Compliance calendar for Private Limited Company for Financial Year 2019-2020;

In 2019, many new compliance requirements have been introduced by the Ministry of Corporate Affairs. Summary of compliance applicable for FY 2019-2020:–

Accounting: The company is required to maintain its accounts and finalise its financial statements (Balance Sheet & P/L Account) on the basis of its accounts for the previous year.

Audit of Accounts: Audit is an independent examination of books of accounts, statutory records, and vouchers in order to ascertain whether the financials represent true & fair value. For the audit of books of accounts, an auditor has to be appointed by the company within 30 days from the date of incorporation

Income Tax Compliances: Every company is required to file Annual income tax returns by 30th September of the following financial year. Also, companies are required to adhere to withholding tax compliance. While making specific payments, a Company has to deduct tax at source (TDS) which is applicable on payments such as Salary, Interest, Dividend, Rent, Fee for professional and technical services, Commission and brokerage etc.

It is mandatory for the payer to deduct a specific percentage from the payment and pay the balance to the recipient. A quarterly return has to be filed by the payer to the Income tax department containing details of payee, date of deduction and date of remittance to department etc.

The due dates for filing TDS returns are as follows:

Quarter

Filing Due Date

1st Quarter

31st July

2nd Quarter

31st October

3rd Quarter   

31st January

4th Quarter

31st May

GST Compliance: After Obtaining Online GST Registration as Normal Taxpayer, the entity will be required to file the GST returns (In Total 37) on time. The requirement of GST Returns is based on the annual turnover of a taxable person. If annual turnover is less than Rs 1.5 Cr then only you need to submit quarterly returns. On the respective Due dates of GST returns, you need to submit details of purchase and sale. Failure to file GST Returns will attract penalty.

ROC Compliance: Auditor Appointment within 30 days from the date of incorporation

Balance Sheet Finalization: Statement of Profit & Loss Account (Including Consolidated Financial Statement)

Cash Flow Statement

Directors’ Report

MGT-9 (Extracts of Annual Return)

Auditors’ Report

Notice of AGM

Maintain Statutory Registers

Professional tax Registration and Filing

Filing of Financial Statements in Form AOC-4

DPT -3 Filing

MSME 1 & 2 Filing