Company Registration in Bangalore, India - OPC calendar updated · 2019-11-25 · Compliances for...

PRIVATE LIMITED COMPANY(OPC) COMPLIANCE CALENDAR

2Private Limited Company(OPC)

Table of Contents

Companies Act 2013.

Income tax Act 1961

Goods and Services Act (GST).

Employee related regulations like PF ,ESI ,Gratuity and professional tax .

RBI compliance for Foreign transactions.

SEZ compliances for units in SEZ.

For any business, great start is a must and so is the case with regulatory compliance. Clean and clear compli-ance from the word go, brings high respect among various stake holders and clarity about where you stand in your business at any point of time. Nurturelabz has a dedicated team to help you in your compliance journey and given below are the general milestones to be achieved in that journey.

We believe this compliance calendar will help you meet all regulatory compliance on time and we wish you all the very best in your business and career.

The legal existence of your organization in India mandates certain compliances on you (being principal officer of your organization) under various laws & regulations and some of them are given below.

Private Limited Company (OPC) Compliance as per Companies Act 2013 3

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5 - 6

6 - 8

Compliances for Private Limited Company (OPC) as per Income tax Act 1961

Compliances for Private Private Limited Company (OPC) under GST

Labour Law Compliances and registration matters for Private Limited Company (OPC)

Nurture Labz, #222, Indiranagar Double Road, Domlur II Stage, Indiranagar, Bangalore, Karnataka-560071

Phone No: 080-41461525, Email Id : [email protected]

Private Limited Company(OPC) 3

Private Limited Company (OPC) Compliance as per Companies Act 2013

First Auditor appointment and disclosure of directors’ interest

Within 30 days from the date of incorporation

Compliances Due date Penalty/Consequences

Fine from Rs.50,000 to Rs. 1 Lakh (For directors if they failed to disclose their interest)

25000 rupees which may extent to Rs. 5,00,000 and officer default shall be punishable with fine which shall not be less than Rs. 10,000and which can be extended up to Rs. 100,000 or with both.(Failure for first Auditor appointment)

Filing of AOC-4 (For filing Balance Sheet along with statement of Profit and Loss Account)

Within 30 days from the date of Annual general Meeting (To be conducted within 6 months from the date of accounts closure)

i. Fine of Rs. 100 for each day of default .ii. Fine from Rs. 1 Lakh to Rs.5 Lakh (For every director)

*In addition to above violation of the provisions will attract imprisonment.



Filing of Annual Return (Form MGT-7)

Within 60 days of holding of Annual General Meeting. Annual Return will be for the period 1st April to 31st March.

i. Fine of Rs. 100 for each day of default ii. Fine from Rs. 50000 to Rs. 5 Lakh (For every director) (For officer in default)

Two Board meeting in one year and one Annual General Meeting also

Need to print and keep the minutes of the proceedings at the registered address of the Company

Company shall be liable to a penalty of Rs. 25,000/- and every officer who is in default shall be liable to a penalty of Rs. 5000

Conducting Statutory Audit After closure of Financial Year 25000 rupees which may extent to Rs. 5,00,000 and officer default shall be punishable with fine which shall not be less than Rs. 10,000and which can beextended up to Rs. 100,000 or with both.

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Requirement of registration arises if taxable turnover of goods or services or both exceed 20 lakhs.However, following are liable to register irrespective of turnover. i. Making interstate taxable supplies (Not applicable for service providers) ii. Every electronic commerce operator iii.Persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise

a) Aggregate turnover is less than or equal to 1.5 Crore

Compliances for Private Private Limited Company(OPC) under GSTI. Registration

Due date Consequenses

Due date Consequenses

II. Returns

GSTR – 1 In case of NIL returns Rs.20 / day

Others Rs.50 /day

In case of NIL returns Rs.20 / day

Others Rs.50 /day

GSTR – 3B 20th of succeeding month

Return

Apr - June 31st July 2018

July - Sep 31st October 2018

Oct - Dec 31st January 2019

Jan - Mar 30th June 2019

b) Aggregate turnover is more than 1.5 Crore

GSTR – 1 10th of succeeding month

Return

GSTR – 3B 20th of succeeding month

# Due dates of GST returns are based on law as on 01-04-2018

Private Limited Company(OPC)



Compliances for Private Limited Company (OPC) as per Income taxAct 1961I. Filing of return of Income

Filing of Income tax return On or before 30th September after financial year closing.

