ROC Annual
Compliance
Process
We at Taxwalla take pride in doing all the hardwork and the running around while you can focus on your business and operations.
Once you register a company, there are certain mandatory compliances. These compliances are periodical and need to be done every year. Certain compliances are triggered only after specific events such as the resignation of a director, change of address, change in objective, taking a new investor in the company. We have covered the above-mentioned periodical compliances under this AMC package. Failing to file these forms attract penalties.
Issue of Share Certificate – The company has to issue a share certificate to its shareholders within two months from the date of incorporation or fresh allotment.
Penalty – The fine to the company may range from INR 25,000 to INR 5,00,000 and the fine to the director may range from INR 10,000 which may extend up to INR 1,00,000
Commencement of Business Certificate - INC 20A – Any company registered on or after 2nd November 2018 should file Form INC 20A within 180 days from the date of incorporation of the company. This form needs to be certified by a Chartered Accountant (CA) or Company Secretary (CS) or Cost Accountant (CMA) in practice.
Penalty – The fine for delayed filing may range from 2 times to 12 times the regular filing fees. Regular filing fees range between INR 200 to INR 600 depending upon the capital of the company. Non-filing penalty for the company may be INR 50,000 and officers in default may have to pay up to INR 1000 per day of delay subject to a maximum of INR 1,00,000. Further ROC may initiate the process for removal/strike-off of the company.
Maintaining statutory registers – There are a few mandatory registers to be maintained by the company at its registered office. It includes Register of Members, Register of Directors and Key managerial personnel, Register of Charges, Register of ESOPs, etc
Penalty – The penalty is INR 50,000 which may extend up to INR 3,00,000 and INR 1,000 per day for which default continues.
Appointment of Auditors by Form ADT 1 – The company needs to inform the ROC by way of filing Form ADT 1 within 15 days from the appointment of the auditor or first AGM date.
Penalty – Depending upon the delay in no of days, the penalty may range from 2 times to 12 times of regular fees. Regular fees range from INR 200 to INR 600 depending upon the share capital of the company.
Board Meeting Compliances – The board of directors BoDs needs to hold the first Board Meeting within 30 days from the date of incorporation of the company and subsequently at least once every quarter. Notice of the meeting needs to be given and the attendance register needs to be maintained. The company is also required to maintain the minutes of the meeting.
Penalty – Fine to the company may be INR 25,000 and fine to the defaulting director may be to the tune of INR 5000. Failure to issue a notice of meeting may attract a fine of INR 25,000.
Annual General Meeting Compliances – The company needs to hold its AGM every year. The company is required to send proper notice of the meeting and should also maintain the minute of the meeting. The attendance register of every annual general meeting is to be maintained.
Penalty - Failure to hold the AGM within the time may attract a fine of up to INR 1,00,000 and INR 5,000 for each day of delay. Further failure to maintain the Minute book shall be punishable with a fine of up to INR 25,000 to the company and up to INR 5,000 to directors.
Filing Annual Return by ROC Form MGT 7 – Every company is required to file an annual return in Form MGT 7 to ROC within 60 days of its AGM.
Filing of financial statements by ROC Form AOC 4 – Every company is required to file its audited financial statements by way of Form MGT 7 to ROC within 30 days of its AGM. In this case, the company has to provide audited financial statements to Taxwalla based on that our team will file the form with ROC.
Penalty – Additional fees may range from 2 times to 12 times of regular fees depending upon the period of delay. The company may have to pay a fine of INR 50,000 which may extend to INR 5,00,000. Officers in default shall be punishable with imprisonment up to 6 months OR may also have to pay a fine of INR 50,000 which may extend up to INR 5,00,000 or both.
Filing of director KYC for two directors by Form DIR 3 – Every person holding the DIN (Director Identification Number) is required to update his/her KYC with the ROC through form DIR 3 every year.
Penalty – Penalty for delayed filing is INR 5,000
We at Taxwalla take pride in doing all the hardwork and the running around while you can focus on your business and operations.
GST regime has come with different rates for different goods and services, out team of expert will guide you to pay the tax at correct rate and under correct HSN code or SAC code.
We are committed to file your error free return on time which will save you from being penalised with hefty interest and fees.
We have a team of qualified professionals who will review all the details before submitting it to the government department so that we avoid the unwanted queries.
We can exchange details & documents through the email, whatsapp or other convenient online modes. No need to download anymore apps.
Submit your basic details like name, contact number, email address so that someone from our team can get in touch with you.
One of our executives will be dedicated to your task who will walk you through the complete process and prepare the needed papers.
Based on the details and inputs received from you, our team will fill the forms & file it to the government department for future processing.
Along with walking through the process, our team will also extract the acknowledgement and provide you proof for record.
If you have registered a company then certain compliances are mandatory to be done within due dates. Even if you have not taken any revenue in the company or not started the operations/business, you must file all mandatory forms on time to avoid hefty fees and penalties.
The first auditor of the company has to be appointed by the board of directors within 30 days from the registration of the company. The first auditor should hold the office till the conclusion of the first AGM. In case the board fails to appoint the auditor within the time, it shall inform the members, who shall then within 90 days shall appoint the auditors by holding an Extra-Ordinary General Meeting and such auditor shall hold the office till the conclusion of the first annual general meeting.
Apart from the regular periodical annual compliances, the company is required to inform ROC of the following events
There may be further compliances depending upon the nature, size, geographics of the business.
Obviously Yes! Many times, we have witnessed that founders are starting the company and due to one or other reasons they have not complied with the filings within due dates. Non-compliances within due dates will result in hefty penalties and a burden on the company and its officials. Sometimes it is due to no operations in the company or sometimes it is due to founders being too busy with their business operations.
Our experienced team will collect the required documents from you and fill the necessary forms, we will take your signatures wherever required and file the forms with the ROC. We will ensure timely filing by sending you to advance reminders so that you are not rushed at the last hours.
A company need to prepare its financial statements and get them audited by a chartered accountant. Once you finalise the auditor for your company, we will complete the legal formalities for his appointment as an auditor of the company. He will provide you with the audited financial statements which will be filed by our team in the prescribed format with the ROC. Financial statements are generally prepared for 12 months starting from 1st April and ending on 31st March every year.
Download the list of documents required here
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