Updated : September 17, 2024Process of ROC Annual Return and ITR Filing For a Private Limited Company
Overview :Apart from the Companies Act Regulations, a company is also liable to pay the due Income Tax on the taxable profits of the company. A company needs to fulfil all annual compliances to stay compliant and keep late filing or penalties at bay. The blog equips you with a stepwise process to file annual compliance for a company in India ensuring the company runs smoother for longer.
A company is a legal creation under the Companies Act,2013 and is regulated by the provisions of the companies act. Apart from the companies act regulations, the company is also liable to pay the due Income Tax on the taxable profits of the company. Setindiabiz provided end to end support service for filing the ROC Returns and ITR for Private Limited Companies.
In this post, we shall be taking you through the stepwise process of filing the annual compliance for your company. The subject matter is vast; hence presenting complete details may not be viable under one post. We have given cross-references for you to understand the filing process in detail. Following is the stepwise process of ROC Annual Compliance.
Check Applicability Of Returns & Their Due Date
Well, refer to the date of incorporation of your company, and based on that you will know what returns are to be filed. If the company is incorporated before 1st January 2020, then Both ROC Returns as well ITR is to be filed for the financial year 2019-20. However, for newly incorporated companies that are registered after 1st January 2020, only ITR is necessary. However the filing of Directors KYC (DIR-3 KYC) is applicable for all directors who have been allotted a DIN during the FY 2019-20.
Check Validity of Digital Signature of Directors
The ROC return and ITR are filed electronically after its authentication by the digital signature of the directors. Check the validity of the digital signature. If you found that the validity of DSC has expired then, please take steps to renew the same. You may place an order for DSC Renewal by clicking here.
Obtain Complete Bank Statement and Identify Transactions
The bank statements are the main source of information for the finalisation of the books of account. You should obtain a complete bank statement for the period starting 1st April and ending on 31st March of the financial year. We suggest you mention the details of the party and the nature of the transaction against each entry of the bank statement. Learn how to maintain bank statement.
Reconcile Your Books and Confirm Balance from Parties
Now accumulate all the invoices raised and bills of expenses. Please note we follow the accrual accounting system, hence include all the invoices or statements even if the same is unpaid. Further, reconcile with GST and TDS Returns. Ask for ledger from significant parties and reconcile the balance as of 31st March for accuracy of financial statement.
Contact Us; We will do the rest
Well done, now is the time for your consultants to prepare a financial statement, get the same confirmed from you. Then send the books of account for statutory audit of the financial statement. We will further assist you in holding AGM and do the necessary ROC & ITR Filing for your company.
Conclusion
As we all know, a company is a legal entity under the Companies Act 2013 and regulated by the provisions of the companies Act. Along with operating as per regulations, a company is also liable to pay Income tax due on the taxable profits of the company. The information provided in the aforementioned blog would have provided you with valuable information.
