Annual Compliances for Private Limited/Limited Companies
Irrespective of the size and nature of business all private limited companies are required to comply with the legal requirements of India. Following legal compliance are must for a private limited company to comply.
1. Legal compliance as per companies act:
(i) All companies register in India are required to maintain books of accounts and get it audited by a chartered accountant in practice every year after closing of each financial year.
(ii) Every private limited company need to conduct their annual general meeting within 6 months from the end of the financial year to present audited financial statements before the shareholders.
(iii) To conduct such Annual General Meeting, the company needs to give 21 clear days notice. To comply with this provision, companies registered in India are required to get their accounts audited before sending notice for Annual General Meeting.
2. Legal compliance as per Income tax act:
(i) In addition to the above requirements, companies are required to comply with other statutory compliance of various acts applicable to them based on the situations and nature of business. Like if such company is a service oriented company then they have to comply with specific requirements of service tax law.