Private Limited Company, Annual tax returns and ROC compliance

Krrishan Gopal Singhania is a practicing corporate lawyer with over 20 years of experience in the field of arbitration. He runs his own law firm, Singhania & Co. Krrishan has extensive exposure to the international legal arena, he has been instrumental in securing IPRs such as Trademark, Patent and Copyrights, for foreign companies.

Ezilarsan PKP: What are the essential yearly forms to be filed for annual tax returns and for ROC compliance in case of a private limited company?

Krrishan Singhania:A Private Limited Company is required to get their books of accounts audited and file the Income Tax Returns and Registrar of Companies (ROC) Compliances every financial year irrespective of the size and nature of the company.

Filing of Form with Income Tax Department

Income Tax Return – 6 to be filed by Private Limited Companies for annual tax returns with Income Tax Department.

Filing of e forms with ROC

FOR INCORPORATION OF THE COMPANY

1. Form INC-7: For application of incorporation of the company
2. Form INC -22: For Notice of situation of registered office
3. Form DIR- 12: For providing information about the particulars of appointment of Directors of the company and Key Managerial Personnel
4. Form INC-29

MCA’s new INC 29 enables fast registration of Companies in India. This is part of the Government’s drive to improve India’s ranking on the globally tracked parameter of ease of doing business E-Form INC-29 deals with the single application for reservation of name, incorporation of a new company and/or application for allotment of DIN. This E-Form is accompanied by supporting documents including details of Directors & subscribers, MOA and AOA etc. Once the E-Form is processed and found complete, company would register. Also DINs gets issued to the proposed Directors who do not have a valid DIN. Maximum three Directors are allowed for using this integrated form for allotment of DIN while incorporating a company.

ANNUAL FORMS

1. E- form MGT 7
   Annual Return: every company will file its Annual Return within 60 days of the holding of an AGM.
2. E- form MGT 8
   This is required only by companies having paid up share capital of Rs10 crore or more or turnover of Rs 50 crore or more.
3. E- form AOC-4
   Financial statements: company is required to file its Balance Sheet along with statement of profit and loss account and the Director Report in this form.
4. Also E-form ADT-1 is to be filed when the Auditors is appointed. (Note: Auditor will be appointed for 5 years and form ADT-1 will be filed for 5 years appointment.