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Appointment of statutory auditor in Pvt Ltd Co

Co Act 2013 149 views 5 replies

Jayanta Bandyopadhyay

382 Points Joined June 2021

Ours is Pvt Ltd Co. We did not appoint existing auditor for FY 22-23.

What was last date

How to avoid penalty

AOC4 overdue

Pl guide

Replies (5)

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

If you did not appoint an auditor for FY 22-23, you need to take immediate action to avoid penalties and comply with the Companies Act, 2013. Here's a step-by-step guide: 1. Appoint an auditor: Immediately appoint an auditor for FY 22-23. Ensure the auditor is eligible and not disqualified under the Companies Act, 2013. 2. File Form ADT-1: Within 15 days of appointing the auditor, file Form ADT-1 with the Registrar of Companies (ROC). This form notifies the ROC of the auditor's appointment. 3. File AOC-4: File the overdue AOC-4 (Financial Statements) for FY 22-23 as soon as possible. You may need to pay additional fees for the delay. 4. Pay additional fees: For delayed filing of AOC-4, you'll need to pay additional fees, which will increase as time passes. 5. Avoid penalty: To avoid penalties, ensure you file all overdue forms and documents as soon as possible. The penalty for non-compliance can range from ₹50,000 to ₹5,00,000. 6. Consult a professional: If you're unsure about the process or need assistance, consult a chartered accountant or company secretary to ensure compliance and avoid further complications. Remember, it's essential to address this situation promptly to avoid additional penalties and ensure compliance with the Companies Act, 2013.

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

The dealers can choose between two options for zero-rated sales: Option 1: Supply goods without paying tax (zero-rated sales) Option 2: Supply goods with tax and claim refund of the tax paid Generally, dealers can choose one option for the entire financial year. However, some jurisdictions might allow dealers to avail of both options in the same year under certain circumstances: 1. Change in business structure or ownership 2. Change in tax laws or regulations 3. Specific permission from the tax authorities If a dealer wants to avail of both options in the same year, they should: 1. Check the relevant tax laws and regulations 2. Consult with a tax professional or chartered accountant 3. Obtain specific permission from the tax authorities, if required It's crucial to ensure compliance with tax laws and regulations to avoid any legal issues or penalties. Dealers should maintain accurate records and documentation to support their chosen option(s).

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

The dealers can choose between two options for zero-rated sales: Option 1: Supply goods without paying tax (zero-rated sales) Option 2: Supply goods with tax and claim refund of the tax paid Generally, dealers can choose one option for the entire financial year. However, some jurisdictions might allow dealers to avail of both options in the same year under certain circumstances: 1. Change in business structure or ownership 2. Change in tax laws or regulations 3. Specific permission from the tax authorities If a dealer wants to avail of both options in the same year, they should: 1. Check the relevant tax laws and regulations 2. Consult with a tax professional or chartered accountant 3. Obtain specific permission from the tax authorities, if required It's crucial to ensure compliance with tax laws and regulations to avoid any legal issues or penalties. Dealers should maintain accurate records and documentation to support their chosen option(s).

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

The dealers can choose between two options for zero-rated sales: Option 1: Supply goods without paying tax (zero-rated sales) Option 2: Supply goods with tax and claim refund of the tax paid Generally, dealers can choose one option for the entire financial year. However, some jurisdictions might allow dealers to avail of both options in the same year under certain circumstances: 1. Change in business structure or ownership 2. Change in tax laws or regulations 3. Specific permission from the tax authorities If a dealer wants to avail of both options in the same year, they should: 1. Check the relevant tax laws and regulations 2. Consult with a tax professional or chartered accountant 3. Obtain specific permission from the tax authorities, if required It's crucial to ensure compliance with tax laws and regulations to avoid any legal issues or penalties. Dealers should maintain accurate records and documentation to support their chosen option(s).

Rama chary Rachakonda

Master in Accounts & high court Advocate

8821 Points Joined December 2011

The dealers can choose between two options for zero-rated sales: Option 1: Supply goods without paying tax (zero-rated sales) Option 2: Supply goods with tax and claim refund of the tax paid Generally, dealers can choose one option for the entire financial year. However, some jurisdictions might allow dealers to avail of both options in the same year under certain circumstances: 1. Change in business structure or ownership 2. Change in tax laws or regulations 3. Specific permission from the tax authorities If a dealer wants to avail of both options in the same year, they should: 1. Check the relevant tax laws and regulations 2. Consult with a tax professional or chartered accountant 3. Obtain specific permission from the tax authorities, if required It's crucial to ensure compliance with tax laws and regulations to avoid any legal issues or penalties. Dealers should maintain accurate records and documentation to support their chosen option(s).

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