Private Limited Compliance

Bookkeeping includes a recording of financial transactions that takes place in the Company during a fiscal year. It includes purchase, sales, payment, receipts, vouchers, minutes, and deeds. As per the law, a Private limited company must maintain its books of account and preserve them for any future audit or investigation.

Private Limited Companies have to prepare and maintain all their financial statements like income statement, Cash statement, Profit and Loss Statement, and Balance sheet.

Every Company registered under Companies Act 2013, has to appoint a certified Auditor within 60 days of the incorporation of the Company. ADT-1 will be filed for the first year on the appointment of such an accredited auditor. Without a certified Auditor, no business will be allowed to be conducted, and a penalty of INR 10,000 will be levied on the Company.

Private Limited Companies have to get their firm audited by a certified auditor like CA(chartered accountant) or CS(Company Secretary). The report of this audit has to be submitted to the Government. This helps the Government to understand the financial condition of the Company.

As per the law, companies registered under ROC are mandated to file their Income Tax returns even if they are dormant or have no transaction throughout the year. Any failure to file an income tax return before the due date will attract the penalty of INR 10,000. The due date of filing the Income-tax return for a Private Limited Company will be 30th September.

Private Limited Companies registered under the Company’s act 2013 has to file this return within 60 days of the annual general meeting.

E-filing of audit report along with books of account is compulsory for all the Companies registered under ROC. Any failure to do so might attract a penalty.

Every registered Private limited firm has to submit this form on or before 30th November. This form includes Director Report and Profit and Loss Statement. Failure to furnish this form before the due date attracts a penalty of INR 200 per day.

For every Private Limited Company registered under the Companies act 2013, it’s a director has to file Company disclosure and disqualification for every financial year.