Business Compliance Services
Updated on: Mar 21st, 2023
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7 min read
What are the annual requirements of companies?
Companies need to comply with various legal formalities. Mandatory important annual formalities for companies are
- Annual MCA Return Filing
- Income Tax Compliances
- Statutory Audit requirements
- Maintenance of Statutory Registers and Books of accounts
- Annual RoC Filings
- Annual General Meetings and maintaining minutes of these meetings
- Directors’ Report
- DIR-3 KYC
- Board Meetings and maintaining minutes of the meetings
- Circulation of Financial Statements and other documents
To know more about annual compliance requirements of companies, Please read here.
Fillings and Returns
Companies need to intimate the Registrar of Companies (RoC) whenever a new resolution is passed. They are also required to file annual returns with the RoC every year to show their financial position.
Annual returns have to be filed within a period of 60 days from the conclusion of the Annual General Meeting. It is very important to file returns and required documents with the ROC within the due dates. Filing on time will help avoid notices and penalties.
A business tax return is the income tax return required to be filed by companies. This contains details regarding the income earned, expense incurred, profit or loss made, and also details of the taxes paid. The returns give details of the assets and liabilities of the business.
For Companies/ LLPs the due date to file this return is the 30th of September after the end of the financial year. It is advised to file returns on time to avoid penalties and retain the eligibility to carry forward loss.
ClearTax services can help you comply with all of the above. CA will be assigned to you, who will help you throughout the process. To avail this service, click here
DIR-3 KYC
Every director in a company is allotted Director Identification Number (DIN) to help uniquely identify directors. Any person, appointed as a director to the company, has to has now made it mandatory submit their KYC details annually to ‘The Ministry of Corporate Affairs (MCA)’ by filing eForm DIR-3 KYC. Even disqualified directors with active DIN status should file this form.
The first deadline to file the DIR-3 KYC is 31st August 2018. If any director fails to file the form on or before the deadline, his DIN will get deactivated. To reactivate the DIN after the deactivation, a late filing fee of Rs 5,000 rupees will have to be paid.
ClearTax services can help you file DIR-3 in compliance with the law. CA will be assigned to you, who will help you throughout the process. To avail this service, click here
Company Annual Calendar 2018
For your convenience, we have compiled all the compliance related company deadlines in one place. Refer to the below calendar.
Quick Summary
Companies need annual formalities like MCA filing, maintaining registers, and tax compliance. Filing must be done on time to avoid penalties. Companies must also submit DIR-3 KYC annually. ClearTax services help with compliance. Company annual calendar lists all deadlines.
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