ANNUAL RETURNS COMPANY
It is mandatory for every company incorporated in India whether public or private to conduct an Annual General Meeting at the end of each financial year and file an annual return with the Ministry of Corporate Affair to maintain compliance. Annual filing of the company includes many documents including all financial statements of the company (Balance Sheet, Profit and Loss Account), Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return should also disclose all transfer of securities, shareholding structure of the company and changes in the Directorship of the company. A company’s annual return should be filed by September 30th.
In addition to the filing, newly incorporated Companies need to hold an Annual General Meeting within 18 months of the date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meeting should be held within 6 months from the end of that financial year.
KEY DOCUMENTS TO BE FILED
A company is required to file three forms with ROC:
ROC Form MGT 7: which contains details of shareholding structure, change in directorship and details of the transfer of shares during the year if any. Due date for ROC Form MGT 7 would be 28th November that is 60 days from the conclusion of AGM.
ROC Form AOC4: which contains details and annexure relating to Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The due date for ROC Form AOC 4 would be 29th October i.e. 30 days from the conclusion of the AGM.
ROC Form ADT 1: is filed for auditor appointment. The due date for ROC Form ADT 1 would be 14th October i.e within 15 days from the conclusion of AGM.
ANNUAL FILING CHARGES
ROC Annual Filing Charges would be specific to every client and depend on the scope of the work that is to be executed. It could be be an end-to-end job that would start with book-keeping, followed by finalisation and compilation of the accounts. The next step would be getting the accounts audited by a practicing CA and getting the Independent Audit Report. Also there would be other steps like sending out notice for AGM (Annual General Meeting) preparation of the Board Report and recording the minutes of the AGM. Finally it would need the preparation and certification of AOC-4 and MGT-7 and appointment of the auditor.
Since one or more of these steps could be done in-house by the client fees in the process of filing would vary.
PROCESS & OTHER DETAILS
HOW WE WORK WITH CLIENTS
- We collect the required financial information and documents for the previous financial year and prepare the Annual Return for your Company.
- We will prepare the Annual Return required format and work with your team to verify and validate the same.
- Once the return is validated by your team, the return and all the required documents will be submitted to MCA along with your DSC (Digital Signature Certificate)
SOME POINTS TO BE CONSIDERED
- Private Limited Company Annual filing is mandatory and is to be made by all Private Limited Companies in India. The Annual return along with the required documents must be filed with the Ministry of Corporate Affairs.
- Company Annual filing consists of the audited balance sheet and profit and loss account, form MGT-9 Auditor’s report, Notice for AGM and Director’s report. In addition, the annual tax return has to be filed.
- Company Annual Filing documents have to be signed by the directors. However, all the financial statements must be audited and signed by a Chartered Accountant.
- ROC return gives details of changes taken place in the company during the year and need to be filed with the ROC even though the company has not done any business during the year.
- First Annual Filing of the Company is due on the 30th December of the next year from the date of Incorporation and subsequent Annual Filing is due on the 30th September of the same year in which the Financial Year of the Company ends.