What are compliances to be maintained by the Private Limited Company?
The compliance requirement for Private Limited Company has changed drastically over the years. Following is the summary of the private limited company compliance due dates in 2023.
| COMPLIANCE | DESCRIPTION |
|---|---|
| Commencement of business ( within 180 days) | For companies registered in India after November 2019, having a share capital, it is necessary to obtain a commencement if business certificate before commencing any business or exercising the borrowing powers. The commencement of business certificate must be obtained within 180 days of incorporating a Company. In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default. |
| Auditor Appointment (Within 30 days) | All registered Indian Companies must appoint a Statutory auditor within 30 days of incorporation. If the company fails to appoint an auditor, the company won’t be allowed to commence business. Also, there is a penalty of Rs. 300 per month. |
| Income Tax Return | Income tax returns need to be filed on or before 31 October 2023 for the Financial year 2022-23. |
| MCA Form AOC-4 | The registered private limited companies must file MCA Form AOC-4 on or before 30th November 2023 for the FY 2022-23. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay. |
| MCA Form MGT-7 | It is necessary to file MCA form MGT-7 on or before 31st December 2023 for FY2022-23. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. |
| DIN eKYC | All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There’s a penalty of Rs. 5000 in case of failure to file DIN eKYC. |
| Hold Annual General Meeting | For a private limited company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the Financial year. |
| Director’s report | Preparation of the Directors report will be done with all the information required under Section 134. |
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