Company annual compliance

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    What is Annual Compliance?

    Every company irrespective of the fact that whether it is Private Limited company, One Person Company, Section 8 Company or Public Company has to mandatorily file its Income Tax Return and intimate the Registrar of Companies about the its working. This intimation to ROC is given by filing the necessary Annual Return Forms with the Registrar of Companies.

    Companies must conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain annual compliance. The companies are required to file the necessary returns with the Income Tax Department and Registrar of Companies irrespective of its status i.e. whether it is earning a profit or incurring losses or it is a defunct company.

    All the Private Limited Companies are required to hold one mandatory meeting of its shareholders to give the detail of the business conducted by the company in that particular financial year. The Annual General Meeting of the company must be held within 6 months of the end of the financial year.

    As per section 92 of the Companies Act, 2013 every company shall prepare a return in E-form MGT-7 containing the required particulars as they stood on the close of the financial year and signed by a director and the company secretary, or where there is no company secretary, by a company secretary in practice. Whereas for annual compliance in relation to One Person Company and small company, the annual return shall be signed by the company secretary, or where there is no company secretary, by the director of the company. Further, the company is also required to file its Financial Statements in E-form AOC-4 with the ROC.

    Consequences if annual compliance is not done?

    If a company fails to file its annual return and financials before the expiry of the period specified, then the company shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakhs rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to six months or with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees, or with both. Further the Registrar of Companies may strike off a company under section 248 of the Companies Act, 2013 for not filing its annual return for a continuous period of 2 years which shall result into to the disqualification of the directors under section 164 of the Act.

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