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A business incorporated in India has to fulfil a specific set of compliance, filings and returns as prescribed under the provisions of various corporate and tax laws. In simple words, compliance means following rules and orders applicable to the entity. Every entity is governed under law and order and that entity needs to follow the rule and regulations prescribed by it. Legal and regulatory enforcement must be handled as an integral part of every corporate strategy. The executive board and management must consider the scope and consequences of the company's relevant laws and regulations. They need to set up a compliance management system as a supporting risk management program, as it significantly reduces enforcement risk.
Annual compliance means a specific set of compliance which a company has to fulfil post-incorporation in order to commence and continue its operations. Non-compliance of such compliance may lead to strike off of the company and disqualification of the directors of such Company. Annual compliance includes various returns to be filed with the MCA, Income Tax Authority, GST etc.
Benefits of following up the compliance:
➲ Good Governance
➲ Ease in getting financial support
➲ Reduces organizational and individual risk
➲ Enhances confidence of shareholders and other stakeholders
➲ It helps in adhering to necessary industry and government regulation
Risk of Non-Compliance
➲ Cessation of business
➲ May lead to civil action by authorities
➲ Public embarrassment
➲ Damage to the reputation of the company and its employees
➲ Punitive action resulting in fines against the company/officials
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Company Law Compliances |
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Declaration of Commencement of Business |
INC-20A Within 180 days from the date of incorporation |
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ACTIVE KYC of the company (for the applicable company) |
INC-22A Till 25th April 2019 without late fine |
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Directors KYC |
DIR-3KYC Till the 30th of April (or date declared by MCA) |
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Disclosure of interest in other entities by the directors.
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Within 30 days of holding a first board meeting through Form MBP-1 |
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Directors disclosure of not being disqualified |
DIR-8 Each company directors in each financial year must file a non-disqualification report with the company |
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Mandatory Appointment of Auditor |
FORM ADT-1 Every company shall appoint an Auditor within 15 days of the incorporation. However, ADT-1 may be filed post 1st AGM of the Company. |
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Meetings of the Board of Directors |
A company shall hold a minimum number of the 4 Board meetings in such a manner that the maximum gap between two meetings not more than 120 days and there is a meeting held in every quarter of the financial year |
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Annual General Meeting (AGM) (Meeting of the Shareholders/members of the Company) |
AGM shall be held within 6 months from the closing of financial year (i.e. on or before 30th September every Year) First AGM of a Company shall be held within 9 months from the closure of the financial year. (I,e, On or Before 31st December) |
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ANNUAL RETURN |
Shall be filed Within 60 days of the date of holding AGM. The annual return should be filed via form MGT-7 for the period 1 April to 31 March for the respective year. |
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Financial Statements |
Within 30 days of holding AGM Through form AOC-4
Company is expected to file in this form their Balance Sheet along with Statement of Profit and Loss Account, Cash Flow Statement and Directors ' Report.
Annex: Balance sheet, Statement of Profit & Loss Account (including Consolidated Financial Statement), Board of Directors, Auditors ' Board, Statement of Cash Flow and AGM Notice |
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GST Compliance |
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GSTR-3B |
On 20th,22nd,24th,of every month (As Applicable) |
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GSTR-1 (monthly) |
On every 11th day of the month
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GSTR-1 (quarterly) |
Last date of the month following the quarter ending. |
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Income Tax Compliance |
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Income Tax Return (ITR) Filing |
ITR-2A On or Before 30th June of the following year |
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Labour Law Compliances
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Annual compliances of PF (if applicable) |
Annual returns must be filed by the 30th of April in a given year Through Form 3A Form 6A
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