Compulsory Compliances for One Person Company



The beginning of the Companies Act, 2013 brought ahead much yearly compliance. There are a few modifications perceived in the annual compliances following the introduction of Companies Act 2013. These are as follows: It should be noted that One Person Company compliances vary from one industry to another. It is diverse in case of One Person Company.

1.     Currently, annual return is prepared in MGT-7 format. Though, prior to this change, annual returns were prepared in e-form. However, the new format is quite a extensive process and as per as Schedule V, demands more details.

2.     The next change is observed in the creation of director’s report. The new clauses have included further details such as the amount of board meetings the directors were present, admission of sexual harassment act, board meeting dates, which takes place throughout the financial years and more.

3.     There is a obligatory requirement for submission of receipt of MBP-1 and DIR-8. This denotes that the directors are expected to propose their concern they have in other units. This interest shall be put forward on the first meeting of board of directors each financial year. In addition, the directors are expected to offer the company’s disclosure on behalf of non-qualification.

4.     Under Section 173 and SS-I, a minimum of 2 board meetings be supposed to be held in 1 year. Moreover, at least a differentiation of 90 days should be there in between 2 board meetings. However, in situations where more than two board meetings are there, duration of 90 days gap is not necessary.

5.     Under Section 134 the Director’s Report that is formed is put together with financial declarations. Thereafter, the report is authorized by the Chairman along with the Board and a least of two directors of the company or any one of the authorized

6.     As per Section 136, all the sanctioned financial statements as well as director’s report, Auditor’s Report should be submitted prior to 21 days of AGM and forwarded to all members of the company. These statements consist of consolidated financial statement as well as Cash Flow Statement.

7.     The annual return is filed within sixty days from the date when AGM is held for the interlude of April 1st to March 31st in MGT 7 Form as per Section 92.

8.     The Balance sheet, Profit and Loss Account combined with the Director’s Report, Auditor’s Report and AGM Notice bought to be submitted in Form AOC-4 as per Section 137.

9.     An Auditor in AGM has to be appointed for duration of five years. However, the selection of Auditor will be approved in every one of the AGM with no essential requirements of form filing as per Section 139, Small Company as well as unlisted public ltd companies.

Neusource Startup Minds is the Best  Business Startup Consultant in India, Offer various services like Proprietorship Firm Registration, Partnership Firm Registration, OPC registration and more services like Annual Compliance for Company and GST Compliance .




Location: Block-B, Shankar Garden, Vikaspuri, Delhi, 110018, India

Comments

Post a Comment

Popular posts from this blog

One person company benefits and compliances

Image
One person company functions on the principles of a company but is generally managed by one primary person. It has to be registered under the Companies Act of 2013. The member of such a company is one person, however, it can have multiple investors, shareholders, creditors or employees. Some of the benefits as well as features of OPC can be listed as follows- ·          Ease of incorporation The OPC can be incorporated by any person born in India, who is not regarded as foreign. Such a person will need approvals from the Registrar of Companies with respect to naming and other formalities. Following which, registration fees have to paid, e-forms to be uploaded, and the incorporation certificate is received. ·          Ease of compliance Annual Compliance for OPC is similar to a company, however, it is slightly simpler. The packages for one person compliance are about 1/3 rd times cheaper than a normal company. The process of compliance can be understood by following step
Read more

Private Limited Company properties, benefits and compliance

Image
A private limited company is a company that is closely held by a few individuals with limited liability for the losses the business might incur in the future. Unlike the public limited company, the shareholders or investors could be restricted to 100 persons. A private limited company in the eyes of law is a separate legal entity, which gives it an edge over partnerships and various other business setup options where a separate legal entity might not exist. The partners or investors in this type of arrangement can be selected and is an excellent choice for startups looking for limited investment without compromising ownership. A private limited company may hire a maximum of 50 employees only. Initial private limited company compliances During the initial year of doing business, private limited companies face some once for all compliances. These can be listed as follows- ·          Appointment of an auditor All companies registered under the company’s act breach
Read more

E-filing Income tax

Image
Complete guide on how to e-file ITR (Income Tax Returns) on the Income Tax For a taxpayer, it is required to file the income tax returns in order to report the income for the complete financial year along with the carrying forward losses and claiming the tax refund, etc. The income tax return form lets the taxpayer state his complete income with the tax deductions, expenses, taxes and investments etc. According to the Income Tax Act, 1961, it is compulsory for a taxpayer to file the returns every year. There is a facility provided by the Income tax department for E-filing Income tax return . Before we go into the steps of e-filing, it is important that you have the entire necessary document handy with you. Steps to be followed for Income tax e-filing The various steps to be followed for the Income tax e-filing are as follows: 1. Calculation of income and tax It is mandatory for the taxpayer to calculate the income according to the income tax laws applicab
Read more