Each private limited company in India has to file the annual return with ROC (Registrar of Companies). The Annual General meeting must be held once a year after 6 months from the end of financial year, but for newly incorporated Companies, the Annual General Meeting should be held within 18 months from the date of incorporation or 9 months from the date of closing of the financial year, whichever is earlier. Financial year 2018-19 starts from 1st of April 2018 and ends on 31st March 2019. Every Private Limited Company must file income tax returns declaring the income earned during this period by July 31, 2019.
Decision: Is annual compliance mandatory for a private limited company or good to have activity?
It’s mandatory for all private limited companies to file annual compliance and other tax-related returns. Failing which will lead to heavy penalties or your Company in the Defaulter list of ROC. Next step is to understand the benefits and various implications.