WHAT ARE THE COMPLIANCES APPLICABLE ON A PRIVATE LIMITED COMPANY IN INDIA?

 

COMPLIANCES APPLICABLE ON A PRIVATE LIMITED COMPANY IN INDIA

If you have a private limited company registered in India, there are so many  compliances that you are required to follow for operating your business legally and in compliance with the relevant laws and regulations. Some of the key compliances that a private limited company required to follow include:

It is understood if you are a private limited company then you have a incorporation certificate of private limited company and a PAN and TAN also having a two director and promoter as well.

Annual General Meeting (AGM): EVERY private company need to hold an AGM every year, in which the financial statements of the company are presented and directors are appointed or reappointed and also appointment of auditor take place.

Financial Statements: EVERY private company need to maintain proper books of accounts and prepare financial statements in accordance with the Companies Act, 2013.

Director KYC: Every director need to follow KYC norms and verify their DIN at annual basis within the prescribed time limit that is 30th of September of every year.

Filing of Income Tax Returns:  Every private limited company must file income tax returns on prescribed time, and pay taxes as per the provisions of the Income Tax Act, 1961. If tax audit is applicable then also submit tax audit report within prescribed time.

Compliances under GST: If private company is registered under the Goods and Services Tax (GST) regime, then must file monthly, quarterly or annual returns as per the applicable provisions of the GST Act.

Labour Laws Compliances: Every private limited company must comply with all applicable labour laws, including minimum wages, provident fund, and employee insurance.

Compliance Under Company Law: Every private limited company must comply with various provisions of the Companies Act, 2013, including Annual general meeting, board meeting, appointment of auditors, filing of annual returns, maintenance of statutory registers, etc.

Intellectual Property Rights: To protect its intellectual property rights every private limited company must apply to register trademarks, copyrights, patents, and designs as applicable.

There are so many law applicable on a private limited company therefore It is highly recommendable  to seek the help of an expert like CA,CS,Advocate etc. to ensure that your private company is in compliance with all the applicable laws and regulations.

CA Khalid Rehman

(M.Com, Chartered Accountant)

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