Company Compliance in India

For every legal entity in the country, there is a need to file an annual return and comply with other mandatory company compliances made essential by the varied laws. There are several advantages of filing legal compliance. It is necessary to make sure you complete the documents necessary and provide accurate information. Company Compliance in India is mandatory according to local and state government laws. 

Since it is a part of compliance, it is also essential to ensure there remains no scope of incorrect information or missing documents. For the successful compliance filing of company, it is better to seek professional consulting of experts available to serve you. Contact Valcus Pvt. Ltd. for your company compliance and other service needs at any location.

 Annual Compliance for Private Limited Company

A Private Company is a legal entity and it has a different identity from its directors. This kind of company has to control its active status via a regular filing with the Ministry of Corporate Affairs (MCA). It is mandatory to file annual compliance for a private limited company and get audited financial reports with MCA for every financial year. The Registrar of Companies filing is mandatory for all private companies no matter whatsoever their turnover is.

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All companies who have registered in India such as private limited companies, one-person companies, limited companies, and section 8 Companies are supposed to maintain annual compliance with annual returns and income tax returns every year.

Mandatory Compliance for Private Limited Company

Beneath mentioned are a few of the mandatory agreements that all private limited companies must ensure:

  • First Board Meeting

The First Board Meeting along with the Directors must be held within a month post the Incorporation of the Company. The details about the Board Meeting must be shared with each director at least a week before the meeting.

  • Subsequent Board Meetings

It is mandatory for private companies to conduct at least 4 Board Meetings every year with a gap of no more than 120 days between two meetings.

  • First Auditor

The Board of Directors must designate the first Auditor of the Company within 30 days to post the establishment of the company, and the person will continue the office till the completion of the 1st Annual General Meeting. In the case of the First Auditor, filing ADT-1 is not compulsory.

  • Subsequent Auditor

The Board of Directors has to delegate the Auditor in the first Annual General Meeting of the Company. The auditor has to perform his position until the 6th Annual General Meeting and inform about the same ROC by submitting ADT-1.

  • Annual General Meeting

Each Pvt. Ltd. company compliance is supposed to hold an Annual General Meeting on or before 30th September every year within the working hours (9 am to 6 pm). The day of the AGM must not be a general public holiday. The company has to give a 21-day notice for the same.

  • Filing Of Annual Returns (Form MGT-7)

Each and every Private Limited Company has to file its Annual Return within two months time post the successful completion of the General Meeting. 

  • Filing Of Financial Statements in (Form AOC-4)

Each private Limited Company has to file its 'Balance Sheet' and a statement of 'Profit and Loss Account' and 'Director Report' in this Form within a month’s time of the conduct of the 'Annual General Meeting'.

  • Statutory Audit of Accounts

Each and every company has to maintain its Accounts and get the same audited by a Chartered Accountant towards the end of the Financial Year. The Auditor has to provide an Audit Report and the Audited Financial Statements to the Registrar while filing the statement.

The Benefits of Annual Compliance

Below listed are a few benefits of Annual Company Compliance: 

Annual ROC compliance for private limited companies improves the company's credibility. To get government tenders, loan approval, etc. regularity in compliance is an important element in ensuring the credibility of a company.

It is also beneficial from the investors’ point of view. Before investing in any kind of company, the first that tentative investors look at is the company’s regularity in filing the annual returns on the MCA portal. Thus, in case you want to attract more investors, it is mandatory to file annual compliance regularly.

Also for a private company compliance Pvt. Ltd. company, it is crucial to file annual compliances regularly to avoid paying penalties.

Annual Filing of Company: Documents Required
Below listed are the required documents for the Annual Filing of the Company:

Incorporation Certificate

PAN Card

Audit Report & Board Report

Independent Auditor's report and Board report must be concerned

DSC of Director

Certificate of Incorporation

MOA – AOA of Private Company

Audited Financial Statements

An independent auditor has to audit Financial Statements

An accurate and active DSC of one of the directors must be there.

compliance for private limited

To know more about annual compliance for private limited companies and how it can be done, book a free consultation with Valcus Right Now. We assure you of reliable and professional services always. Connect with us anytime for any kind of compliance, company registration, documentation, and other solutions.   

Frequently Asked Questions

Statutory audit compliances are performed to determine whether an organization provides accurate information about its financial position by careful analysis of the bank balances, bookkeeping records, and financial transactions.

The Private Limited Companies are supposed to file the annual accounts and returns presenting the shareholders’ details, directors, etc., to the companies' registrar.

As per the annual filing, the private limited companies are supposed to fill Form MGT-7 (Annual returns) within 60 days of holding the annual general meeting and Form AOC-4 (Financial statements) within a month’s time in addition to the balance sheet and profit and loss account statement, and Director Report.

The Private Company has to hold the first meetings of the Board of Directors of a company within 30 days post its inception.

Income Tax Compliances include:

  • Quarterly payment of the advance tax
  • Filing of the Income Tax returns
  • Tax audit (mandatory in case the turnover or gross receipts of a business exceeds Rs. One crore in the previous year is relevant to the assessment year.
  • Filing of the Tax Audit report.

Yes, the annual general meeting (AGM) is conducted for the management and the shareholders to interact with each other. As per the Companies Act, 2013, it was made mandatory to hold meetings to discuss the yearly results and appoint auditors.

The statutory audit as the name suggests is a mandatory audit for all companies. All the entities that are unregistered under the Companies Act as Private or Public Limited Companies need to get the books of accounts audited every year.

Valcus teams of professionals are experienced and believe in offering dependable company compliance services at a comparatively low fee.