Accounting is the systematic process of recording, analysing, and interpreting the financial transactions. It is the responsibility of every business – whether large or small to furnish their accounting records to the Income Tax Department. Generally, startups neglect these issues and, after a few years, they are forced to deal with them, plus interest. It’s always a good idea to keep track of your finances and provide information to government organisations to avoid difficulties like raids and fines. Companies are required to update the annual returns regularly.
The documents required will vary depending on the service you require. Our professionals will convey the same to you based on your requirements.
The mandatory compliances that most businesses must meet are as follows. At Vakilsearch, our qualified chartered accountants, accounting and taxation professionals, and company secretaries will handle all of your compliance needs. We offer the best-in-class legal consultation for your company. Our team will cover the following compliance requirements as mandated by the Ministry of Corporate Affairs.
The first meeting has to be conducted within 30 days of incorporating a business after which four meetings shall be held every quarter in a calendar year. There should not be more than 120 days between two consecutive meetings.
Every company needs to file its minutes of the meetings and they shall be preserved permanently to add value in case of any dispute. The meeting minutes are to be maintained at the registered office.
The company is required to issue a share certificate to the subscribers of the memorandum within 60 days of incorporation.
Filing of disclosures of directors’ interests and declarations of disqualification:
In the first board meeting, all the directors are required to make disclosures about their interests in other business entities.
This has to be done upon registration of the company. Form INC 20A mandatorily needs to be filed within 180 days of incorporation.
A company shall conduct at least one AGM each year. The first AGM shall be held within nine months from the closing of the first financial year of the company. In other cases, it shall be within six months from the closing of the financial year.
Annual company returns need to be filed with the RoC within 60 days of the conclusion of the AGM.
Every company has to hold a minimum of four meetings of its board of directors, that is, at least one board meeting every quarter of the calendar year.
All statutory registrations like GST, PF, ESI, IEC, etc. must be completed.