Compliances for new pvt ltd company

Hey Soran! Here’s a quick, updated checklist for your new Pvt Ltd company incorporated on 3rd June 2021:

a) Time limit to open Bank/Current Account

• No specific statutory time limit, but it’s advisable to open immediately after incorporation to start operations and receive payments (e.g., share capital).

• Generally done within 15-30 days from incorporation.

b) Time limit for Auditor Appointment

• The first auditor must be appointed within 30 days from the date of incorporation by the Board of Directors.

• If the Board fails, the members appoint the auditor within the next 90 days.

c) AGM Timelines

• First AGM:

  • Within 18 months from the date of incorporation.

• Subsequent AGMs:

  • Within 6 months from the end of the financial year.

  • Gap between two AGMs should not exceed 15 months.

d) Monthly and Annual Returns Dates

• Monthly GSTR-1 (outward supplies): By 11th of next month (or quarterly if turnover < 5 Cr).

• Monthly/Quarterly GSTR-3B (summary return): By 20th of next month (or quarterly). |
  | TDS Returns | Quarterly, due dates: 31st July, 31st October, 31st January, 31st May. |

e) GST with zero sale and purchase (all cash transactions)

• If no outward supply (sales) or inward supply (purchase) under GST, still you must file nil GST returns (GSTR-1 & GSTR-3B) to avoid penalties.

• Cash transactions are not exempt from GST compliance.

• Maintain proper records to support nil sales/purchase.