Every business entity registered in India, whether it be a private limited company, a limited company, a one-person company, or a section 8 company, is obligated to submit annual returns to the Registrar of Companies (ROC) on an annual basis. This process entails conducting an Annual General Meeting (AGM) and filing the corresponding annual accounts with the ROC. According to regulatory requirements, the AGM must be convened within six months from the conclusion of the financial year, specifically by September 30th each year.
For newly incorporated companies, the initial AGM should take place within 18 months from the date of incorporation or within nine months from the closure of the financial year, whichever occurs earlier. It is imperative to note that the Companies Act of 2013 specifies that the financial year of a company should commence on the 1st of April and conclude on the 31st of March.
The annual return comprises essential information and documents, encompassing the company’s Balance Sheet, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Members, details of shares and debentures, debt particulars, and information about the company’s management. Furthermore, the annual return serves as a comprehensive disclosure of the company’s shareholding structure, alterations in directorship, and specifics regarding the transfer of securities. This meticulous reporting is not only a statutory requirement but also facilitates transparency and accountability in the functioning of the company.
In the dynamic landscape of corporate governance, businesses operating in India are increasingly recognizing the importance of adhering to statutory regulations. One critical aspect of this compliance is the timely submission of returns and financial statements to the Registrar of Companies (ROC). In this article, we delve into the intricacies of filing ROC annual returns for the financial year 2023-24, exploring key deadlines and essential information that businesses and Limited Liability Partnerships (LLPs) need to be aware of to avoid penalties and legal consequences.
Understanding ROC Compliance: The Registrar of Companies (ROC), operating under the Ministry of Corporate Affairs (MCA), plays a pivotal role in maintaining records of registered companies in India and ensuring their compliance with the Companies Act of 2013. ROC annual compliance primarily involves the submission of annual returns and financial statements within specified timelines.
ROC Annual Return for FY 2023-24: The ROC Annual Return, also known as Form MGT-7, is a mandatory filing obligation for companies registered under the Companies Act, 2013. Serving as a comprehensive document detailing a company’s financial and operational activities within a fiscal year, submitting the ROC return for the FY 2023-24 is a critical component of corporate compliance in India.
Purpose of ROC Annual Return (Form MGT-7):
- Statutory Compliance: Ensuring adherence to the Companies Act, 2013, the ROC annual return is a legal obligation for all registered companies.
- Transparency: Promoting transparency and accountability by providing detailed insights into a company’s financial health, governance structure, and ownership.
- Public Disclosure: Certain information disclosed in the ROC annual return is available for public inspection, empowering stakeholders, investors, and creditors to make informed decisions.
Timely compliance with ROC filing deadlines is imperative for businesses and LLPs, as missing these crucial dates can result in hefty fines and legal repercussions. Let’s delve into the ROC compliance calendar:
- FORM MSME-1 (Half-Yearly Form for Outstanding Payment To MSME):
- Filing of FORM MSME-1 is required every six months.
- FORM 11 (LLP) (Annual Return of Limited Liability Partnership):
- Annual return, known as FORM 11, must be filed within 60 days from the end of the Financial Year.
- FORM DPT-3 (Return of Deposit):
- Filing of FORM DPT-3 is required on or before 30th June.
- FORM PAS-6 (Reconciliation of Share Capital Audit Report on Half-Yearly Basis):
- Filing ROC annual return for FY 2023-24 must consider two periods.
- FLA (Annual Return to RBI):
- Companies with Foreign Direct Investment (FDI) or Overseas Direct Investment (ODI) must file the FLA (Annual Return to RBI) by 15th July.
- DIR-3 KYC (KYC of Directors/Designated Partner):
- Directors and Designated Partners must complete their KYC by filing DIR-3 KYC by 30th September.
- FORM ADT-1 (Appointment of Auditor):
- FORM ADT 1 must be filed within 15 days after the Annual General Meeting (AGM).
