Annual Compliances Claimed

Annual compliance refers to the mandatory regulatory requirements that businesses must fulfill regularly to maintain legal status and good standing with government authorities. Compliance requirements vary based on business structure, industry, and scale of operations.

Key Annual Compliance by Business Structure

Private Limited Company

• Financial Statements & Board Report: Prepare annually
• Annual Return (MGT-7): File within 60 days of AGM
• Financial Statement Filing (AOC-4): Submit within 30 days of AGM
• Income Tax Return: File annually
• Annual General Meeting: Conduct within 6 months from financial year end
• Board Meetings: Minimum 4 meetings per year
• Director’s KYC (DIR-3 KYC): Annual filing

Limited Liability Partnership (LLP)

• Annual Return (Form 11): File within 60 days of financial year end
• Statement of Accounts & Solvency (Form 8): Submit within 30 days from six months of financial year end
• Income Tax Return: Annual filing
• LLP Agreement Updates: File Form 3 for any changes

One Person Company (OPC)

• Annual Return (MGT-7): File within 60 days of AGM
• Financial Statements (AOC-4): Submit within 180 days from financial year end
• Income Tax Return: Annual filing
• Board Meeting: At least one meeting in each half of calendar year

Section 8 Company

• Annual Return (MGT-7): File within 60 days of AGM
• Financial Statements (AOC-4): File within 30 days of AGM
• Income Tax Return under 12A/80G: Submit annually
• FCRA Returns: Annual filing if applicable
• Board Meetings: Minimum one meeting every six months

Other Essential Compliance Requirements

GST Compliances

• Annual GST Return (GSTR-9): File by December 31 following the financial year
• GST Reconciliation: Reconcile books of accounts with GST returns

Labor Law Compliances

• PF & ESI Monthly Returns: Required if registered
• Annual Return under Shops & Establishments Act: As per state requirements

Common Compliance Penalties

• ROC Filings: Additional fees starting from ₹100 per day
• Income Tax Returns: Late fees and interest penalties
• GST Returns: Late fees and interest on tax liability
• Severe Non-Compliance: Disqualification of directors, company strike-off

Best Practices for Compliance Management

1. Create Compliance Calendar: Schedule all due dates in advance
2. Assign Responsibility: Designate specific individuals for compliance
3. Professional Support: Engage compliance professionals when needed
4. Regular Audits: Conduct periodic compliance reviews
5. Technology Adoption: Use compliance management software