About PVT LTD Compliance

Private Limited (PVT LTD) companies are subject to various legal and regulatory requirements, collectively known as PVT LTD compliance. These compliances are designed to ensure that PVT LTD companies operate in a legal, transparent, and responsible manner. They cover a wide range of aspects, including taxation, corporate governance, and record-keeping.

Applications for Filing

PVT LTD companies need to file various returns and make timely payments to comply with different regulations. The specific returns and payments depend on the nature of the business, its turnover, and its legal structure. Some common compliances include:

• GST Registration and Returns: If the turnover of the PVT LTD company exceeds the prescribed threshold, it is mandatory to register for Goods and Services Tax (GST) and file GST returns regularly.
• Income Tax Returns: PVT LTD companies are required to file income tax returns annually, declaring their income from the business and paying the applicable tax.
• TDS Returns: If a PVT LTD company deducts tax at source (TDS) on payments made to certain individuals or entities, it must file TDS returns periodically.
• Annual General Meeting (AGM) and Board Meetings: PVT LTD companies must hold an AGM and conduct regular board meetings to review and approve financial statements, appoint directors, and make important decisions.
• Filing of Annual Accounts: PVT LTD companies must file their audited financial statements with the Ministry of Corporate Affairs (MCA) within six months of the end of the financial year.
• Corporate Social Responsibility (CSR) Compliance: PVT LTD companies with a net profit of Rs. 5 crore or more are required to spend a minimum of 2% of their average net profits for the preceding three years on CSR activities.

Eligibility

The eligibility for various compliances depends on specific factors such as the company’s turnover, legal structure, and CSR obligation threshold. For instance, GST registration is mandatory for PVT LTD companies with a turnover exceeding Rs. 20 crore (Rs. 10 crore for special category states), while income tax filing applies to all PVT LTD companies with taxable income.

Documents Needed

The documents required for different compliances vary depending on the specific requirements. However, some common documents include:

• GSTIN (Goods and Services Tax Identification Number), if applicable
• PAN (Permanent Account Number) of the directors
• Certificate of Incorporation (COI)
• Memorandum of Association (MOA) and Articles of Association (AOA)
• Business address and contact details
• Details of business activities
• Financial records, including sales and purchase invoices, balance sheets, profit and loss statements
• Tax registration certificates (GST, TDS, etc.)
• Proof of compliance with CSR obligations, if applicable