What is Annual Compliance Filing?

Annual Compliance Filing is a regular update to the Govt. proving that the entity is conducting its business following the Companies Act, 2013. It has a few essentials like: A Board Meeting of the Director(s) Annual General Meeting Appointing an Auditor Annual Registrar of Companies (ROC) filing Income Tax Compliance

What are the penalties /consequences for late or non-filing of Annual Return?

Late filing – Daily penalty of Rs 100 up to maximum Rs 5 Lac Non-filing – In case of non-filing for three financial years at a row will cause the exclusion of Directors.

What are the required documents in the Annual Compliance process?

For filing an Annual Compliance, the required documents are - Directors’ Board Meeting minutes, profit & loss balance sheet, conclusions from Annual General Meeting, Audit report, DSC of the Directors, and incorporation documents (PAN Card, Certificate of Incorporation).

When and where the AGM can be conducted?

The AGM should be conducted during the business hours of the company and the AGM should be held in the registered office of the entity or in the same jurisdiction area in which the registered office of the entity is located.

Can the board meeting be held through video conferencing?

Yes. The board meeting can be conducted on an online audio-visual platform like a video conference in any other forms.

Annual Compliance for Section 8 Company

By Online Legal India Published On 01 Mar 2021 Updated On 06 Jan 2023 Category Section 8 Company

Section 8 Companies exist to encourage arts, science, sports, research, education, religion, social welfare, and protection of the environment or any other objective.

These companies have to follow compliance defined under the Companies Act,2013. Also, have to obey the compliance prescribed by MCA. Violation of any of the Section 8 Company compliances would result in paying a penalty to the Govt.

Annual Compliance for Section 8 Company

Following are annual compliance of a Section 8 Company :

Appointment of An Auditor: Under Section 139 of the businesses Act 2013, companies must appoint an auditor. The book of accounts and annual returns of the corporation shall be audited by the statutory auditor who is going to be appointed for 5 years.
Maintenance of Statutory Registers: The Section 8 Company is required to take care of a statutory register consisting of members, loans obtained, charges created, its directors, etc. as enumerated under Section 8 Company of the businesses act 2013.
Convening Meeting: Annual general body meeting is to be conducted once a year within 6 months of the top of the monetary year and other board meetings need to be conducted.
Boards’ Report: The Board of Directors of the corporation shall appropriately file their boards’ report, consisting of all the financial statements and other annexures. The board report is required to be filed in Form AOC-4.
Preparation of monetary Statement of The Company: The company will get the record, profit and loss A/C, income statement and other financial statements prepared by the statutory auditor which is to be filed with ROC.
Tax Returns: The ITR is required to be filed at the top of each assessment year, before 30th September.
Filing of monetary Statements: The budget shall be filed within the appropriate form ( E-FORM AOC-4), within 30 days from the date of the annual general meeting,
Filing Annual Returns: The annual return containing all the knowledge like management details, shareholders’ details are going to be filed in Form MGT-7 with the Registrar of Companies (ROC), within 60 days of the annual general meeting.

What are the forms required to be filed for Annual Compliances?

AOC-4: Photocopy of the financial statements, accepted in the Annual General Meeting is to be submitted by a Section 8 company within 30 days of the meeting.

MGT-7: Annual returns must be filed by Section 8 companies within 60 days from the date of the annual general meeting.

Form ITR -6: It is an Income Tax Returns filing form.

What is the due date to file forms?

Within 30 or 60 days after the AGM is held.

How can we help you?

These compliance can be made online. One can file an application on the official website of Online Legal India ™ . Our highly qualified CA/CS and 10+ years of experienced lawyer team will assist to comply with the legal filings of Section 8 Company. We provide service for people willing to venture into a company,business or any other kind of organization.

Apart from getting registered with MCA, any business personnel must also register with the following formalities.

GST,TAX
Accounting
Trademark Registration
Import Export Code (to enter foreign markets).

We have the best minds in the industry for business incorporation. We deliver Digital Assistance round the clock to provide a hassle free section 8 company.