PVT LTD Company Compliances

An Overview To Private Limited Company Compliance
A Private limited company has more compliance requirements in comparison to sole proprietorship, partnership firm & LLP. Private limited
compliance includes periodic filing of tax & other returns, maintaining statutory books & accounts, holding board meetings, other meetings etc.
Non-compliance will lead to penalties & may end up your business also in extreme cases. The compliance requirements may differ on the basis of
nature of business, product or service provided, the volume of turnover etc. The statutory compliance's of a private limited company

Annual Compliance Checklist For The Private Limited Company

1 First board meeting - The first Board of Directors meeting should be held within 30 days of the Company's establishment.
Subsequent board meetings
a) A minimum of four Board meetings per calendar year shall be held, with no more than 120 days between meetings.
b) Minimum of two meetings in each half of the calendar year for smaller companies, with a minimum break of 90 days between
meetings.
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3 First Annual General Meeting - It should be held within nine months of the Company's first financial year's ending.
Subsequent Annual General Meeting - Within six months period from the date of the financial year's ending. A period of no more than
fifteen months shall elapse between the dates of one company's annual general meeting and the next.
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Disclosure of interest by Directors/Declaration - Each Director shall disclose his or her interest in form MBP-1 and declaration in form
DIR-8 at the Board's first meeting of every financial year.
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6 Appointment of First Auditor - The Board of Directors should appoint the first auditor within 30 days of establishment.
7 CAppointment of subsequent Auditor -
a) It will be appointed for five years at the AGM,
b) Within fifteen days of appointment at the Annual General Meeting.
8 Filing of Financial statements, i.e. Form AOC-4 -It should be filed within 30 days of AGM.
9 Annual return filing, i.e. form MGT-7 - It should be filed within 60 days of AGM.
10 Filing of form ADT-1 - Form ADT-1 must be filed within 15 days from the date of the auditor's appointment.
11 Statutory audit of accounts - Statutory audit should be done by the Chartered Accountant.
12 Filing of Company Income tax return - 30th of September every year.
13 KYC of directors - 30th of September
Maintenance of statutory registers, Minutes books and records - All companies are advised to maintain several statutory registers in the
required format, including a register of members, a register of charges, a register of directors and key management personnel and a
register of loan and guarantee. You also need to maintain minutes of board and general meetings, books of accounts, attendance
register, etc.
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Proof of circulation of Notice, Draft and Signed Minutes - It should be maintained for a period of three years after the end of the
meeting.
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E-form DPT-3 - All companies with an outstanding loan/amount as of March 31 of each financial year are required to provide details and
bifurcation of such outstanding amount by June 30, regardless of whether such amount falls within the definition of deposit or not.
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E-form MSME-I - If a company owes money to micro and small businesses and the payment is more than 45 days overdue, the company
is required to provide the following information:
a) April to September by 31st October
b) October to March by 30th April