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Private Limited Company is a separate legal entity, which have individual status in the eye of law. As individual require filing ITR Return to update his full year accounting similarly company also require to file his ITR return to government for update about its financial statement. Company should file his ITR annually after preparing financial statement after considering all Income and Expenditure of the company. Company’s should file their ITR in Form ITR-6 on or before 30th September.
After filing ITR company require to comply with some other ROC Compliances, like Director KYC, Auditor Appointment, Director Appointment and Regularised, Attained Board Meeting and Annual General Meeting, Filing Financial Statement by Form AOC-4, Form MGT-7, etc. If company turnover is more than 100 crore or paid up capital is more than 5 crore then filing to be done by XBRL.
developing financial processes and procedures
As per the Companies Act, 2013 Private Limited require complying with some compliance, if company file all the form as per the law then company status will be active.
In the company law for the non filing have heavy penalties, if you comply with all compliances on time then penalties can be avoided.
Government apply the laws on company to fulfil it so that company should not do any default, if company doing all compliances it means they are clear in account and law and its safe for investment
Ans: It’s a simple single person firm. Remember it’s not a company, it’s a best way to start a business in India with the less costing and less compliance. its need only just one person for the legal registration.
Ans: The advantages are as follows:
• less costing
• less compliances
• less income tax etc
For the ITR filing we require to finalise accounting of the company after obtaining financial statements of company, all invoices and other material data.
Once company accounting isreadywe prepare all Papers for Director signature and form for ROC filing. All form should have attachment in PDF file with signature.
After finalising and signing all forms they are supposed to be uploaded on ROC website, form should be file within due date and pay ROC fees.
TruFilings can Easily Compliances for Private Limited Company within 5-7 working days