There are numerous rules and regulations under Companies Act, 2013 that a Company has to follow
to keep running smoothly and failing to keep up with these rules and regulations will lead to legal liability.
A checklist has been prepared that is applicable for companies.
1. APPOINTMENT OF FIRST AUDITOR:
Pursuant to the provision of Section 139 (6) of Companies Act, 2013, the Board of Directors is
required to appoint an auditor within thirty days of incorporation of the company. If Board fails to
appoint first auditor of the company than power delegated to the Members of the company to First
auditor of the company within 90 days till the first AGM of the company. For appointment of auditor
FORM ADT-1 is required to file by the company within 15 days from the date of appointment.
Noncompliance of this provision will lead to attract penalty on company.
2. FORM DPT- 3:
Every Company having any loan / due / other than deposits is require to file the statement of such
outstanding amount as on 31st march of every financial year has to furnish details of such outstanding
amount by 30th June in Form DPT-3.
3. DIR-3 KYC OF DIRECTORS:
Directors owning DIN (Director Identification Number) with active status are required to file DIR-3
KYC annually as per the provisions of Rule 12A of the Companies (Appointment and Qualification of
Directors) Rules, 2014. Failure to file DIR-3 KYC will lead to inactive DIN status on the MCA portal.
No Form of annual compliances for private limited company can be filed if DIN stands deactivated.
4. AUDITOR IN FIRST AGM:
Pursuant to the provision of Section 139 (1) of Companies Act, 2013, a auditor is appointed to
monitor the fair dealings of a company in terms of its financial position. He /She is appointed in the
first AGM and continues to stay in the same position till the sixth AGM. As per the Companies Act,
2013, a subsequent auditor is appointed by the filing Form ADT-1 within 15 days of AGM.
5. MSME FORM-1:
Pursuant to Order dated 22 January, 2019 issued under Section 405 of the Companies Act, 2013 of
MSME Form-1 is a mandatory compliance for the specified companies which are defined in Section-9
of the MSMED Act. Every specified company has to submit the yearly return on half-yearly basis to
the Registrar concerning the outstanding payments to the Micro, small, and medium enterprises which
contains the following information:
The amount of payment due;
The reason for the delay.
6. MGT-14 FOR ADOPTION OF FINANCIAL SATEMENTS OF PUBLIC COMPANY:
Form MGT-14 is to be filed for Adoption of Financial Statements by board of directors within 30
days from the date board meeting to the registrar of companies.
7.AUDIT AND ANNUAL GENERAL MEETING:
As per the provision of Companies Act, 2013, every company is required to conduct audit of their
financial statement by auditor of the company.
Pursuant to the provision of Section 96 of Companies Act, 2013, an Annual General Meeting,
commonly known as AGM, is one of the most essential annual compliances for private limited
company. In the AGM, the Board of Directors of the company are required to present its true financial
position to the shareholders. AGM is required to be organized within 6 months from the end of
financial year i.e. on or before 30th September every financial year during working hours of the
company. The AGM should not be held on public holidays or after business hours. After conducting
the AGM companies are required to file form AOC-4 i.e. financial statement of the company to the
Registrar of Companies within 30 days from the end of AGM. FORM MGT-7 i.e. Annual Returns of
the company is required to be file within 60 days from the date of AGM.
8. AUDIT UNDER INCOME TAX ACT:
Tax Audit / Statutory Audit under Income tax is mandatory if turnover of the company crosses the
threshold limit by the company. Presently the limit is more than 1 crores or in case of cash
transactions are up to 5% of total gross receipts and payments, the threshold limit of turnover for tax audit is increased to rs. 10 crores.
9. FILING OF INCOME TAX RETURN : Companies registered under the
Companies Act, 2013, operating business in India are required to file ITR form VI (Income Tax Return form 6) every year on or before September, 30th under Income Tax Act, 1961.