A Private Limited Company is one of the most popular business structures in India. If you have registered your company in Andhra Pradesh, it is essential to follow the annual compliance rules set by the Ministry of Corporate Affairs (MCA). These compliances help maintain transparency and avoid penalties.
Let’s understand the key annual compliances that every Private Limited Company must follow in Andhra Pradesh:
1. Annual General Meeting (AGM)
Every Private Limited Company must hold an Annual General Meeting (AGM) within 6 months of the end of the financial year. The first AGM can be held within 9 months of the end of the financial year.
2. Filing of Financial Statements (Form AOC-4)
Companies must file their audited financial statements with the ROC (Registrar of Companies) using Form AOC-4 within 30 days of the AGM.
3. Filing of Annual Return (Form MGT-7)
The company also needs to file an Annual Return in Form MGT-7 within 60 days from the date of the AGM. This includes information about the company’s shareholders, directors, and other details.
4. Income Tax Return Filing
The company must file its Income Tax Return (ITR) every year, usually by 30 September (if an audit is applicable) or 31 July (if an audit is not relevant).
5. Statutory Audit
All Private Limited Companies must get their books of accounts audited by a Chartered Accountant. The audit report is part of the financial statements.
6. Director KYC (Form DIR-3 KYC)
Every director who has a Director Identification Number (DIN) must submit their KYC details every year by the 30th of September.
7. Form DPT-3 (if applicable)
If the company has taken any loans or advances, it needs to file Form DPT-3 annually to declare these amounts.
8. MSME Form (if applicable)
If the company has pending payments to MSME vendors for more than 45 days, it must file the MSME Form 1 with details.
Penalties for Non-Compliance
Failure to file annual compliance forms on time can lead to heavy penalties, late fees, or even the disqualification of directors. Hence, it’s essential to stay compliant.
Conclusion
Annual Compliance for a Private Limited Company in Andhra Pradesh is essential for maintaining your company’s legal status and reputation. If you’re running a Private Limited Company in Andhra Pradesh, consider consulting a professional or using a reliable compliance service to ensure everything is done correctly and on time.
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