Frequently Asked Questions
1. What is the importance of Online Accounting Services (OAS) and Company Compliance Services (CCS)?
OAS and CSS help organizations on various fronts such as setting up the right budget and protocols to follow them, measuring and analyzing of the business’ performance, relaying the proper financial records to the investors and stakeholders, and cash flow management etc. Another huge benefit of OAS and CCS is it helps organizations with following laws properly. ROC needs a meticulous and proper record of income tax payments every year end.
Two factors: Discipline and Staying updated
LLPs are the businesses that are compliant with the requirements of the Registrar of Companies. If LLPs fail to meet annual filing compliances, then they will be charged with heavy penalties. This can be avoided by being disciplined. If LLPs are disciplined and meet the filing compliances, then they get the benefit of quicker loan approvals or faster funding by the investors or banks.
To create a private limited company, the minimum requirements of shareholders is two. The required documents to start a PLC or a company in India are:
- PAN card
- Aadhaar card
- An office premise (rented/self-owned)
Yes. Since private limited companies are prone to excellent growth, they are very lucrative entities for venture capital and FDI.
| Financial Statements | ||||
| Form MGT-7 | Private Company, Public Limited Companies, Listed Company, One-person company | 60 days from the conclusion of AGM | Filing of Annual Return | List of shareholders, debenture holders, Share Transfer, MGT-8 |
| Form AOC-4 (XBRL) | Listed companies in India and their Indian subsidiaries (or) a public company with paid-up capital greater than or equal to 5 crores (or) with turnover greater than or equal to 100 crores | 30 days from the conclusion of AGM | Filing of Annual Accounts in XBRL mode | XML documents of financials of the company |
| Form ADT-1 | Private Company, Public Limited Companies, Listed Company, One-person company | 15 days from the conclusion of AGM | Appointment of Auditor | Appointment letter, Confirmation letter from the company |
| Form CRA-4 | Companies prescribed as per The Companies (Cost Records and Audit Rules) 2014 amended from time to time | 30 days from the receipt of Cost Audit Report | Filing of Cost Audit Report | XML of Cost |
All the companies are mandated by The Companies Act, 2013 to file annual accounts and annual return within the time period of 30 days and 60 days respectively from the conclusion of Annual General Meeting. The ROC filing of annual accounts is regulated under Section 129 (3), 137, of The Companies Act, 2013 read with Rule 12 of the Company (accounts) Rules, 2014.
The annual return is regulated under Section 92 of The Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.
- LLP Form 8 (Statement of Account & Solvency)
- LLP Form 11 (Annual Return)
LLPs are mandated to maintain a uniform financial year ending on March 31st of a year. The Annual Return should be filed within 60 days of the financial year closing whereas Statement of Accounts & Solvency should be filed within 30 days from the end of six months of the financial year.
Yes. LLPs are required to maintain annual accounts honest and transparent to its state of affairs. A LLP should also file the prescribed form in ‘Statement of Accounts & Solvency’ with the Registrar.
Yes. A company/LLP is eligible to request an extension in the due date for filing a ROC form by applying for an extension with the ROC where the company/LLP is registered along with the reason behind requesting the extension. If the reason provided stands valid with the ROC, then the extension can be granted.
