Compliances are the lifeblood of a business entity. It helps businesses preserve their legal identities in front of the government. You have to file them on time and if you don’t, your business might be flagged by the ministry of corporate affairs.
In this blog, we are trying to remove much of the confusion associated with compliances that have to be filed by businesses. We hope that once you’re done reading it, you will know more.
What is compliance?
Compliance is collectively a group of forms that a company or any other business entity has to file at the Ministry of Corporate Affairs. Filing these compliances ensure high-trust for the company by the government.
What are you Required to do in compliances?
There are four categories of compliances that are needed to be followed by a private company owner:
- Every company requires a board of the company outside their office.
- The letterhead of the company should have the full name of the company and other contact details.
- The official website of the company should contain the name, and complete contact information of the company.
- One Time Compliance
- Obtaining stationery Minutes binders
- Appointment of First Auditor.
- Preparing and printing Share certificates
- Preparing the statutory registers in E Form
- Quarterly Compliances (After Every 90 Days)
- Holding the Board Meeting
- Drafting the notice of BM,
- Preparing minutes thereof
- Preparation of attendance sheets of the board meeting
- Annual Compliances to be followed
- Preparing the directors’ disclosures of interest in other concerns
- Preparing the declarations from the directors;
- Drafting of Board’s report
- Drafting of Annual return;
- Obtaining the financials from Auditor;
- Email ID of all the proposed directors:
- Drafting the minutes for the pre AGM board meeting.
- Drafting of Director Report, Annual return and financials.
- Auditor’s reappointment Document has to be prepared;
- Preparation of Fresh Appointment letters to Auditors if any;
- Preparation of Annual General Meeting Minutes and related documents;
- Preparation and filing of balance sheet; P&L and Auditors appointment, with the RoC.
- Filling of AOC 4, ADT 1, and MGT 7 with their respective attachments.
- Statutory auditing of the Company/LLP up to 300 transactions or 10 Lakhs turnover whichever is earlier.
- Accounting Entries will be done by our team up to 300 entries and more than that will be charged at Rupee 1 per entry.
- Filling of form “ITR 6” for Income Tax Return with the department with Digital Signature.
Other Compliances include the following:
- Income tax return filing
- Maintaining statuary registers and records
Above are all the compliances that you should always be on the lookout. These are big jobs that can’t be completed by a layman. Don’t worry. You can file them on time via our many packages with the help of our compliance experts. Just pick up that phone and tell us your requirements, we will be there to help you.