i) Board Meeting
The first meeting shall be held within 30 days of incorporation of the company in the presence of the Board of Directors.
In a calendar year minimum, four board meetings shall be conducted i.e. one in every three months.
ii) Annual General Meeting
It is explained under section 96 of The Companies Act, 2013 that every company is required to call at least one meeting of its shareholders each year.
The first annual general meeting of a company must be held within nine months from the date of closing of the first financial year.
After that, no meeting is necessary for the year of incorporation. The annual general meeting must take place every year for once at least.
The gap between one meeting and next should not exceed 15 months.
iii) Appointment of Auditor
Section 139 of the Companies Act 2013, talks about the appointment of an auditor.
Every company at its first annual general meeting has to appoint an individual or a firm as an auditor.
iv) Statutory auditing the book of accounts by the auditor
The auditor has the right to access the books and accounts of the company.
A regular statutory audit shall be conducted to assess the company’s financial stability.
The accountants shall be liable for fraudulent representation made in the books of accounts.
The audited financial report shall be submitted to the Registrar of the company.
v) Income Tax Annual Returns
A private limited company must file Income Tax Return by filling e-form MGT-7 on or before 30th November 2020 and failure to fill will captivate penalty of Rs 10,000.
The Annual Income Tax Return is filed in a period of 60 days from conducting annual general meetings.
The Annual Income Tax Return is calculated for the financial year with effect from 1st April to 31st March.
vi) Financial Statement
The private limited company shall file the e-form AOC-4 on the portal of the Ministry of Corporate Affairs on or before 30th November 2020.
The form has to be filed after the 30 days of the annual general meeting to the Registrar of the company.
The failure or delay in filing the AOC-4 form will attract the penalty of Rs 200 per day.
The IT Department provides PAN and TAN, which is mentioned on the certificate of incorporation. The next step is Bank A/c opening.
Company Incorporation application is filed online and the process starts with the issuance of Digital Signatures of class two.
The Company name should be unique and not be the same or similar to an existing company, LLP or a trademark.
For incorporation of the company one single application (spice 32) is filed with the approval, and the Certificate is issued. The IT Department provides PAN and TAN, which is mentioned on the certificate of incorporation.
The next step is Bank A/c opening.
After the opening of Bank account and transfer of share capital, Commencement of certificate is applied to start the business
Every shop and the commercial establishment are required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
No one should be adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Specific legislation have been passed by majority state governments to impose a tax on profession, employment of calling of any nature, however, and the fees for it is Rs. 2500 per annum.
GST Registration is mandatory for each business engaged in providing services or supply of products, where the turnover exceeds Rs. 40 Lac.
During a business of producing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
This location-based Drug License is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue sale/trade of medicine without drug license.
Private Security Agency may be a lucrative business with immense potential; however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
IEC is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to start a business of Import or Export in India. Only one IEC code can be issued against a pan.
Disclaimer : 1) These packages are applicable where turnover is below Rs. 50 lakh in case of profession and Rs. 1 crore in case of business. 2) Class 2 digital signatures from eMudhra with 2 year validity along with ePass 2003 token. 3) Statutory Auditor fee is payable on actuals directly to the Independent Auditor appointed by the Board of Directors. Onfiling will only be responsible for accounting, preparation of financial statements and filing of returns on behalf of the Company. 4) Upto 3 name options can be given in 1 RUN name approval request. 5) Additional Directors can be added for an additional price of Rs.999 - if DSC & DIN is available. In case no DIN or DSC is available, cost for adding additional Director will be Rs.1999, inclusive of GST. 6) Authorised capital is the amount of shares a company can issue at anytime and can be increased further in the future. Paid-up capital is the amount invested by shareholder and can be even Rs.2. 7) Additional authorised capital can be purchased if required at time of incorporation 8) In case of incorporation in Madhya Pradesh, an additional stamp duty of Rs.7550 will be applicable. In case of incorporation in Punjab, an additional stamp duty of Rs.15025 will be applicable. In case of Kerala, an additional stamp duty of Rs.3025 will be applicable.
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