Each and every Company is needed to file an annual return with the Companies Office. This is applicable for all the Companies that are registered with the RoC(Registrar of Company) and the MCA(Ministry of Corporate Affairs) and doesn't matter whether the Company is trading or not. In case the Company does not do the Annual filing then, it may be removed from the registry.
It consists of certain particulars that are specified under Part I of Schedule V, and the information is filed based on the stand of the company till that day. The following are the required particulars needs to be included in the Annual Filing;
Filing an Annual return reflects the position of the Company and the gradual transitions that the Company has passed through. It reflects; The capital structure of Company on master data In case there is any change in the directorship then it is also mentioned Until the date of Annual General Meeting, the transfer of securities are also mentioned.
The Annual return can be filed by any of its directors but it shall be duly signed by both the directors of the Company and by the Manager or Company Secretary. There are certain cases when there is no Manager/ CS in a Company in such cases a signature of both the directors are compulsory.
If an Income Tax Return is applicable then along with Annual Return, it also needs to be filed. For a private limited company, the following documents are required to be filed with ROC annually;
In case a Company fails to file an Annual Return then it is considered to be a default of all the officers, shareholders and the company. A penalty is charged which may extend to Rs. 500 for every day during the period in which the default continues.
Since a foreign subsidiary in India is generally a Private Limited Company, it is required to file that is necessary to file Annual Corporate filing for a Private Limited Company.
There are certain statutory compliances required for a private limited company and they are as follows;
The following process needs to be kept in mind while filing an Annual Return;
According to section 139(6), the first auditor should be appointed by the Board within 30days of Company incorporation. If the Board of the company fails to appoint the auditor, then an EGM is called within 90 days who appoint the first auditor. The first auditor is in a contract till the 1st Annual General Meeting and the remuneration is decided as per section 142(1) by the Board. The appointment of the first Auditor is governed by section 139(6) which begins with a non-obstante clause and it required consent & certificate from auditor and filing of ADT-1 with the Registrar of Company.
The appointment procedure is as follows:
The Filing can be done in Three ways:
A Private Limited Company irrespective of its size and nature is needed to get the bunch of accounts audited and file the IT Return (Income Tax) also the RoC(Registrar of Company) Compliances by each financial year.
According to the Income Tax Act, 1956 all the companies are required to file their Income Tax Return before 30th September. For a Private Limited Company, ITR-6 is the form that needs to be filed for the IT return. It is supposed to be digitally filled using the Digital Signature. The Digital signature is must as no IT Return will be filed if it is not attached to the form. This digital certificate is to be the same as the authorized signature i.e. the DSC(Digital Signature Certificate) of the Managing Directors of the company. For non-filing of the Tax Returns a penalty of upto Rs. 5000/- is charged on the company.