Compliance Audit Online Mansa
Private Limited Company Compliance and Audit in Mansa: A Comprehensive Guide
A private limited company is one of the most popular business structures in India, offering individuals many advantages such as limited liability, separate legal entity, and perpetual succession. However, to ensure the smooth functioning and legal compliance of a private limited company, it is vital to understand the mandatory compliances and audit requirements. In this comprehensive guide, we will delve into the various compliance and audit aspects of a private limited company in Mansa, Punjab.
1. Incorporation Process:
Before understanding the compliance and audit requirements, it is crucial to understand the incorporation process of a private limited company in Mansa. The steps involved in the registration process are as follows:
a. Obtaining Digital Signature Certificates (DSCs) for all the proposed directors of the company.
b. Applying for Director Identification Number (DIN) for the proposed directors.
c. Filing the application for company name reservation through the Ministry of Corporate Affairs (MCA) portal.
d. Drafting the Memorandum of Association (MoA) and Articles of Association (AoA) of the company.
e. Filing incorporation documents, including MoA, AoA, and other necessary documents, with the Registrar of Companies (RoC).
f. Collecting the Certificate of Incorporation (COI) from the RoC.
2. Statutory Compliances:
After the incorporation of a private limited company, certain statutory compliances need to be adhered to. The compliance requirements include filing various forms, maintaining statutory registers, and conducting regular meetings. Some of the crucial compliances include:
a. Appointment of Auditor: Within 30 days from the date of incorporation, the Board of Directors must appoint the first auditor of the company who will hold office until the conclusion of the first Annual General Meeting (AGM).
b. Meetings: Conducting Board Meetings and Shareholders’ Meetings is essential. The first board meeting should be held within 30 days from the date of incorporation, and subsequently, at least four board meetings should be conducted in a calendar year. An Annual General Meeting must also be held within six months from the end of the financial year.
c. Filing of Annual Returns: An annual return in the prescribed format must be filed with the RoC within 60 days from the date of AGM. The annual return reflects the company’s details such as shareholding, change in directors, and other required information.
d. Books of Accounts and Financial Statements: Maintaining proper books of accounts and financial statements is mandatory for every private limited company. These accounts should be audited by a qualified Chartered Accountant and filed with the RoC within 30 days from the date of AGM.
3. Tax Compliance:
Apart from the statutory compliances, private limited companies must comply with various tax obligations. The key tax compliances include:
a. Obtaining Permanent Account Number (PAN): Every private limited company must obtain a PAN from the Income Tax Department to file income tax returns and conduct financial transactions.
b. Goods and Services Tax (GST): If the company’s turnover exceeds the specified threshold, it is required to register under the Goods and Services Tax Act. The company needs to file monthly and annual GST returns within specified due dates.
c. TDS Compliance: If the company makes payments to vendors, employees, or contractors above a specified threshold, Tax Deducted at Source (TDS) must be deducted and deposited with the government within the prescribed timelines.
d. Income Tax Returns: Private limited companies are required to file their income tax returns annually with the Income Tax Department. The returns should be filed within the specified due date based on the company’s turnover and profitability.
4. Audit Requirements:
In accordance with the Companies Act, 2013, a private limited company is required to undergo specific types of audits. The main types of audits include:
a. Statutory Audit: Every private limited company, irrespective of its size or turnover, must conduct a statutory audit. A qualified Chartered Accountant, appointed by the company, reviews the company’s books of accounts, financial statements, and ensures compliance with accounting standards. The auditor provides an audit report, which is a mandatory requirement for filing the company’s financial statements.
b. Tax Audit: If the turnover of the private limited company exceeds the specified threshold limit, it is required to undergo a tax audit. A tax audit is conducted to verify the accuracy and compliance of the company’s financial statements with the provisions of the Income Tax Act. The tax audit report should be submitted along with the income tax return.
c. Internal Audit: Though not mandatory, it is advisable for private limited companies to conduct internal audits. An internal audit evaluates the company’s overall operations, identifies risks, suggests improvements, and ensures compliance with internal control systems.
d. Goods and Services Tax (GST) Audit: If the company’s turnover exceeds a prescribed limit under GST, it needs to undergo,
Compliance Audit Online Mansa
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Compliance Audit Online Mansa
This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions. This article has been written by Chartered Accountant Avik Kedia.The images displayed here have been generated using openai chatgpt or google gemini or microsoft bing copilot or google bard or Twitter Grok Ai other X AI artificial intelligence ai tools and plugins and scripts and websites and applications. You may download and use these images for your personal projects at your own discretion.
https://www.mca.gov.in/MinistryV2/compliancerelatedfiling.html
Compliance Audit Online Mansa
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