Post Incorporation Compliances for Pvt Ltd Company in India
⇒ Once a Company is Incorporated Board Meeting must be conducted within 30 days of Incorporation.
⇒ The agenda for First Board Meting will be Appointment of First Auditor of the Company ,Opening of Bank Account, appointing an authorised signatory and other matters as Company may consider necessary.
⇒ Share Application money once received must be transferred to share allotment account and shares must be aslloted weithin 60days otherwise it will be classifed as deposits under section71 of the Companies Act , 2013.
⇒ On Allotment of Shre certificate stamp duty must be on transfer of such shares to shareholders as per the stamp duty Act.
⇒ Further the Board meeting must be conducted quartertly.There must not be more than 120 days gap between two Board Meeting.7days clear notice mus t be given for conducting Board meeting.
⇒ The Auditor so appointed in the First Board meting shall stay in his offoce from the date of his appointment till the conclusion of FirstAnnual General Meting.
⇒ First Annual General Meting of the Company must be held within 9months of closing of first Fiancial Year.
⇒ In the first Annual General Meeting an Auditor must be appopinted for a consecutive period of 5years for which form ADT-1 has to be filed which includes resolution for appointment of such auditor of the company, letter of intimation to auditor & Auditor giving his consent to act as an auditor of the Company also stating that he is eligible for apppointment in a company as per Companies Act , 2013.
⇒ Annual Accounts of a Company has to be prepared by the Company. It si the due responsibility of management of Company to prepare Fiancials of a company.
⇒ Statutory Audit of a Company under the Companies Act is mandatory.
⇒ Income Tax return must be filed by the Company by 30th September or any other date as may be notified.
⇒ Books of Accounts once audited must be approved by board of directors and then must be placed before shareholder in Annual General meting of a Company.
⇒ The gap between two AGM must not exceed 15 months or 6 monnths from the date of Balance shet whichever is earlier. However the dus date is AGM in general considered to be 30th September.
⇒ Annual accounts once approved must be filed with ROC within 30days of conducting AGM.Forms included are AOC-4 & MGT-7.
⇒ Resoltions passed in BoardMeeting must be intimated to ROCwithin 15 days by way of filing form MGT-14.
⇒ Since an auditor is appointed for a period of 5years, his term in the office is generally 5 years however such appointment shall be ratified in every AGM otherwise it would be considered as deemed vacation of Auditor.
⇒ A PVT Ltd shall issue its shares by way of private placement.
⇒ In case of further allotment of shares by way of receipt of application money Company need to initimate ROC by way of filing PAS-3 ,Allotment letter & Board resolution
⇒ If a company is a company other than Small Company than along with its financials it has to prepare Cash flow statement.
⇒ Auditors shall be subject to rotation in case of Companies other than small companies.
⇒ If an individual is appointed as an Auditor than he may stay in his offcie for a two consecutive period of 5years & if a firm is appointed than it shall remained for 1 consecutive period.Firther shall Auditro not be appointed for a period of 3 yearsi.e cooling of period.
⇒ If a company is in the business of providing services then once in a financial year the turnover exceds 9lakhs then the Company is required to take Registration of Service tax within 3 dasy of turnover exceding 9lakhs.
⇒ Liability to pay and charge service tax arises when the turnovfer exceds 10 lakhs . Company has to deposit Service tax with Central Govt by 6th of the following month and for the month of March the due date of payment of Service tax will be 31st of March. Companies are expected to file their Service tax return half yearly by 25th of the imedialtely following month.
⇒ When the Company is in the business of trading which includes dealing in vatable sales & puchase then it has to take registration under Sales tax Act.
⇒ Even though it is mandatory to conduct statutory Audit, the company may be eligible to undergo Tax Audit if the turnover of business ion a particular financial year exceeds Rs 1 Crore.
⇒ Companies under the Companies Act ,2013 are prohibted from advancing loans to its directors However it can give loan to a managing director of a company as a part of the conditions of service extended by the company to all its employes or pursuant to any scheme approved by the members by a special resolution.
⇒ If the Tax amount for a financial year is expected to be beyond 10,000 then the Companyu is required to pay advance tax quarterly by 15 th of the immediately following month. Non payment of advance tax would atract penalties as per the provisions of income tax act.
⇒ When a company has employed employes paying salary more then 5000Rs per month then such a company is required to Take registration under Profession Tax deduct Profession tax on behalf of the employes.File PTRC Retun.Along with this Companies are also requiredto pay its oqn PTEC
⇒ TDS wherever applicable as per the provisons of Companies act has to be deducted accordingly and deposited with the Central Government by 7th of the next month.Quarterly TDS Return has to be filed.
⇒ Acompany employing more than 20 employes is liable to deduct provident fund contributiuon @ 12% of basic salary and esic @ 4.75% from employes salary.
⇒ Acompany once incorparated has to bring its share capital within 6 monhts.