Home / Private Limited Company Compliance

Updated on 17 Jun 2021  9.00 AM IST | 4 min read

An Overview to Private Limited Company Compliance

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 and the volume of the turnover etc. The statutory compliances of private limited company are given below –


Statutory Compliances of Private Limited Company

S.NO COMPLIANCE NAME DESCRIPTION
1 Appointment of auditor Under companies act, 2013, every private limited company needs to appoint an auditor for at least 5 years by filling form ADT-1 within 15 days
2 Filing of income tax return Private limited company should mandatorily file income tax return before 30th September for a particular financial year. For ex – The last date for filing income tax return is 30th September.
3 Filing of financial statements Private limited company should mandatorily file the financial statements in form AOC-4 within 30 days from the date of AGM i.e. before 30th October
4 Annual ROC returns Private limited company should mandatorily files annual returns in Form MGT-7 with ROC within 60 days of AGM (Annual general meeting)
5 Holding an annual general meeting Every private company is required to hold annual general meeting with in period of 6 months after the end of the financial year i.e. Before 30th September
6 Board meeting Every private company required to hold minimum 4 meetings and the gap between 2 board meetings should not be more than 120 days.

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Non-Registrar Compliance

  • Quarterly TDS returns
  • Monthly/quarterly GST returns
  • Payment of periodic dues
  • Filing of tax audit report
  • Filing of income tax return
  • Assessment of advance tax liability & payment of advance tax periodically

Documents Required For Annual Compliance For Private Limited Company

  1. Invoices of purchases & sales during a financial year
  2. Invoices of expenses incurred during a financial year
  3. Bank statements for all bank accounts in the name of the company in a financial year
  4. Credit card statements for expenses incurred by directors on behalf of company
  5. Copy of GST returns (If any)
  6. Copy of TDS challan deposited (If any)
  7. Copy of TDS returns files (If any)

Procedure For Annual Compliance Fulfillment

  • Maintain proper books of accounts
  • Preparation & filing of balance sheet
  • Get your accounts audited by chartered accountant
  • Filing of form ADT-1, MGT-7 & form AOC-4 to registrar of companies (ROC)
  • Filing of income tax return to the income tax department

Penalty For Non-Compliance

  1. Late filing or non-filing of annual return will attract a penalty which is 12 times more than the normal fees.
  2. Private company cannot be closed without filing of the tax return.
  3. Therefore, it is best that you file the annual return before the due date to avoid fines, penalties etc.

Private Limited Company Compliance FAQ’S

AGM means annual general meeting. This meeting is held every year for the shareholders. The main aim of this meeting is approval of financial statements, appointment of auditors and declaration of dividends. It is always held in the city where the registered office of the company is situated.
Form RD1 is used to file application to regional director.
Form GNL.1 is used to file an application to registrar of companies.
An annual general meeting is held within period of 6 months after the end of the financial year i.e. before 30th September
No, Private company cannot be closed without filing the tax returns.
The penalty for late filing or non-filing of annual return in case of a private limited company is 12 times more than the normal Fees.
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Due Dates

  • Due date for deposit of Tax deducted/collected for the month of May, 2021. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central Government on the same day where tax is paid without production of an Income-tax Challan

    Jun 07th ,2021
  • Monthly GSTR 8 (Summary of Tax Collected at Source (TCS) and deposited by e-commerce operators) for May 2021

    Jun 10th ,2021
  • Monthly GSTR 7 (Summary of Tax Deducted at Source (TDS) and deposited) for May 2021

    Jun 10th ,2021
  • GSTR 6 (Details of ITC received and distributed by ISD) Monthly Filing Due Date for May 2021

    Jun 13th ,2021
  • Due date for issue of TDS Certificate for tax deducted under section 194-IA in the month of April, 2021

    Jun 14th ,2021
  • Due date for issue of TDS Certificate for tax deducted under Section 194-IB in the month of April, 2021

    Jun 14th ,2021