Company Compliance

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Expert Guidance on Private Limited Company Compliance

Navigating the extensive regulatory landscape for private limited companies in India can be a significant challenge. Adhering to the Companies Act, 2013, and its various rules, including annual filings, board meetings, and event-based requirements, is crucial for maintaining legal status and avoiding penalties.

FileMyFirm provides expert guidance and comprehensive solutions to simplify company compliance. Our team of specialists possesses in-depth knowledge of Indian business laws, ensuring your company meets all statutory obligations efficiently. Whether you are a startup or an established enterprise, FileMyFirm is your partner in achieving hassle-free compliance.

Understanding Company Compliance in India

Compliance for a private limited company is the process of adhering to the rules and regulations set forth by various governmental bodies. This is mandatory, irrespective of a company’s turnover or capital. Compliance can be broadly categorized into two types:

ROC Compliance: Obligations mandated by the Registrar of Companies (RoC), primarily under the Companies Act, 2013.
Non-ROC Compliance: Other regulatory obligations governed by bodies such as the Income Tax Department, GST Council, and Provident Fund organization.

Key ROC Compliance Requirements

ROC compliance is essential for maintaining a company’s legal standing. It is classified into annual and event-based requirements.

Annual Compliances

These are mandatory yearly filings and activities:

Compliance Requirement	Relevant Form	Due Date
Commencement of Business	INC-20A	Within 180 days of incorporation
Financial Statements Filing	AOC-4	Within 30 days of the AGM
Annual Return Filing	MGT-7	Within 60 days of the AGM
Director KYC	DIR-3 KYC	September 30th annually
Return of Deposits	DPT-3	June 30th annually
Board Meetings		Minimum 4 per year
Annual General Meeting (AGM)		Within 6 months of financial year-end

Event-Based Compliances

These are required whenever a specific event occurs within the company. Examples include:

Changes in authorized or paid-up capital.
Appointment, resignation, or removal of directors (Form DIR-12).
Allotment or transfer of shares.
Changes in the company’s registered office.
Appointment of a new statutory auditor (Form ADT-1).

Non-ROC Compliance Requirements

These are legal obligations outside the purview of the RoC but are vital for lawful business operations.

Tax Compliance:
- Filing of Income Tax Returns annually.
- Periodic payment and filing of GST returns.
- Quarterly TDS/TCS returns and timely tax deposits.
Labor Law Compliance:
- Periodic filings for Provident Fund (PF) and Employees’ State Insurance Corporation (ESIC).
- Professional Tax (PTax) payments and returns.
Other Regulatory Filings: Adherence to industry-specific regulations and laws (e.g., environmental or competition laws).

Penalties for Non-Compliance

Failure to meet company compliance obligations can result in severe penalties, including:

Late fees on statutory filings.
Significant fines for the company and its directors (e.g., ₹50,000 for a company and ₹1,000 per day for directors for not filing Form INC-20A).
Disqualification of directors.
The company being classified as a ‘defunct’ or ‘inactive’ company.

Streamline Your Company Compliance with FileMyFirm

FileMyFirm offers a comprehensive suite of services to simplify private limited company compliance.

Dedicated Compliance Manager: You are assigned a single point of contact to manage all your compliance tasks and provide expert advice.
Annual ROC Filing: We prepare and file all mandatory forms like AOC-4 and MGT-7 accurately and on time.
Secretarial Services: Our experts assist with preparing minutes for board meetings, annual reports, and other secretarial documents.
Tax Filing: We handle the preparation and filing of your company’s Income Tax Returns, GST, and TDS returns.

Let FileMyFirm be your trusted partner in managing company compliance. Get started today and experience hassle-free compliance management.

Frequestly asked questions ( FAQ )

What is Company Compliance and what laws govern it?

Company Compliance refers to the mandatory legal and regulatory requirements that a business must adhere to, ensuring all its operations and filings are in accordance with the law.

The compliance landscape is governed by multiple statutes, primarily:

Companies Act, 2013: Governs all secretarial and filing obligations with the Registrar of Companies (ROC), which falls under the Ministry of Corporate Affairs (MCA).
Income Tax Act, 1961: Governs annual Income Tax Return (ITR) filing and TDS/TCS obligations.
Goods and Services Tax (GST) Act: Governs all monthly/quarterly/annual GST filings and payments.
Labour Laws: Govern compliance related to Provident Fund (PF), Employee State Insurance (ESIC), and Professional Tax (PTax).

What are the main types of compliance requirements for a company?

Compliance requirements are broadly categorized by the governing authority:

ROC/MCA Compliance (Statutory Compliance): Mandatory annual filings like the Annual Return (Form MGT-7) and the Financial Statements (Form AOC-4), as well as event-based filings (e.g., change in directors or registered office).
Tax Compliance: Includes filing the company’s Income Tax Returns (ITR) annually, and making periodic payments and filings for TDS/TCS.
GST Compliance: Involves periodic filing of GST returns (e.g., GSTR-1, GSTR-3B) and annual reconciliation (GSTR-9).
Labour and Other Regulatory Compliance: Includes timely deposit and return filing for PF, ESIC, and adherence to industry-specific regulations.

What are the consequences and penalties for non-compliance?

Failure to adhere to company compliance obligations can lead to severe penalties and legal issues:

Late Filing Fees: Companies often face significant late fees for statutory filings like AOC-4 and MGT-7.
Monetary Fines and Penalties: Directors and the company can be penalized with heavy fines. For example, not filing Form INC-20A can lead to a penalty of ₹50,000 on the company and ₹1,000 per day on the directors.
Director Disqualification: Directors can be disqualified from holding office in other companies if the company fails to file annual returns for a specified continuous period.
Company Status: The company may be classified as ‘defunct’ or ‘inactive’, and eventually struck off by the ROC.

What are 'Event-Based' Compliances?

Event-Based Compliances are filings required only when a specific event occurs within the company, unlike annual filings that are mandatory every year. Examples include:

Appointment, resignation, or removal of a director (Form DIR-12).
Change in the company’s authorized or paid-up capital.
Change in the registered office address.
Appointment of a new statutory auditor (Form ADT-1).