financial backers require a complete financial history and date prior to settling the proposition. Financial backers may either demand the company directly or may also examine the financial data from the MCA entry. Financial backers also lead by example by requiring firms to provide standard compliance reports.

Avoid Penalties

Consistent failure to file the return degrades the company’s status and accuses it of substantial penalties. Additionally, the corporation may be discovered to be out of current and removed from the RoC. Likewise, the directors in question are rejected and suspended from their subsequent arrangement. Since July 2018, a beneficial expense of $100 has been demanded for each day of deferral until the date of filing.

Documents required for Annual Filing of Company in Mumbai

Certificate of Incorporation of the Company

• Self-Attested PAN Card of Company
• MoA of the Company
• AoA of Company
• Annual Financial Statements
• An external auditor should audit the books of Accounts and also the financial statements
• Auditor Report and Board Report
• DSC of Director

What are the due dates for Annual Filing of Company in Mumbai?

Every business is required to file annual accounts and annual returns within 30 days and 60 days, respectively, of the conclusion of the Annual General Meeting, under the Companies Act, 2013. Annual accounts are filed with the ROC in accordance with Sections 129 (3) and 137 of the Companies Act, 2013, as amended by Rule 12 of the Company (Accounts) Rules, 2014, whereas annual returns are filed in accordance with Section 92 of the Companies Act, 2013, as amended by Rule 11 of the Companies (Management and Administration) Rules, 2014.

The establishment of a business ( within 180 days) Companies registered in Bangalore after November 2019 must get a commencement of business certificate prior to commencing operations or exercising borrowing rights. Within 180 days of the Company’s incorporation, the certificate of commencement of business must be received.

If the individual fails to obtain this certificate, the firm will be penalised Rs. 50,000 and the directors will be fined Rs. 1000 each day.

Auditor Appointment

All Indian corporations must appoint a Statutory auditor within 30 days of establishment. Without an auditor, the business will be unable to conduct business. Additionally, there is a Rs. 300 monthly penalty.

Income Tax Return

Income Tax Returns For the fiscal year 2020-21, income tax returns must be filed on or before September 30, 2021.

AOC-4

MCA AOC-4 Registered private limited companies must complete Form AOC-4 on or before 30 November 2021 for the fiscal year 2020-21. Failure to file AOC-4 will incur a penalty of Rs. 200 per day of default or delay.

MGT-7

MCA MGT-7 For fiscal years 2020-21, MCA form MGT-7 must be filed on or before December 31, 2021. Failure to file MGT-7 carries a penalty of Rs.200 each day of default or delay.

DIN eKYC

Each director of the company must complete the DIN eKYC or DIR-3 eKYC. For DIR-3 eKYC, the Director must provide a unique personal mobile number and email address. Failure to file DIN eKYC results in a Rs. 5000 penalty.

Organize the Annual General Meeting

An annual general meeting of a private limited corporation must be held at least once a year. Annual general meetings of corporations are typically held within six months of the fiscal year’s conclusion.

Director’s Report

The Directors report will be prepared in accordance with Section 134 requirements.

When does an Company require a tax audit?

If the annual revenue of the business exceeds Rs 1 crore, a tax audit is required. A Chartered Accountant files a Tax Audit. 6. Tax Compliances : Depending on the nature of the business, it may be necessary to obtain multiple tax registrations such as GST, ESI, EPF, professional tax, and excise tax.

Consequence for non-compliance

Financial losses, security breaches, licence revocations, business interruptions, inferior patient treatment, trust erosion, and a tarnished brand are all risks associated with noncompliance.

 

Sales Pitch for our Services

SattvaCFO has a track record of streamlining the annual compliance procedure for businesses in Bangalore. Our expertise will assist you in detecting potential loopholes and deciding and processing any additional information required to speed the operation. Annual Return Filing Due Date of Company in Mumbai, how to file annual return filings for private limited company in Mumbai.