Compliance Calendar for Private Limited Company

Running a Private limited company involves adhering to numerous Statutory compliances to ensure smooth operations and avoid legal repercussions. A well-structured compliance calendar can help businesses stay organized and meet their regulatory obligations timely. This comprehensive guide covers the essentials of a Compliance calendar for private limited companies, key dates, legal requirements, and frequently asked questions.

A compliance calendar is a detailed schedule that outlines all the regulatory and statutory obligations a company must fulfill within a given period. For private limited companies, this includes filing annual returns, tax submissions, board meetings, and other statutory filings. Adhering to these compliance requirements is crucial to avoid penalties, maintain good standing, and ensure smooth operations.

1. Avoid Penalties and Fines: Non-compliance can result in hefty fines and legal consequences.
2. Enhanced Corporate Governance: Regular compliance fosters better corporate governance and builds investor confidence.
3. Efficient Management: A compliance calendar helps in systematic planning and execution of statutory obligations.
4. Legal Protection: Ensures that the company is protected against legal actions arising from non-compliance.
5. Transparency: Promotes transparency and accountability within the organization.

• Requirement: Every private limited company must hold an AGM within six months from the end of the financial year.
• Compliance Date: Typically by 30th September every year.
• Purpose: Approval of financial statements, declaration of dividends, appointment/reappointment of directors, and other business matters.

• Requirement: Filing of financial statements with the Registrar of Companies (RoC) in Form AOC-4.
• Compliance Date: Within 30 days from the date of the AGM.
• Documents Required: Balance sheet, profit and loss account, director’s report, auditor’s report, and consolidated financial statement, if applicable.

• Requirement: Submission of the company’s annual return in Form MGT-7.
• Compliance Date: Within 60 days from the date of the AGM.
• Documents Required: Details of shareholders, directors, changes in directorship, and other relevant company information.

• Requirement: Every director must file their KYC details annually.
• Compliance Date: By 30th September every year.
• Purpose: Ensure that the details of directors are updated with the Ministry of Corporate Affairs (MCA).

• Requirement: Filing of income tax returns for the company.
• Compliance Date: By 30th September (for companies not requiring audit) or 30th November (for companies requiring audit).
• Documents Required: Audited financial statements, tax audit report (if applicable), and other relevant documents.

• Requirement: Monthly/Quarterly filing of GST returns depending on the turnover.
• Compliance Date: 10th, 20th, and 22nd/24th of every month for various returns like GSTR-1, GSTR-3B, and GSTR-9.
• Documents Required: Sales and purchase invoices, input tax credit details, and other relevant documents.

• Requirement: Quarterly filing of TDS (Tax Deducted at Source) returns.
• Compliance Dates: 31st July, 31st October, 31st January, and 31st May.
• Documents Required: TDS payment challans, details of deductions, and PAN of deductees.

• Requirement: Monthly/Quarterly filing of Provident Fund (PF) and Employee State Insurance (ESI) returns.
• Compliance Dates: 15th of every month for PF and 15th of the following month for ESI.
• Documents Required: Salary details, contribution details, and other relevant documents.

• Requirement: Annual audit of financial statements by a qualified Chartered Accountant.
• Compliance Date: Typically before the AGM.
• Purpose: Ensure the accuracy and fairness of financial statements.

• Requirement: Applicable for companies meeting certain criteria (e.g., paid-up capital and turnover).
• Compliance Date: Annually.
• Purpose: Ensure compliance with various laws and regulations.

1. GST Returns:
   • GSTR-1: 11th of the following month.
   • GSTR-3B: 20th of the following month.
2. PF Contributions: 15th of the following month.
3. ESI Contributions: 15th of the following month.

1. TDS Returns:
   • Q1 (April – June): 31st July.
   • Q2 (July – September): 31st October.
   • Q3 (October – December): 31st January.
   • Q4 (January – March): 31st May.

1. Annual General Meeting (AGM): By 30th September.
2. Financial Statements Filing (AOC-4): Within 30 days from the AGM.
3. Annual Return Filing (MGT-7): Within 60 days from the AGM.
4. Director KYC (DIR-3 KYC): By 30th September.
5. Income Tax Returns:
   • Non-audit cases: By 31st July.
   • Audit cases: By 30th September/30th November.
6. Statutory Audit: Before the AGM.
7. Secretarial Audit: Annually.

Solution: Utilize compliance management software that can help track deadlines and send timely reminders.

Solution: Hire a qualified Company Secretary or compliance officer who can guide the company through the regulatory landscape.

Solution: Streamline compliance processes and leverage technology to reduce manual efforts and associated costs.

Solution: Stay updated with the latest regulatory changes through subscriptions to legal updates and continuous professional education.

Solution: Implement robust data management systems and regular audits to ensure accuracy and completeness of compliance-related data.

Maintaining a compliance calendar is crucial for private limited companies to ensure they meet all regulatory requirements timely and avoid penalties. By understanding the key compliance requirements, utilizing technology, and seeking professional advice, companies can effectively manage their compliance obligations and focus on their core business activities.

1. What is a compliance calendar for a private limited company?

A compliance calendar is a schedule that outlines all the statutory and regulatory deadlines a private limited company must adhere to within a financial year.

2. Why is a compliance calendar important for a private limited company?

It helps in systematic planning, avoiding penalties, ensuring legal compliance, and enhancing corporate governance.

3. What are the key annual compliances for a private limited company?

Key annual compliances include holding an AGM, filing financial statements (AOC-4), filing annual returns (MGT-7), Director KYC (DIR-3 KYC), and income tax returns.

4. How often should GST returns be filed by a private limited company?

GST returns should be filed monthly or quarterly, depending on the company’s turnover.

5. What is the deadline for filing TDS returns?

TDS returns should be filed quarterly by the 31st of July, October, January, and May.

6. Who is responsible for ensuring compliance in a private limited company?

Typically, the directors, Company Secretary, or compliance officer are responsible for ensuring that the company meets its compliance obligations.

7. What are the penalties for non-compliance with statutory requirements?

Penalties for non-compliance can range from fines to imprisonment, depending on the severity of the breach and the specific regulation violated.

8. How can a private limited company stay updated with regulatory changes?

By subscribing to legal updates, attending professional development courses, and consulting with legal and compliance experts.

9. What tools can help in managing a compliance calendar?

Compliance management software, calendar apps with reminder features, and professional services from compliance firms can help manage compliance calendars effectively.

10. Can a private limited company outsource its compliance management?

Yes, many companies outsource their compliance management to specialized firms that ensure all regulatory requirements are met timely and accurately.