Company & LLP Compliance Services
Company & LLP Compliance Services
Liability Partnerships (LLPs) are required to fulfill annual ROC and other statutory compliances. These requirements are mandatory, and failing to meet them can result in significant penalties. However, timely compliance ensures these penalties can be avoided effectively.
Below is an overview of the various compliance requirements for Companies and LLPs.
Compliance Requirements for Private Limited Companies
Private Limited Companies must fulfill various statutory obligations under the Companies Act, 2013, the Income Tax Act, 1961, and other applicable laws. Below is a summary of the key compliance requirements:
Compliances Under the Companies Act, 2013
All companies are required to meet the following mandatory compliance requirements under the Companies Act:
- Statutory Audit: Conducting an annual statutory audit as mandated by the Companies Act, 2013.
- Annual Returns Filing:
- File Form MGT-7 for the annual return.
- File Form AOC-4 for annual financial statements.
- Auditor Appointment: File Form ADT-1 for the appointment or reappointment of auditors.
- Director KYC: Ensure annual Director KYC compliance.
- DPT-3 Filing: File Form DPT-3 for any loans or deposits taken by the company.
- MSME-1 Filing: Submit details of payments to Micro, Small, and Medium Enterprises, if applicable.
Additionally, the following event-based compliances must be completed as required:
- Appointment or resignation of directors.
- Increase in share capital.
- Change in the company’s registered office address.
Compliances Under the Income Tax Act, 1961
Private Limited Companies must also comply with the following under the Income Tax Act:
- Income Tax Return Filing: File returns before the due date.
- Transfer Pricing: Conduct a transfer pricing audit and file the report, if applicable.
- Tax Audit: Obtain a tax audit report from a Chartered Accountant, if required.
- TDS Compliance: Deduct TDS on time and file quarterly TDS returns.
Compliances Under Other Laws
Additional compliance requirements include:
- Professional Tax: File PTRC (Professional Tax Registration Certificate) and PTEC (Professional Tax Enrollment Certificate) returns as applicable.
- Provident Fund (PF): Ensure PF compliance if applicable to the company.
Timely adherence to these compliance requirements ensures smooth business operations and avoids penalties.
Compliance Requirements for Limited Liability Partnerships (LLPs)
LLPs must fulfill compliance obligations under the Income Tax Act, Companies Act, and other applicable laws. Below is a summary of the key requirements:
Compliances Under the Companies Act, 2013
LLPs are required to meet the following statutory obligations under the Companies Act:
- Annual Return Filing: File Form-11 to report the annual return of the LLP.
- Statement of Accounts and Solvency: File Form-8 to disclose the LLP’s profit and loss statement and financial position.
- Audit Requirements: Conduct an audit if the turnover exceeds ₹40 lakhs or the contribution exceeds ₹25 lakhs.
- Designated Partner KYC: Ensure that designated partners complete their annual KYC compliance.
Compliances Under the Income Tax Act, 1961
LLPs must also adhere to the following income tax requirements:
- Income Tax Return Filing: File the annual income tax return by the prescribed due date.
- Tax Audit: Obtain a tax audit report from a Chartered Accountant, if applicable.
- TDS Compliance: Deduct TDS, remit it on time, and file quarterly TDS returns.
Compliances Under Other Laws
Additional compliance requirements include:
- Professional Tax: File PTRC (Professional Tax Registration Certificate) and PTEC (Professional Tax Enrollment Certificate) returns as applicable.
- Provident Fund (PF): Comply with PF regulations if applicable to the LLP.
Timely compliance with these regulations ensures smooth business operations and avoids penalties.
