Process of Annual filing by a Private Limited Company

We all know that companies are considered as separate legal entity. All the companies have various compliances as per ROC instructions. They need to intimate all the happenings in the company, whether big or small to ROC. ROC also requires the companies to file their annual returns with all financial statements. In this article our scope of discussion is annual filing of private limited company.

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What is Annual Filing of Private Limited Company?

Annual filing of returns by a private limited company is a once in a year activity. Statutory Audit is compulsory for the companies. ROC also requires companies to file their financial statements with it. The company is supposed to file various documents like- Balance Sheet, Profit and Loss Account, in case of group the consolidated financial statements. There are also other forms that a company has to file based on the fact that if it has share capital or not.

Let us see what all forms a company needs to file.

Forms to be filed while Annual Filing of Returns

Private Limited Companies need to file following forms while Annual Filing of Returns:-

Form Name Purpose of Filing
Form 23AC For filing Balance Sheet (all companies have to file this form)
Form 23ACA For filing Balance Sheet (all companies have to file this form)
Form 66 Companies have to file compliance certificate. Applicable to companies having share capital between Rs.10 lakhs- Rs.2 crores.
Form 21A For annual returns by companies not having share capital
Form AOC-4 For filing financial statements and other documents
Form AOC-4 CFS Used for filing statement containing salient features of consolidated financial statements of a group.
Form MGT-7 For filing annual returns by companies having share capital

It must be noted that Forms-23AC, 23ACA, AOC-4 are also available in XBRL formats. The specified companies have to file these return in XBRL formats. The specified criteria is-

  • Companies listed on stock exchange and their Indian Subsidiaries.
  • Companies having paid up capital of Rs. 5 crores and above.
  • The companies that have turnover of Rs.100 crore and above.

How to fill the forms for Annual Filing of Returns

A private limited company needs to follow following procedure for Annual Filing of Returns:-

  • After going to “My Services” tab in the MCA Portal, company has to download applicable e-filing forms. The forms are available under the link “Download eForms”.
  • The company should make sure that latest version is downloaded.
  • Enter the CIN and click on pre-fill button. System will auto fetch certain details from the ROC database. Details to that extent will be updated.
  • Then a company needs to fill up the balance form and attach the applicable attachments. The total size of the attachment should not be more than 2.5MB.
  • In case the attachment size is more than a company can use Additional Attachment Sheet.
  • Click on check form, in case of any missing details system will give an error message.
  • After ensuring all details, digital signature certificate of authorized signatory should be fixed.
  • Click on Pre-Scrutiny button and once the pre-scrutiny is successful the form will be locked.
  • The form can still be modified if required. After a company is sure about the accuracy of forms it can file the forms online.
  • The forms can be filed on MCA Portal through the “Annual Filing Corner” link.

Do’s and Don’ts while Annual Filing of Returns

                                   Do’s                                    Don’ts
  • Company should apply for DIN, Digital Signature Certificate.
  • Master data at ROC portal should be filed.
  • The forms and instruction kit from MCA portal should be downloaded.
  • The company should file all the details accurately and carefully.
  • The last minute rush should not be there. Do not wait for last date and file your returns in time.
  • One should avoid filling forms without reading proper guidelines.

Is it possible for Private Companies to do Annual Filing Offline?

These days online mode of filing is preferred for everything. However, still to avoid any issues government has kept other routes also option. In case of Annual filing of a private limited company also following options are available:-

  • The company should prepare all the forms and get it digitally signed by authorized representative. Then they should put forms in CD or a pen drive. The company can visit nearest “Registrar’s Front Office” and the staff will assist in uploading e-forms.
  • It is also possible to contact Certified Filing centres (CFCs). The CFCs file annual forms by charging service charges.

These are actually not completely offline modes. These are actually assistance available to file online.

Conclusion

Annual Filing of Private Limited Company is a very important activity. The companies should do the annual filing in a timely and accurate manner. The process is very simple and easy to follow. However, sometimes in case of confusion it is better to seek professional help.

CategoryCompliance

CS Madhavi Singh Rajawat is a commerce graduate from IIS University, Jaipur and an associate member of Institute of Company Secretaries of India. She is also an LLB aspirant. Her interest lies in the field of corporate and securities laws, general corporate advisory matters and FEMA matters and compliances, litigation services, and also in NCLT related services. She has proficiency in the drafting of documents

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