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Annual Compliances for Private Company on the basis of Turnover

RUTU SHAH 
on 21 April 2021

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Annual Compliances for Private Company

  • Clearly, running a business in the form of a Company is not something to be undertaken lightly.
  • Compliance is not only 'doing the right thing', or 'ticking a box' but it is the way of working and part of the business.

Remember, the cost of non-compliance is always more than the cost of compliance.

Annual Compliances for Private Company on the basis of Turnover

1. Compliances when turnover is more than Rs. 20 Crores

Sr. No Compliance Time period
1. Cash flow Statement along with financial statement The cash flow statement should report cash flows during the period classified by operating, investing and financing activities.
2. FORM AOC-4 Filing financial statement and other documents with the Registrar for Financial Year ended.

Within 30 days of the AGM

3. Signing of CS or PCS in Annual Return (MGT-7) Within 60 days of the AGM
 

2. Compliances when turnover is more than Rs.100 Crores

Sr. No Compliance Time period / Requirement
1. Cash flow Statement along with financial statement The cash flow statement should report cash flows during the period classified by operating, investing, and financing activities.
2. Filing of Financial Statements in FORM AOC-4 XBRL Within 30 days of the AGM
3. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7.
MGT-7 is required to be filed within 60 days of AGM.

3. Compliances when turnover is more than Rs.200 Crores

Sr. No Compliance Time period / Requirement
1. Cash flow Statement along with financial statement The cash flow statement should report cash flows during the period classified by operating, investing and financing activities.
2. Filing of Financial Statements in FORM AOC-4 XBRL Within 30 days of the AGM
3.. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7. MGT-7 is required to be filed within 60 days of AGM.
4. Appointment of Internal Auditor Internal Audit is the check to assess the risk management and to ensure that risk management processes are efficient, effective, secure, and compliant. It is the basic check of internal control of the organization. An internal audit is an organizational move to check, ensure, monitor, and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.
 

4. Compliances when turnover is more than Rs.1000 Crores

Sr. No Compliance Time period / Requirement
1. Cash flow Statement along with financial statement The cash flow statement should report cash flows during the period classified by operating, investing, and financing activities.
2. Filing of Financial Statements in FORM AOC-4 Within 30 days of the AGM
3. Annual Return Certification in Form MGT-8 Attachment in Form MGT-7.
MGT-7 is required to be filed within 60 days of AGM.
4. Appointment of Internal Auditor Internal Audit is the check to assess the risk management and to ensure that risk management processes are efficient, effective, secure, and compliant. It is the basic check of internal control of the organization. An internal audit is an organizational move to check, ensure, monitor, and analyze its own business operations in order to determine how well it conforms to a set of specific criteria.
5. Constitution of CSR Committee

Minimum 3 or more directors must form CSR Committee.

Among those 3 directors, at least 1 director must be an independent director.
An unlisted public company or a private company shall have its CSR Committee without any independent director if an independent director is not required

The author can also be reached at corpcompliance07@outlook.com


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