Compliances for a Private Limited Company post incorporation in First FY

No Compliance Nature Timeline

A. Compliances under Companies Act, 2013

1 Apply for PAN & TAN Mandatory Within 30 days apply for PAN.
It is mandatory to obtain PAN, before applying for TAN.

2 Holding Annual General Meeting Mandatory Within the first 9 months of date of closing of first FY
post incorporation.

3 Convening of First Board meeting
Mandatory Within 30 days from the date of incorporation of the
company.
Subsequently, at least one in every quarter -- the gap
between the two meetings should not be more than 120
days.

4 Disclosure of Interest by Directors Mandatory In the first meeting of a board of directors of the
company (Within 30 days of incorporation).
Thereafter in the first board meeting to be held in every
financial year.

5 Provisioning of Maintenance of Mandatory Throughout since inception.

Statutory Registers
6 Developing of Accounting System for
the Company
7 Opening of Bank Account for the
Company
8 Demand and Collection of Paid up
Capital from the Shareholder
9 Appointment of Auditor
10 Issue of Share Certificate
11 Payment of Stamp Duty on Issuance
of Share Certificate
12 Set up Registered office, get the same
verified with Registrar.
13 File Audit Report, Financial
Statements And Annual Report
Before Due Date
Mandatory
Need based 60 days post incorporation the company must issue the
subscribed shares.
Hence the bank account must be opened reasonably in
advance before the first issue.
Mandatory, however to
be decided by Director
Mandatory, if not done Within 30 Days of Incorporation
punishable
Mandatory, if not done within 60 Days of Incorporation
punishable
Mandatory, if not done Post 60 days of incorporation,
punishable
Mandatory Set up registered office within 15 days of Incorporation.
Verification with RoC within 30 days of incorporation.
Mandatory, A Company has to file Balance Sheet and Statement of
Penalties for non Profit and Loss within 30 days from the date of Annual
compliance General Meeting; and Annual Returns within 60 days
from the date Annual General Meeting

1

1 Income Tax Return Filing
2 Professional Tax Registration of
Company and its Directors
3 Filing periodic GST returns
C. Important Documents to be drafted
1 Drafting of Employer related
documents and HR Policies
2 Drafting of agreements like NDA,
Privacy Policy for Website and
Agreements to be Entered with
Vendors
3 Protect Intellectual Property Rights
like Trademark, Copyright, Patent
and Design
1 Need-Based Registration and
licences.
(Would be based on the business
activity and the goods in which the
company is dealing Sales Tax
Registration, CST Registration, Drug
Licence, Food Licence etc.)
2 Obtain Registration under Shops and
Establishment Act
B. Tax Compliances
Mandatory, liabilities for As per the Income Tax Act, 1961 every company is
non compliance required to file their income tax return before 30​th
September.
Mandatory, if not done
punishable
Mandatory as per Firstly, register for GST if applicable.
turnover of the company- If GST applicable, then submit the tax monthly and file
Rs. 20 lacs (Rs. 10 lacs returns.
for some states)
Preferable Depending on the proactive attitude of the founders, it
should be focused on immediately after incorporation.
Preferable Depending on the proactive attitude of the founders, it
should be focused on immediately after incorporation.
Highly Important Depending on the proactive attitude of the founders, it
should be focused on immediately after incorporation.
D. Other Compliances
Need-based
Mandatory, if not done Within 30 days of incorporation of a company.
punishable
2
 Compliances for a Limited Liability Partnership post incorporation in First FY

No Compliance Nature Timeline

1 Filing LLP Agreement Mandatory, heavy penalty of LLP Agreement must be filed with the
Rs.100 per day of default with no Ministry of Corporate Affairs within 30 days
ceiling on the maximum fine

2 LLP PAN Application Mandatory Preferably within the first 30 days

3 Audit of Accounts Mandatory For the current FY:- 30-10-2018

*​ Note

LLPs whose annual turnover exceeds

Rs. 40 lakh or whose contribution
exceeds Rs. 25 lakh are required to get
their accounts audited by a qualified
Chartered Accountant mandatorily.

4 LLP Annual Return Mandatory, non-compliance Within 60 days from the closure of a
attracts a penalty of Rs.100 financial year.
per day of default with no ceiling Hence, Annual Return has to be filed
on/before 30th May every year.

5 Filing Annual Accounts or Statement Mandatory, non-compliance Within 30 days from end of six months of
of Accounts or P&L and attracts a penalty of Rs.100 close of financial year.
Balance Sheet per day of default with no ceiling Hence Statement of Accounts has to be filed before
October 30th of each financial year

6 Filing of LLP Income Tax Mandatory For the current FY-

In case Audit is not required
1. Only those LLP whose annual 31-07-2018
turnover ​exceeds Rs. 40 lakhs or In Case Audit is required 30-09-2018
whose contribution exceeds
Rs. 25 lakhs​ are required to get
their accounts audited by a
qualified Chartered Accountant.
means your all the statements is
certified by the CA.

2. Mandatory audit for all LLPs

whose turnover exceeds Rs.100 Cr

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