Company ITR & ROC Return

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Companies registered in India need to file an annual return in form AOC-4 and
MGT-7 with the Registrar of Companies (ROC) and also the Income Tax Return (ITR) after
the financial statement is ready for the year ending on 31st March every year.

The Company Annual Return is the process by which a company files its annual report to the Registrar of Companies and Income Tax Department for the previous year. These are mandatory filing and, if not complied, attracts severe penalty and other consequences under the law. The books of account or say financial statement plays a pivotal role to file the ITR and ROC Returns. In the following section, we are discussing every aspect of the annual return of a company in a systematic manner.

 

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Applicability for ROC Return or ITR For FY 2019-20 for a Company
Newest Company

Incorporated in 2019-20
On or After 1 January

FOLLOWING IS APPLICABLE

  • Partner DIN KYC
  • Income Tax Return
New Company

Incorporated in 2019-20
On or Before 31 December

FOLLOWING IS APPLICABLE

  • Partner DIN KYC
  • Income Tax Return
  • Form ADT-1
  • Form AOC-4
  • Form MGT-7
Old Company

Incorporated
Before FY 2019-20

FOLLOWING IS APPLICABLE

  • Partner DIN KYC
  • Income Tax Return
  • Form ADT-1
  • Form AOC-4
  • Form MGT-7

Due Date of Company Annual Filing

Partner DIN KYC
  • Start Date: 1st April
  • Last Date: 30th June
  • Govt Fee: NIL
  • Late Fee: Rs. 5000/-
Income Tax Return
  • Start Date: 1st April
  • Last Date: 31st July
  • Govt Fee: Actual Tax
  • Late Fee: Rs. 1000 to 10,000
Form AOC-4
  • Start Date: 1st April
  • File within 30 Days of AGM
  • Govt Fee: Rs. 200-600
  • Late Fee: Rs. 100 Per Day
Form MGT-7
  • Start Date: 1st April
  • File within 60 Days of AGM
  • Govt Fee: Rs. 200-600
  • Late Fee: Rs. 100 Per Day

Annual Filings by the Companies in India

Director KYC

Every director of a private limited company has to submit their updated residential address, current mobile number, and email address to the ROC in form DIR-3(KYC). The filing of directors KYC is mandatory for every person who holds a DIN Number, and if not complied, the DIN gets deactivated. Please note that it is an entirely online process, and we are processing the orders of DIN within the same day of placing the order for filing the director's KYC.

Statutory Audit of Company

After the end of the financial year, every company must prepare a financial statement which consists of Balance Sheet and Profit & Loss Account. The financial statement then must be audited by an Independent CA in whole-time practice. As per section 139 of the companies act, a consultant should not verify his work; we have a panel of independent auditors to audit your books of accounts and issue statutory audit reports and sign on Balance Sheet.

ITR of Company

A company is a separate and distinct legal entity. It is thus under a legal obligation to file its Income Tax Return during the year 2020-21, even if the company existed even for one day in fiscal 2019-20. The audited financial statement and the opinion expressed by the independent auditor in the audit report are the basis of preparation for the income tax return of the company. The delay in filing the ITR has its perils. Hence please file your ITR within its Due Date.

Filing of Form ADT-1

Form ADT-1 is prescribed eform for filing intimation about appointments or changes in the auditor of the company. The annual general meetings are held to conduct four activities, such as approval of financial statements, declaration of dividend appointment of directors, and to consider the auditor's appointment or reappointment. Within 15 days of the conclusion of the AGM, you must file form ADT-1 with the roc. If delayed, it can be filed with an additional fee.

Filing of Form AOC-4

In form AOC-4, the company files its financial statement and directors report as required under the law. This is also known as financial filing to the roc by a company. The audited balance sheet, profit, and loss account, auditors report, and directors report are the mandatory attachments. The due date to file the form AOC-4 is 30 days from the date on which the AGM of the company was concluded. If the filing is delayed, it can still be filed with an additional fee of Rs. 100 for each day of delay.

Filing of Form MGT-7

Form MGT-7 is the annual return of the company, which is filed within 60 days of the holding of AGM. In the annual return of the company, all the significant changes that took place in the company during the financial year are reported. Please note that it is a mandatory roc filing and applies to a company even if there is no business transaction. The details are prepared in MGT-9, which is also submitted as an attachment to MGT-7. If not filed, it will cost you Rs. 100 for each day of delay.

Step Wise Process For Company Annual Filing

  • Check The Applicability Of Returns And Their Due Date

    Well, refer to the date of incorporation of your company and based. On that that you will know what returns are to be filed. If the company is incorporated on or before 31st December 2019, then Both ROC Returns as well ITR is filed. However, for newly incorporated companies after 1st January 2020, only ITR is necessary. Of course, director KYC is applicable in both cases.

  • Check Validity of Digital Signature of Directors

    The ROC return and ITR are filed electronically after its authentication by the digital signature of the directors. Check the validity of the digital signature, and if expired, please take steps to renew the same.

  • Obtain Complete Bank Statement and Identify Transactions

    Bank statements are the basis for accounting. Please obtain the bank statement for the period starting 1st April and ending on 31st March of the financial year. We suggest you mention the details of the party and the nature transaction against each entry of the bank statement.

  • Reconcile Your Books and Confirm Balance from Parties.

    Now accumulate all the invoices raised and bills of expenses. Please note we follow the accrual accounting system, hence include all the invoices or statements even if the same is unpaid. Further, reconcile with GST and TDS Returns. Ask for ledger from significant parties and reconcile the balance as on 31st March for accuracy of financial statement.

  • Contact Us, We will do rest

    Well done, now is the time for your consultants to prepare a financial statement, get the same confirmed from you. Then send the books of account for statutory audit of the financial statement. We will further assist you in holding AGM and do necessary ROC & ITR Filing for your company.

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