PUBLIC LIMITED COMPANY COMPLIANCE FILINGS IN INDIA
Tax & Compliance for Public Ltd
There are strict compliances that are to be followed by public limited company. Annual tax and compliance is one of the major answerabilities of public limited company. It includes conducting meetings, reporting about result and statutory maintenance of register in order to file annual forms. SecureMind offers annual business compliances like tax & compliance for public ltd companies to its valuable clients. At our office, we have a dedicated team to help you in order to deal with the annual compliances filing.
We at SecureMind take complete responsibility of our task and you will get the licenses within a quick turnaround time. Our professionals understand your issues and offer complete consulting support and business services to you as we want to do the best for our clients.
SecureMind does not compromise with quality and we are fascinated to provide our clients with excellent customer care. According to our vision, helping others should be the primary object of a business services provider company.
Tax & Compliance for Public Ltd
Public limited companies are needed to make the biggest number of compliances each year, as compared to other types of companies. Listed public limited companies are known as the public limited companies that includes the biggest annual and periodic compliances each upcoming year. Let us have a brief discussion about the annual compliance filings for a public limited (listed) company in India.
According to the new Companies Act of 2013, complete and thorough compliances have to be made by a public limited company while rules and regulations implemented by RBI, SEBI, FEMA, and others become strict and dynamic. Therefore, public limited companies in India, particularly listed ones, are now concerned with filing annual and periodic compliances more than ever before. It becomes essential to file public limited RoC compliances and tax-related compliances. These Acts and Statutes incorporate provisions of heavy fines, punishments, penalties and even imprisonment in case of overdue compliances and non-compliance.
Annual and periodic compliances are must for a public limited company including the listed ones in India. Generally they are related with the following categories of compliances :
Different compliances with ROC, according to the Companies act 2013 and all rules and regulations related with this
Tax-related compliances with GSTN and tax departments
A variety of compliances connected with diverse rules and regulations coupled with SEBI, including listing regulations, 2015 (applicable for the listed public limited companies)
Compliances related to secretarial standards I & II (Rigorously pertinent since July 2015)
Compliances linked with all other concerned legal acts and statutes (stated in section below), such as the corporate and commercial laws, labour and employment law, excise and custom, intellectual property laws, RBI, FEMA, PF and ESI regulations, pollution control act, maritime and admiralty laws and others
A range of event-based compliances
Frequently Asked Questions
What is called annual return of the public limited company?
Every public limited company in India must file annual return in each year as per the Companies Act, 2013. The filing should be done with the Balance Sheet, Profit and Loss Account and other documents should be filed with Ministry of Corporate Affairs. The annual return is completely different from the income tax department and it is administered by Ministry of Corporate Affairs.
What details are required in the Annual Return?
Details in the annual return depends on the size of the Public Limited Company but essentially annual return contains Balance Sheet, Profit & Loss account, details of the members, Directors Report, details of Directors and Secretarial Certificate (where applicable).
Who should sign on the annual return?
Two directors of the company must sign on annual return.
Who should sign on annual filing E-forms?
Annual return must be signed digitally by a director of the company and a Chartered Accountant or Company Secretary.
Is there any due date of filing Annual Return?
Yes, Annual Return must be filed by the Public limited company before the due date i.e. 30th September of each year and 6 months since the end of the financial year.
Can company file the annual return on its own?
No, company cannot file the Annual Return until it is certified by Chartered Accountant or Company Secretaries.
Is there any penalty for non-filing of Annual Return?
Yes, if the company does not file Annual Return within the specified time then the company shall be responsible to pay further fees as penalty under the Additional Fees Rule of the Companies Act, 2013. The amount of penalty will depend on the number of days in default till the same continues.
What documents must be filed with ROC with Annual Filing?
Profit and Loss Account, Balance Sheet, Shareholders details, Director’s Report, and other documents are needed to be filed with registrar of companies.