Annual Compliance
Annual Compliance
Bookkeeping and Accounting
Bookkeeping Service is a transactional and administrative work that manages the day-to-day financial transactions recording. Every company / firm who operates the business in India should abide by statutory regulatory requirements which includes maintenance of books of accounts.
Private Limited Company’s Annual Compliances
All companies registered in India like private limited company must file MCA Annual Returns and Income Tax Return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of every financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier.
LLP’s Annual Compliance
An LLP (Limited Liability Partnership) in India has to file the annual return within 60 days from the end of close of financial year to maintain compliance and to avoid the penalties for non-compliance. It’s also compulsory to file Statement of Account & Solvency within 30 days from end of six months of the completion of financial year. LLPs need only file information related to the Statement of Accounts and Annual Returns on an annual basis but failure to do so can prove to be very costly as penalties are very high in respect of non-compliant LLPs.
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