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Any company whether it is private limited, limited company, one Person Company or section 8 company registered or incorporated in India must comply with annual filing requirements with ROC every year. This compliance includes appointment, qualification, remuneration, and retirement of the Company’s Directors and other aspects such as conducting board meetings and annual general meetings (AGM) and approval of final accounts. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
Nowadays everyone wants to focus on their business and do want to indulge in corporate compliances because rules, regulations and laws are changing everyday and non compliance of these laws could impact huge penalties and other punishments too. No one wants to suffer these. So it is always better to take experts advice from those who are professional in this field. We here at Kanooni Sahayata help you regarding filing of your annual returns and guide on other legal requirements too.
There is a huge penalty for Non-filing and late filing of Annual returns of company. These penalties depend upon the days of delay in filing. These are over and above normal fees charged by MCA and these are mandatory penalties. You cannot avoid these penalties.
If a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a Fine for the period of which the default is continuing.
Time Limit for AGM:-
AGM must be held within 6 months from the end of the financial year i.e. 30th September every year. In case of new companies, first AGM should be held within 18 months from the date of incorporation or 9 months from the close of financial year whichever is earlier.
3 Mandatory Forms are required to be filed every year with Roc. Following are the due dates of forms:-
Annual return consists of information and documents that include the financials of the Company i.e. Balance Sheet, Profit & Loss Account, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities
The procedure of ROC filing the annual return and Audited financial statement is mentioned below:
Directors Report
Director’s report is a financial disclosure made by director to the shareholders of the company. Every Director has to disclose details about his directorship in other companies every year. It is envisaged to disclose financial status of the company by disclosing company’s affairs and scope of work along with its subsidiaries. This can be done by giving a declaration in writing to the company every year.
Annual General Meeting
An annual general meeting (AGM) is a yearly gathering between the shareholders of a company and its board of directors. Generally, this is the only time that the directors and shareholders will meet throughout the year, so it is a chance for the directors to present the company’s annual report.
It is necessary to hold a meeting of the shareholders once every year within six months from the financial year’s closing. All companies except one person company (OPC) should hold an AGM after the end of each financial year.
AGMs are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc.
The meeting is held during business hours on a day that is not a public holiday. It shall occur at the registration of the company or the city, village, or town in which the registered office is situated.
Board Meeting
A Board Meeting is a formal meeting of the board of directors of an organization and any invited guests, held at definite intervals and as needed to review performance, consider policy issues, address major problems and perform the legal business of the board.
As per Section 173 of Companies Act, 2013, every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year and in holding board meetings during the year, there shall not be more than 120 days gap between two consecutive board meetings.
There should be four board meetings held every three months in which a minimum of 2 directors or 1/3 rd of the total number of directors, whichever is greater, are required to be present.
A notice should be intimidated seven days in advance about the date and the purpose of the meeting.
Auditor’s Appointment
All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won’t be allowed to commence business. Also, there is a penalty of Rs. 300 per month.
Any company whether it is private limited, limited company, one Person Company or section 8 company registered or incorporated in India must comply with annual filing requirements with ROC every year. This compliance includes appointment, qualification, remuneration, and retirement of the Company’s Directors and other aspects such as conducting board meetings and annual general meetings (AGM) and approval of final accounts. Irrespective of the total turnover or the capital amount, the company must comply with the annual compliance requirement.
Nowadays everyone wants to focus on their business and do want to indulge in corporate compliances because rules, regulations and laws are changing everyday and non compliance of these laws could impact huge penalties and other punishments too. No one wants to suffer these. So it is always better to take experts advice from those who are professional in this field. We here at Kanooni Sahayata help you regarding filing of your annual returns and guide on other legal requirements too.
There is a huge penalty for Non-filing and late filing of Annual returns of company. These penalties depend upon the days of delay in filing. These are over and above normal fees charged by MCA and these are mandatory penalties. You cannot avoid these penalties.
If a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a Fine for the period of which the default is continuing.
Time Limit for AGM:-
AGM must be held within 6 months from the end of the financial year i.e. 30th September every year. In case of new companies, first AGM should be held within 18 months from the date of incorporation or 9 months from the close of financial year whichever is earlier.
3 Mandatory Forms are required to be filed every year with Roc. Following are the due dates of forms:-
Annual return consists of information and documents that include the financials of the Company i.e. Balance Sheet, Profit & Loss Account, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities
The procedure of ROC filing the annual return and Audited financial statement is mentioned below:
Directors Report
Director’s report is a financial disclosure made by director to the shareholders of the company. Every Director has to disclose details about his directorship in other companies every year. It is envisaged to disclose financial status of the company by disclosing company’s affairs and scope of work along with its subsidiaries. This can be done by giving a declaration in writing to the company every year.
