Producer Company Annual Filing

Agriculture is one of the biggest sector in India employing over 50% of total workforce of the country and contributing a major share in the Indian economy. Considering this and to optimize the growth of Agriculture and Agrarian society in India and to bring better governance and standardize the agricultural activities with technical advancement and collective growth of the community as a whole, the concept of "Producer Company" was introduced in 2002 which majorly helped Indian Producers with their growth and income.

 

 

A Producer Company is a company, formed with an objective of production, harvesting, procurement, grading, pooling, handling, marketing, selling, export of primary produce of the Members or import of goods or services for their benefit. Term “Produce” means things that have been produced or grown, especially by farming. This means that, a Producer Company deals primarily with agriculture and post-harvest processing activities. Producer Company allows farmers cooperatives to function as a corporate entity under the Ministry of Corporate Act. It is a Special type of entity exclusively for Producers.

Choose Your Package

Silver

₹ 6999

  • AOC 4 Filing
  • 2 MGT 7 Filing
  • ADT 1 Filing
  • Authorized Capital of Rs 1 Lakhs
  • turnover upto Rs. 50 Lakhs
  • Professional certification on MGT-7 & AOC 4

Gold

₹ 29999

  • Accounting and Book-keeping
  • Financial Statement Preparation
  • Drafting Notice and Director's Report
  • AOC 4 Filing
  • MGT 7 Filing
  • ADT 1 Filing
  • Annual Filings for Company having Authorized Capital of Rs 5 Lakhs
  • turnover upto Rs. 50 Lakhs and upto 100 accounting transactions
  • One Year Income Tax filing upto turnover of Rs. 50 Lakhs
  • 5 DIR-3 KYC for 5 Directors
  • Professional certification on MGT-7 & AOC 4
  • Commencement of Business Certificate

Platinum

₹ 39999

  • Accounting and Book-keeping
  • Financial Statement Preparation
  • Drafting Notice and Director's Report
  • AOC 4 Filing
  • MGT 7 Filing
  • ADT 1 Filing
  • Annual Filings for Company having Authorized Capital of Rs 5 Lakhs
  • turnover upto Rs. 50 Lakhs and upto 100 accounting transactions
  • One Year Income Tax filing upto turnover of Rs. 50 Lakhs
  • 5 DIR-3 KYC for 5 Directors
  • Professional certification on MGT-7 & AOC 4
  • Commencement of Business Certificate
  • 1 Year GST Return Filing upto 100 entries (12 GSTR-3B and 4 GSTR-1)

 

 

Producer Company Annual Filing Forms

 

 

Statutory Auditor Appointment 

 

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.

 

Declaration Of Commencement Of Business 

 

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.

 

Accounting 

 

Every Producer 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.

 

Statutory Audit 

 

Every Producer 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.

 

MAT Audit

 

It is mandatory for the Producer 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.

 

Income Tax Filing

 

Companies registered in India must file income tax return each year in Form ITR-6. The due date for the same is 30th September each year.

 

Form AOC 4

 

Financial Statements in Form AOC-4 to be filed with the Balance Sheet, Profit and Loss Account, Directors’ Report, Cash Flow Statement, Auditor’s Report, and the Consolidated Financial Statement.

 

Form MGT 7

 

The Producer Company requires to file Annual Return in Form MGT-7 regarding the latest information about the directors and shareholders of the Producer Company.

 

DIR 3 KYC

 

All directors are required to file a form to do the KYC with the RoC in form DIR 3 KYC, if you have already submitted the form then one needs to verify the OTP over email and mobile no. otherwise all new director needs to submit this form.

 

Form MBP 1

 

Every director shall in its first board meeting disclose about the interest in any company, firm or other AOI (including any shareholding interest) by filing Form MBP 1.

 

Form DIR 8

 

Every Director of the Company has to file the disclosure of non-disqualification in each Financial Year.

 

Form DPT 3

 

The Return of Deposit should be filed before the Registrar of Companies in FORM DPT-3.

 

 

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.

 

 

Be Compliant With UpriseLegal

 

 

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 [email protected] for free consultation.