Annual Filings Services
Annual Filings Services by Deepak Prakash & Associates
In India, every company registered under the Companies Act, 2013 is required to comply with certain annual filing requirements with the Registrar of Companies (ROC). These filings are critical to maintaining the company’s legal standing, ensuring transparency, and avoiding penalties or legal issues. The annual filings involve the submission of various financial and non-financial documents that provide a clear overview of the company’s financial health and activities during the fiscal year.
At Deepak Prakash & Associates, we provide expert services to ensure that your company fulfills all its annual filing obligations on time and in full compliance with the applicable laws and regulations. Our team of experienced Chartered Accountants and legal professionals will guide you through every aspect of annual filings, from preparing financial statements to filing annual returns and other statutory documents.
This guide provides a detailed overview of the annual filing requirements, the documents involved, and how Deepak Prakash & Associates can assist your company in staying compliant with all regulations.
What Are Annual Filings?
Annual filings refer to the mandatory documents and returns that a company must submit to the Registrar of Companies (ROC) every year. These filings are essential to ensure that the company operates in a transparent manner and maintains its legal standing. The annual filings include:
- Financial Statements (Balance Sheet, Profit & Loss Account)
- Annual Return
- Other Statutory Filings
These filings must be completed within a specified timeframe and must be accurate and truthful.
Key Annual Filing Requirements for Companies in India
Annual Return (Form MGT-7)
- The Annual Return is a comprehensive document that provides a snapshot of the company’s overall structure, including details of shareholders, directors, registered office, and other key information.
- Form MGT-7 is the prescribed form for filing the Annual Return. This document must be filed by every company, including private companies, public companies, and One Person Companies (OPCs).
- The Annual Return must be filed within 60 days from the date of the Annual General Meeting (AGM).
Key Details in Annual Return:
- Share capital and shareholding patterns
- Details of shareholders and directors
- Financial status and liabilities
- Registered office address
- Other compliance details
Financial Statements (Form AOC-4)
- Every company is required to prepare and file its financial statements (Balance Sheet, Profit & Loss Account, and Cash Flow Statement) for each financial year. These documents provide a true and fair view of the company’s financial position.
- The financial statements must be approved by the Board of Directors before they are filed with the Registrar of Companies (ROC).
- Form AOC-4 is used for filing financial statements with the ROC. This filing must be done within 30 days from the date of the AGM.
Key Financial Documents:
- Balance Sheet
- Profit & Loss Account
- Cash Flow Statement (for certain companies)
- Auditor’s Report
- Directors’ Report
Auditor’s Report
- An Auditor’s Report is a critical document that accompanies the financial statements. It is prepared by the company’s statutory auditors to provide an independent opinion on the company’s financial health and compliance with accounting standards.
- The Auditor’s Report ensures that the financial statements provide an accurate and fair representation of the company’s financial position.
Income Tax Return (ITR) Filing
- Companies are required to file an Income Tax Return (ITR) with the Income Tax Department for each financial year. This filing includes the company’s income details, deductions, taxes paid, and other financial data.
- ITR-6 is the applicable form for companies. This filing must be done annually, typically by September 30th of the assessment year (unless extended).
Statement of Accounts for Companies with Subsidiaries/Associates (Form AOC-5)
- If your company has subsidiaries or associates, it is required to file Form AOC-5, a statement of the company’s accounts and financial details regarding its subsidiaries and associates. This document provides transparency regarding the company’s group structure.
Timeline for Annual Filings
The key deadlines for annual filings are as follows:
- Annual Return (MGT-7) – Within 60 days from the AGM
- Financial Statements (AOC-4) – Within 30 days from the AGM
- Income Tax Return (ITR) – By September 30th of the assessment year
- Auditor’s Report – Along with financial statements, typically at the time of filing Form AOC-4
Failure to comply with these filing deadlines may result in penalties and legal consequences, including the possibility of the company being struck off from the Registrar of Companies (ROC).
Why is Annual Filing Important?
Annual filings are vital for ensuring your company remains compliant with corporate laws and regulations in India. Here are some key reasons why annual filings are essential:
Legal Compliance:
- Annual filings ensure that your company complies with the Companies Act, 2013 and other applicable regulations. Non-compliance can result in hefty penalties or legal actions.
- Annual filings ensure that your company complies with the Companies Act, 2013 and other applicable regulations. Non-compliance can result in hefty penalties or legal actions.
Transparency and Accountability:
- These filings ensure that the company’s operations, financial health, and governance structure are transparent to the regulators and stakeholders.
- These filings ensure that the company’s operations, financial health, and governance structure are transparent to the regulators and stakeholders.
Avoid Penalties:
- Companies failing to file annual returns or financial statements within the prescribed time limit may face penalties. In some cases, failure to file returns may result in the strike-off of the company from the ROC.
- Companies failing to file annual returns or financial statements within the prescribed time limit may face penalties. In some cases, failure to file returns may result in the strike-off of the company from the ROC.
Maintain Good Standing:
- Filing the necessary documents helps the company maintain its legal status and business credibility. Investors, banks, and other stakeholders will often require up-to-date annual filings before entering into agreements with the company.
Why Choose Deepak Prakash & Associates for Annual Filings?
At Deepak Prakash & Associates, we specialize in helping companies meet their annual filing obligations in a timely and efficient manner. Our expert team ensures that all the required documents are prepared, filed, and submitted in full compliance with the legal and regulatory requirements.
Here’s how we can help you with annual filings:
Preparation of Financial Statements:
- We assist you in preparing and finalizing the financial statements (Balance Sheet, Profit & Loss Account, and Cash Flow Statement) in compliance with Indian Accounting Standards (IND-AS).
- We assist you in preparing and finalizing the financial statements (Balance Sheet, Profit & Loss Account, and Cash Flow Statement) in compliance with Indian Accounting Standards (IND-AS).
Filing Annual Return:
- We ensure the annual return (Form MGT-7) is correctly filled, signed, and filed with the Registrar of Companies (ROC).
- We ensure the annual return (Form MGT-7) is correctly filled, signed, and filed with the Registrar of Companies (ROC).
Timely Compliance:
- Our team ensures that all your filings are done within the prescribed deadlines, preventing penalties and other legal complications.
- Our team ensures that all your filings are done within the prescribed deadlines, preventing penalties and other legal complications.
Tax Filing Support:
- We also assist in filing your Income Tax Return (ITR) and provide guidance on tax planning and compliance.
- We also assist in filing your Income Tax Return (ITR) and provide guidance on tax planning and compliance.
Expert Guidance:
- We provide professional advice on any changes in the Companies Act or other regulations that could affect your annual filings. Our team ensures that you are always up-to-date with the latest compliance requirements.
- We provide professional advice on any changes in the Companies Act or other regulations that could affect your annual filings. Our team ensures that you are always up-to-date with the latest compliance requirements.
Cost-Effective Services:
- We offer affordable and efficient services for all your annual filing needs, ensuring your company stays compliant without straining your resources.
