Welcome to MYCOMPANYWALA MyCompanywala.com began by offering registration services, filing returns and helping entrepreneurs in legal compliances and today it offers a full commercial center to entrepreneurs on its site. We are a group of chartered accountants, company secretaries, lawyers, getting answer for all your lawful needs under one umbrella. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing. MyCompanywala started with the simple idea that doing business in India should be easy. To accomplish our mission we are building the largest business services platform in the world with a range of business services from incorporation to tax filing. By making it easier to do business, we hope to unleash Entrepreneurship and help small businesses compete effectively. Our approach is easy to outline something we'd LOVE to utilize ourselves. In this way we tune in and set aside the opportunity to comprehend our clients and consider their responses generally important.MyCompanywala
Annual Compliance for Private Limited Company
A Private Company is a corporate held under private ownership which requires regular filing with the Ministry of Corporate Affairs. For every organization it is obligatory to file an yearly return and audited financial statements including profit and loss statement and balance sheet with MCA for every financial year. The ROC filing is essential without reference to the company's sales whether it is zero or in large numbers. Hence, annual compliances for private limited companies are mandatory for a reputed company.
In order to report the activities performed in each financial year, the due terms for annual filing of a company are based on the occurrence of Annual General Meeting. The Annual General Meeting is usually held within 18 months from the date of incorporation of a company or 9 months from the closure of the financial year whatever is near..
Benefits of Annual Compliance for Private Limited Company
Avoid being a Defaulter
Regular filing of Annual compliance for a private limited company avoids heavy penalties and additional fees in case of non fulfillment of filing the required forms.Invitation to Potential InvestorsIn order to ensure the creditworthiness of the company the potential are highly interested in scrutinizing the financial worth of the organization. An investor can directly request the company or check the regular filing status on MCA portal. Hence, potential investors prefer to invest with a company with regular filing of Annual compliance for Private Limited Company.
Legal compliance is crucial for every organization. Various participants such as investors, ministry tenders and for loan support purposes, the regular filing of annual compliances for a private limited company plays an important criteria to determine the trustworthiness of the company.
An regular MCA return and income tax report is due to be filed each year by all companies incorporated in India such as private limited company, one individual company, limited company and section 8.. The organization shall hold an Annual General Meeting at the end of the financial year before presenting its annual return. The Annual General Assembly shall be held for newly formed corporations within 18 months of the formation date or 9 months from the closing date of financial years, whichever is earlier. The foregoing General Assemblies shall take place within 6 months of the close of the financial year. The financial year usually begins in India on 1 April and ends on 31 March.
Companies who have registered and share capital in India after November 2019 are expected to acquire a business certificate prior to entering into any business or exercise any borrowing authority. Within 180 days after the incorporation, the beginning of the company license must be received. If business certificate does not start, the corporation will collect a Rs.50 000 penalty every day and the managers a Rs.1000 penalty per day for any day of default.
AOC-4 MCA Form (30th Nov 2020)The MCA Form AOC-4 for FY2019-20 is expected to be filled by the private limited companies incorporated in India on or before 30 November 2020. If AOC-4 is not filed, Rs.200 will be penalized for the default or delay day.
MCA MGT-7 Type (31st Dec 2020)The MCA Form MGT-7 must be filed on or before 31 December 2020 for FY 2019-20 for private limited firms registered in India. The default or delay of an MGT-7 file is a penalty of Rs.200.
EKYC DINFor all business administrators, the DIN eKYC or DIR-3 eKYC form must be submitted. In DIR-3 eKYC filing, a specific personal mobile number and personal email address are given and checked by the Manager. If DIN eKYC is not sent, Rs.5000 would be penalized by the DIN.