Partners in a LLP are responsible for the carrying on the business of the LLP. Any person overthe age of 18 years can become a Partner in a LLP.
Company Annual Compliance
Companies registered in India need to file an annual report with the Registrar of Companies and Income Tax department after the closing of its books of account on 31st March every year.
A private limited company is a creation of law and is required to keep and maintain proper books of account, records, registers and minutes of the meeting in general. However, after the end of the financial year, which is 31st March 2018 for the financial year 2017-18, annual return to the registrar of companies and income tax return with the income tax department is filed. The compliance requirement depends on the date of incorporation of the company. A newly incorporated company is given relaxation in filing the annual return. The below presentation is a guide on the applicability of the compliance requirement under the companies act, 2013 and the income tax act 1962.
1 Account Finalization & Statutory Audit
2 Hold Annual General meeting before 30th September
3 Compute Income Tax Liability, Pay tax & file ITR
4 File Balance Sheet and Directors Report to ROC (AOC-4)
5 File Annual Return in Form No MGT-7 with the ROC.
ACCOUNT FINALISATION & STATUTORY AUDIT
01 Every company is obligated under section 128 of the companies act to prepare and keep at its registered office proper books of account. The failure results in Imprisonment of one year or with fine which shall not be less than 50,000 but may extend to Rs. 5,00,000
02 After the end of the financial year, the company shall prepare a balance sheet & profit and loss account which shall be audited by the statutory auditors. 03 The auditor in its report shall express his opinion whether the accounts of the company reflects the true and fair view of its state of affairs
ANNUAL GENERAL MEETING
01 The annual general meeting of the company shall be held within six months of closure of financial year, i.e. 30th September 02 However, the first AGM can be held within nine months from the close of financial year. In other words, those companies which are incorporated within FY 2017-18 and up to 31st December can hold their first AGM until 31st December 2018. 03 The companies incorporated on or after 1st January 2018 the AGM shall be held up to 31st December 2019, Hence no ROC Compliance during FY 2018-19
INCOME TAX PAYMENT & RETURN FILING
01 After finalisation of the balance sheet and profit and loss account, we need to do the computation of income tax and pay Income tax after taking credit of TDS and advance tax already deposited. 02 The Income tax return for companies is filed in Form ITR-IV, the due date of filing the ITR is 30th September 2018 for the financial year 2017-18 03 The ITR for the company can be filed only through online mode with the digital signature of one director.
RETURN FILING WITH THE ROC
01 The Date of Annual General Meeting is significant to reckon the due date of filing returns to the registrar of companies (ROC) 02 The first ROC return to be filed is about intimation of auditors appointment in AGM for subsequent period in Form No ADT-1 within 15 Days of AGM 03 Second return to ROC is filing of balance sheet, and profit and loss account and directors report in Form No AOC-4 within 30 days of AGM 04 Third return to be filed is Annual Return of the company in Form No MGT-7 within 60 Days of the AGM
BELATED TAX RETURN
01 In case the company did not file the income tax return within prescribed due date, i.e. 30th September 2018, then still the ITR can be filed however it shall be known as belated return 02 A belated return can not be revised as against an Income Tax Return filed within due date. Further, no loss of business can be carried forward. 03 Income tax department may levy penalty for not filing of ITR within its due date of filing. 04 The belated ITR for the company pertaining to FY 2017-18 can be filed up to 31st March 2019.