Introduction to Leading Private Limited for Annual Filing Services
Introduction to Leading Private Limited for Annual Filing Services
Private limited companies have several requirements that need to be met in order to maintain a good record. These include the filing of an annual return, auditing the accounts and preparing the books of accounts. In addition, a company needs to record board meetings, debenture holders' meetings and minutes of board meetings.
If a private limited company fails to comply with any of the regulations, it can face a penalty. It is important to seek professional services to ensure that the private limited company meets its statutory requirements.
The Companies Act, 1956 is a law that has been changed in 2013. This legislation has introduced strict reforms that ensure the smooth functioning of the company. Besides, this law also gives private limited companies a separate legal status. Every private limited company must follow the procedures stipulated in the Act. They are also expected to keep their statutory registers updated and maintained.
In addition, a company must hold at least two board meetings every year. In the first meeting, it is important for the directors to disclose their interest in any other entity. There is also a requirement to file DIR-3 KYC with the RoC. A failure to file this document can result in deactivation of the company's DIN.
If a business has a turnover of more than one crore rupees, it is mandatory to get a tax audit done. During this audit, the financial statements are scrutinized and the bank balances are examined. After the audit, an Audit Report is issued along with the financial statements.
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