What is meaning of Annual filing of pvt ltd.?
These filings are the compliances which are to be done by every company under Companies Act. Every company need to file within certain date (30 to 60 days) after AGM, the audited financial statement and annual returns to the ROC.
Why Annual Filings are required?
As every company have to intimate the ROC about the income and expenditure and information regarding its shareholders, meetings, any kind of change in the Company during the Financial year etc. and to make company free from non-compliances, ROC filings are must. If any Company fails to do so then a heavy penalty will be imposed for non-filing. The filling shows the proof of the existence of the company.
What are the forms for Annual filing?
There are different types of forms for ROC filing which are as follows:
1. ADT-1 : Appointment of auditor- 15 days from AGM
2. AOC-4: Annual accounts - 30 days from AGM / 180 days close of FY for OPC.
3. MGT-7 : Annual Return - 60 days from AGM.
4. CRA-4: Cost audit if applicable - 30 days from receive of report
5. MGT-14: True copy of resolution - 30 days from end of Board meeting.
Consequence of late or not filing of Annual returns
The company at its officials are heavily penalized for late filling of returns i.e. Rs. 100 per day after the due dates until the form date when form is filed. The maximum penalty is Rs. 5 lacs for late filling of AOC-4. Further the directors are personally liable for fine Rs.1 lac.
Further for in case on non filling:
On company:- Non filling for two years, the ROC will strike of the name after serving notice.
On Directors:- The directors will be disqualified to be re-appointed in the same company or any other company for 5 years.