All companies registered in India, including private limited, limited company, one person company , nidhi company and section 8 company must maintain the annual compliances like annual returns and income tax return every year.
Though Company Registration is the most popular form of starting a business, various compliances need to be followed once the business is Incorporated. A Private Company is an entity which requires maintaining its active status through the regular filing of an annual return and audited financial statements with MCA for every financial year. The RoC filing is compulsory irrespective of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for every registered company are compulsory
The due dates for annual filing of a company are based on the date of the Annual General Meeting. 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. As per Companies Act 2013, financial year should starts from 1st April and ends on 31st March.
The Companies Act, 2013 regulates the appointment, qualification, remuneration, and retirement of the Company's Directors and other aspects such as conducting board meetings and shareholder meetings.
Nidhi Company is required to file returns twice a year and yearly returns once with ROC every year. Apart from this Nidhi Company is also required to file its Financial Statements in Form AOC 4 and Annual Return in form MGT 7 annually with ROC.
Every Nidhi Company is required to comply with provisions of Companies Act, 2013 and Nidhi Rules, 2014. In a way every Nidhi Company is a Public Limited Company. Hence it requires to follow all the provisions applicable to Public Limited Company unless exempted from compliance of specific section with or without any modification.
All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. The auditor also needs to be appointed within 15 days from the conclusion of AGM. Therefore, the due date for ROC Form ADT 1 would be 14th October every year.
The capital mentioned in the MOA [Memorandum of Association] must be deposited in a bank and commencement certificate must be obtained from MCA within 180 days of incorporation.
For a nidhi company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the financial year i.e. 30th September every year
Every nidhi Company shall maintain proper books of accounts which shall represent an accurate and fair value of the state of affairs of the company. Accounting is necessary for the statutory audit. Annual filing and Income tax return filing which is mandatory.
Every Nidhi Company registered under the Companies Act, 2013, irrespective of its sales turnover or nature of business or capital must have its book of accounts audited each financial year.
It is mandatory for the Nidhi Company to get their accounts audited under MAT i.e. Minimum Alternate Tax. The objective of the introduction of MAT was to bring into the tax net “zero tax companies” which in spite of having earned substantial book profits and having paid handsome dividends, do not pay any tax due to various tax concessions and incentives provided under the Income-tax Law.
Form NDH 3 is a half yearly compliance of Nidhi Company. It contains the details of No. of Members admitted and ceased during the half year,details of members, Loan etc Form NDH 3 to be filled with ROC within 30 days from the close of each half year.
This is a Statutory compliance of Nidhi Company. Form NDH 1 contains all the details regarding the members, loans , deposits, reserves etc for the full financial year. Every Nidhi Company is required to file Form NDH-1 with ROC within 90 days form the closure of Financial Year.
Like every other company, Nidhi Company is required to file its Financial Statements, along with Notice calling General Meeting, Directors Report, Auditors Report and Balance sheet to ROC within 30 days from the date of Annual General Meeting of the Company.
Every Nidhi company is required to file its Annual Return along with List of members of Nidhi Company within 60 days from date of Annual General Meeting. The annual returns are to be filed in Form MGT 7 with ROC.
Nidhi Company is also required to report any resolutions passed for Disclosure of Directors interest, Approval of Financial Statements and Directors Report. if any to the ROC in Form MGT 14.
DIR 3 KYC is a form to be filed by Every director who has been allotted DIN (Director Identification Number).
Nidhi companies are required to file its Income tax return in Form ITR 6 within the period of 6 months from the closure of financial year. Hence the due date for filing Form ITR 6 would be 30th September every year.
Effects Of Non-Compliances
The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors.In case there is a delay in annual filing, additional fees are required to be paid. Hence, it is always better to fulfil the compliances on time.
With our experienced and skilled personnel, We at UpriseLegal make easy for you to be compliant. Managing the business's everyday operations while complying with the difficult corporate laws can be a task for the entrepreneur. So, it is always better to take the professionals' help and understand the legal requirement to ensure timely fulfilment of these compliances to waive off the penalties or fines. We follow law to the core and uses our knowledge to avoid any hassles in your business so that you can rise and grow! You may get in touch with our compliance manager on 9173512402 or email us at info@upriselegal.in for free consultation.
