Company & LLP Compliances

Company & LLP Compliances

Every private limited company, Public limited company, one-person company and Limited Liability Partnership (LLP) need to do annual ROC and other compliances every year, this compliance is mandatory in nature and if we avoid these compliances then need to pay heavy penalties which can be avoided if we do these compliances on time.

Various Types of compliance need to be done for companies and LLPs and details below.

Compliance Applicable To Private Limited Company

Private Limited Company need to do compliances under Income Tax Act, under companies act and various another act.

 

Compliances Under Companies Act 2013

Every company need to do mandatory compliances under companies Act as list below.

  • Statutory Audit under companies act 2013.
  • Filing of annual return in form no. MGT-7 and submit annual account in form No. AOC-4.
  • Auditor appointment form in ADT-1.
  • Director KYC compliances annually.
  • DPT-3 form for loans and deposit taken by company.
  • MSME-1.

Some Event based compliances also need to be done in the following cases.

  • Appointment, resignation of directors.
  • Increase of share capital.
  • Change of registered office address.

Compliances Under Income Tax Act 1961

  • Filing of Income tax return before due date.
  • Transfer Pricing audit and filing if applicable.
  • Get Tax Audit from CA if applicable.
  • Do TDS compliances to pay TDS on time and file TDS return on quarterly basic.

Compliances Under Other Act

  • Professional Tax compliances (PTRC and PTEC).
  • PF Compliances if applicable.
Apart from incorporating a company, one can also choose to incorporate a limited liability partnership to establish a business in India: A Limited Liability Partnership (LLP) is a form of business structure in India that integrates the benefits of a company with the advantages of organizational flexibility associated with a partnership. The FDI policy for Limited Liability Partnership (LLPs) has been notified lately to feasible entity to form for foreign investors to establish their business operations in India.
Compliances Applicable To Limited Liability Partnership (LLP)

LLP need to do compliances under Income Tax Act, under companies act and various another act.

 

Compliances Under Companies Act 2013

Every company need to do mandatory compliances under companies Act as list below.

  • File Annual Return in Form No.-11.
  • File Form-8 to mention details of Profit and loss and affairs of the LLP.
  • Do Audit if turnover exceed 40 lacs or contribution exceed 25 Lacs.
  • Designated Partner KYC compliances annually.

Compliances Under Income Tax Act 1961

  • Filing of Income tax return before due date.
  • Transfer Pricing audit and filing if applicable.
  • Get Tax Audit from CA if applicable.
  • Do TDS compliances to pay TDS on time and file TDS return on quarterly basic.

Compliances Under Other Act

  • Professional Tax compliances (PTRC and PTEC).
  • PF Compliances if applicable.