Famous Private Limited for Annual Filing in Chennai

 

A private limited company is a small business entity, which has its own legal identity. It is considered to have higher corporate governance compared to other types of businesses. Incorporation of a private limited company is a relatively quick process.

Private limited companies are regulated by the Ministry of Corporate Affairs (MCA) and must comply with certain regulations. These include filing of annual accounts, holding of an Annual General Meeting (AGM), and arranging of an effective balance sheet.

If you are looking to start a business in India, you should know the ins and outs of the country's business laws. This is important because non-compliance could lead to administrative dissolution of your domestic company. The corresponding fine can be as high as INR 500,000.

Every company in the country is required to hold an Annual General Meeting (AGM) within six months of the end of the financial year. The meeting must be held in the company's registered office and 21 days notice must be given.

There are a number of other compliances that are required for a company to remain in good standing. For instance, if you are a section-8 company, you will need to file an e-Form, and your  private limited company needs to keep a record of its loan status.

Another requirement is a tax audit. Certain businesses will need a tax audit, especially those with gross receipts over INR 1 crore.

A statutory audit is a type of audit that examines the books of accounts of a company. Besides assessing the accuracy of the financial position, a statutory audit is also required to determine the accuracy of the assessment year's financial statement.