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Annual ROC Compliances
Compliance refers to adhering to orders, rules, or requests. For a private limited company incorporated in India, Compliance with the Companies Act 2013, which includes obligations to the Registrar of Companies (RoC), is essential for private limited companies in India. This legislation governs various aspects, including the appointment, qualification, remuneration, and retirement of directors and the conduct of board and shareholder meetings. Compliance with Registrar of Companies (RoC) regulations is mandatory for every private limited company, regardless of turnover or capital amount.
As mentioned above, These are obligations that a company must fulfil in accordance with the regulations set by the Registrar of Companies (ROC) or equivalent authority. They typically involve statutory filings and adherence to the Companies Act provisions. These are the regular, yearly filings and disclosures companies must make, including submitting annual returns and financial statements.
Private Limited Companies must file annual accounts and returns to the companies' registrar, disclosing the details of their shareholders, directors, etc
Benefits of Annual ROC Compliances
- Enhanced Company Credibility: Regular ROC compliance of a private limited company is a key criterion for the measurement of a company's credibility.
- Attracting More Investors: Investors largely focus on financial data and records of compliance of the Company before investing in any firm.
- Maintain Active Status and Avoid Hefty Penalties: Regular filing of annual compliance of private limited Companies is also necessary to avoid penalties.
Documents Required for the Annual Compliances
- Sales and purchase bills of expenses done during the year.
- Particulars of Bank Statements are to be fetched from April 1st to March 31st of all bank accounts in the name of the Company.
- Particulars of GST returns filed (if any).
- Particulars of both TDS Returns filed and TDS Challans Deposited.
- Balance sheet and Profit & Loss Account.
- Financial statements.
- Directors report.
- Details of the Member.
- Details of Directors.
FAQs
The annual ROC compliances are detailed reporting of the business procedures that every registered company/LLP in India should submit within the due date prescribed in the Companies Act, 2013 and Companies Rules. The companies/LLP must file the ROC forms with ROC without fail, or else they will have to pay a penalty.
Companies/LLP must download the forms from the MCA website. They need to fill it, attach the required documents and submit them on the MCA portal.
After the AGM all the private limited companies are required to file the annual return within 60 days of holding the annual general meeting.
The main purpose of company compliance is to adhere to internal policies and procedures and governmental laws. Implementing compliance procedures protects the company's reputational risk, improves the company's vision and value, and prevents and detects violations of rules.
There are two main types of Compliance; External and Internal. Both types of Compliance involve a framework of regulations, practices, and rules.
The companies incorporated under the Companies Act,1956 are required to file the following documents with the ROC The balance sheet in form 23AC which is to be filed by all the companies Profit and loss account in form 23ACA which is to be file by all the companies.
A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.