- FORM AOC-4, FORM AOC-4 XBRL & FORM AOC-4 CFS (Filing of Annual Accounts):
- Due within 30 days of the conclusion of the AGM for most companies.
- FORM MGT-14 (Filing of Resolution of Board Report and Annual Accounts Adoption for Limited Company):
- Must be filed within 30 days from the date of the board meeting or board resolution.
- FORM 8 (LLP) (LLP Statement of Account & Solvency):
- Must be filed within 30 days from the end of six months of the financial year.
- FORM MGT-7/MGT-7A (FOR SMALL COMPANY/OPC) (Filing of Annual Returns):
- Must be filed within 60 days from the conclusion of the AGM.
- FORM CRA-4 (Filing of Cost Audit Report):
- Must be filed within 30 days from the receipt of the report.
- FORM BEN-2 (Return in respect of declaration u/s 90):
- Must be filed within 30 days from acquiring beneficial interest.
Penalties and Additional Fees: Failure to meet ROC filing deadlines can lead to penalties and additional fees. Additional fees for E-form AOC-4 (XBRL and Non-XBRL) and E-form MGT-7 after the due date incur Rs. 100 per day from July 1, 2018. Other penalties include 2 to 12 times the normal fees, depending on the delay duration.
ROC compliance is not merely a legal obligation but a fundamental aspect of corporate governance and responsible business conduct. Adhering to the ROC filing deadlines for FY 2023-24 is crucial for businesses and LLPs to avoid financial penalties and legal complications. Staying informed and proactive in this ever-evolving regulatory landscape is key to ensuring seamless ROC compliance and upholding the integrity of business operations.
Tax Compliances in 2024
Adhering to tax-related compliance is not just a legal obligation but a crucial component for the functioning and growth of the Indian economy. The Indian government has laid out a comprehensive compliance calendar, especially in the context of Goods and Services Tax (GST) and Income Tax, ensuring that taxpayers fulfill their responsibilities in a timely manner. Failure to comply with these deadlines may result in severe penalties, highlighting the government’s emphasis on tax compliance as a cornerstone in the fight against tax evasion and corruption.
Income Tax Compliance Calendar – February 2024:
07-02-2024 – Tax Deposit Deadline:
- Description: Due date for depositing Tax deducted for the month of January 2024.
- Section: Income-tax Challan
14-02-2024 – TDS Certificate Issue:
- Description: Due date for issuing TDS Certificate for tax deducted under specific sections in December 2023.
- Sections: 194-IA, 194-IB, 194M, and 194S
15-02-2024 – Form 24G Filing:
- Description: Due date for furnishing Form 24G by government offices for TDS/TCS paid in January 2024 without a challan.
- Form: Form 24G
15-02-2024 – Quarterly TDS Certificate:
- Description: Quarterly TDS certificate filing for payments other than salary for the quarter ending December 31, 2023.
GST Compliance Calendar – February 2024:
11.02.2024 – GSTR-1 Filing Deadline:
- Compliance Particulars: Last date to file GSTR-1 for taxpayers with an annual aggregate turnover exceeding INR 1.5 crore or those opting for monthly return filing.
- Form: GSTR 1
13.02.2024 – Various Filings:
- IIF: Monthly filing for January 2024.
- GSTR 5: Non-resident persons filing for January 2024.
- GSTR 6: Input Service Distributor filing for January 2024.
20.02.2024 – GSTR-3B Filing Deadline:
- Compliance Particulars: Annual turnover above INR 5 crore or up to INR 5 crore in the previous fiscal year for January 2024.
- Form: GSTR 3B
10.02.2024 – GSTR-7 and GSTR-8 Filing:
- GSTR-7: Deadline for filing for January 2024.
- GSTR-8: Deadline for e-commerce taxpayers liable to pay TCS for January 2024.
As responsible citizens, timely tax compliance is not just a legal mandate but also a contribution to the efficient functioning of the government’s tax administration. The specified due dates for tax-related filings in the February 2024 compliance calendar should be diligently followed to avoid penalties and foster a culture of transparency and financial responsibility in India.
