Annual Compliances of Public Limited Company

Annual compliances of Public limited company

After the registration of the public limited company, the next step is to file annual compliances under the (ROC). Public limited companies are required to file annual tax compliances. All registered companies with the Ministry of Corporate Affairs need to file Annual Returns and Statement of Accounts for every Financial Year. It is mandatory for Public limited companies to file a return irrespective of whether it has done any business. Failure in filing compliance on time leads to heavy penalties on business. The financial year 2018-19 starts from the 1st of April 2018 and ends on 31st March 2019. Every Public Limited Company must file income tax returns declaring the income earned during this period by July 31, 2019.

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How to file annual compliances of public limited company?

  • Board of Directors meeting-: Every company must a board of directors meeting within 30 months of incorporating a company. All the members of the Board of directors must be present in the meeting.
  • Appointment of auditor-: An auditor must be appointed within one month from the date of starting the company. Every accountant must prepare accounts and get the assent of the auditor at the end and shall provide an audit report which is a must. Failure in doing this will lead to great penalties.
  • Directors Report-: Most importantly directors report must be prepared as mentioned under the Sec 134 of the Companies Act which covers operations during the year, net profit, dividend declaration, etc. The company must also issue a share certificate within 60 days of starting the business.
  • File annual return return-: The final step is to file an annual return as it is mandatory that every company must file its annual return with register of the companies within 60 days of the annual general meeting in e-form available at http://www.mca.gov.in/, which has to be digitally signed by at least one of the directors.
  • On successful verification, the head office of RBI will then issue the NBFC license to the applicant.

Annual compliance requires following information and documents

  • 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.