Annual General Meeting
An annual general meeting (AGM) is a yearly gathering between the shareholders of a company and its board of directors. Generally, this is the only time that the directors and shareholders will meet throughout the year, so it is a chance for the directors to present the company’s annual report.
It is necessary to hold a meeting of the shareholders once every year within six months from the financial year’s closing. All companies except one person company (OPC) should hold an AGM after the end of each financial year.
AGMs are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc.
The meeting is held during business hours on a day that is not a public holiday. It shall occur at the registration of the company or the city, village, or town in which the registered office is situated.
Board Meeting
A Board Meeting is a formal meeting of the board of directors of an organization and any invited guests, held at definite intervals and as needed to review performance, consider policy issues, address major problems and perform the legal business of the board.
As per Section 173 of Companies Act, 2013, every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year and in holding board meetings during the year, there shall not be more than 120 days gap between two consecutive board meetings.
There should be four board meetings held every three months in which a minimum of 2 directors or 1/3 rd of the total number of directors, whichever is greater, are required to be present.
A notice should be intimidated seven days in advance about the date and the purpose of the meeting.
Auditor’s Appointment
All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won’t be allowed to commence business. Also, there is a penalty of Rs. 300 per month.
3 Mandatory Forms are required to be filed every year with Roc. Following are the due dates of forms:-
Annual return consists of information and documents that include the financials of the Company i.e. Balance Sheet, Profit & Loss Account, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities
The procedure of ROC filing the annual return and Audited financial statement is mentioned below:
Directors Report
Director’s report is a financial disclosure made by director to the shareholders of the company. Every Director has to disclose details about his directorship in other companies every year. It is envisaged to disclose financial status of the company by disclosing company’s affairs and scope of work along with its subsidiaries. This can be done by giving a declaration in writing to the company every year.
Annual General Meeting
An annual general meeting (AGM) is a yearly gathering between the shareholders of a company and its board of directors. Generally, this is the only time that the directors and shareholders will meet throughout the year, so it is a chance for the directors to present the company’s annual report.
It is necessary to hold a meeting of the shareholders once every year within six months from the financial year’s closing. All companies except one person company (OPC) should hold an AGM after the end of each financial year.
AGMs are held for approval of financial statements, declaration of dividends, appointment or re-appointment of auditors, commission, remuneration of directors, etc.
The meeting is held during business hours on a day that is not a public holiday. It shall occur at the registration of the company or the city, village, or town in which the registered office is situated.
Board Meeting
A Board Meeting is a formal meeting of the board of directors of an organization and any invited guests, held at definite intervals and as needed to review performance, consider policy issues, address major problems and perform the legal business of the board.
As per Section 173 of Companies Act, 2013, every company shall hold its first board meeting within 30 days from the date of incorporation. After the first board meeting, every company shall hold minimum four board meetings in a calendar year and in holding board meetings during the year, there shall not be more than 120 days gap between two consecutive board meetings.
There should be four board meetings held every three months in which a minimum of 2 directors or 1/3 rd of the total number of directors, whichever is greater, are required to be present.
A notice should be intimidated seven days in advance about the date and the purpose of the meeting.
Auditor’s Appointment
All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won’t be allowed to commence business. Also, there is a penalty of Rs. 300 per month.
It is mandatory irrespective of capital or turnover of the Company.
The Annual return can be submitted by any of its directors but it shall be duly signed by both the directors of the COMPANY and by the Manager or Company Secretary. There are certain cases when there is no Manager/ CS in a COMPANY in such situations signature of both the directors is compulsory.
MGT-9 is attached to the company's director report, which is an extract of MGT -7.
The Private Limited Companies are required to file the annual accounts and the returns that disclose the details of the shareholder and the directors to the ROC.
After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.
Once you have filled up the eForm and done “Check Form”, you are required to click the “Pre-Scrutiny” button on the eForm. Please ensure that when you click this button, your computer is connected to the internet. In case the MCA system finds some inconsistency in data, it will throw an error and advise the user to do the necessary rectifications. In case you have filled up the eForm correctly, the system will “lock” the eForm. If you need to modify any data after the successful pre-scrutiny, click on the “Modify” button. This will “Unlock” the eForm and remove the Digital signature (if already made) after which you can carry out the required modifications. Once the modifications are over you are required to do the Pre-Scrutiny again.
31st March 2021
Whenever a taxpayer makes a rectification in the forms during Annual ROC Filing, they are required to pre-scrutinize the said forms again. Once the e-form are pre-scrutinized, the Annual General Meeting dates must be rectified in the filing process.
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