Filing of Income tax return if provisions of Transfer Pricing are applicable

On or before 30th November after financial year closing


Loss cannot be carried forward and in case of tax payable Interest and penalty are applicable. Interest under 234A, 234B & 234C @ 1% per month for each section and Penalty of 5,000/- (even if tax payable is Nil) and may be prosecuted under 276CC (if tax liability is more than 3,000) as per rates specified in Income tax Act 1961

II. Deduction of tax at source

Deduction of tax on Salaries and other vendor payments if exceeds limit specified under Income Tax Act,1961

Payment– 7th of succeeding month.

Returns - Quarterly returns..


Interest at rate of 1.5% per month on amount of tax till the date of actual payment

Rs.200 per day from the date of default to the date of filing of return.Maximum penalty is limited to amount of tax deducted.


Apr - June 31st July 2018

July - Sep 31st October 2018

Oct - Dec 31st January 2019

Jan - Mar 31st May 2019




III. Advance tax

15% of total estimated tax

Quarterly deposit of Advance tax based on estimated annual total income.

15th of June 2018.

Advance tax to be deposited Due date Consequenses

Interest under section 234B & 234C as follows:

234B – 1% per month or part of month from April of next year till the date of payment

234C – 1% per month or part of month on short fall of advance tax for 3 months

45% of total estimated tax 15th of September 2018



15th of December 2018

15th of March 2019



I. Karnataka Shops & Establishment License

Labour inspector may visit your office and issue the notices for non-registration. penalty can vary from Rs.1000 to Rs.2000.

Anyone having a shop or commercial establishment in karnataka has to take a registration, within 30 days from commencement of work/services

Requirements Penalty/Consequences

A certificate issued by the labour inspector should be disclosed in the office premises.Govt. has prescribed certain registers to be maintained for leave, employee list, attendance list etc. Such registers are to be maitained and every year annual return to be submitted within 31st January of subsequent year.

Registration

Post Registration compliance

Labour Law Compliances and registration matters for Private Limited Company (OPC)




II. Professional tax

Penalty Provision in respect of delay in payment of P.F. dues

Delay in deposit of P.F. dues attracts penal damages. Damages are levied at the following Flat Rates :I. For 0 - 2 months delay - @5 % p.a.II. For 2 - 4 months delay - @10 % p.a.III. For 4 - 6 months delay - @15 % p.a.IV. For delay above 6 months - @25 % p.a. (subject to a maximum of 100%)

RegistrationAny organization having 20 or more permanent (on-roll) employees, should register with the EPFO

EPF Rate

Employer - 12% of the basic salary limited to Rs.1800 and 1.16% admin chargesEmployee -12% or such higher amount as desired by employee


III. Employee’s Provident Fund (EPF)

Due date after EPF Payment 15th of succeeding month

Penalties under the Act includes (a) Rs.1000 for non-registration in case of employer and Rs.500 in case of others (b) Rs.250 for non-filing of returns and (c) for non-payment of tax by enrolled person and registered employer with interest at rate of 1.25% per month and Penaltynot exceeding 50% of the tax amount due.

Employer/owner of the business has to take registration within 30 days from commencement of profession or trade.There are two types of registration.

Delay in obtaining Professional Tax Registration Rs. 5/- per day.

Non/late payment of profession tax 10% of the amount of tax.

Late filing of returns Rs. 250 per return

“E.C. : Enrollment Certificate” other than a person earning salary

“R.C. : Registration Certificate” For every employer

Within 20 days from end of the month in which PT is deducted

“Employees who are not covered” Employees whose salary or wage (gross) for a month is less than Rs.15,000/-

“Additional fee for branch” Every branch of a firm, company, corporation or other corporate body, any society, club or association is treated as a separate person for the purpose of tax liability.

“Payment of PT by professionals and establishments” other than employees, all other class of persons such as professionals, companies, and societies shall pay tax once in a year on or before 30th of April of respective year

Registration

Time limit for payment of PT

Post registration compliances





V. Importer/Exporter Code (IEC) Registration

Disclaimer : Post incorporation services may have separate service agreements and unless specifically stated otherwise, any new services shall be subject to acceptances of general terms and conditions related to those services.

Note: In addition to above Penalty provision imprisonment Provisions will be applicable in case of

non-fulfillment of above Acts.

Every Importer and Exporter.

Nurturelabz is not responsible for any failure on your part to meet various regulatory requirements within the time frame mentioned under any Acts/rules unless separate service agreements are entered between us for the same. The above list of enactments or contained in any documents dispatched along with are indicative only and do not form the entire list of enactments that your organization need to follow. You are advised to take professional advice before acting on any of the recommendation that is contained in this letter or any other document dispatched along with or e-mail body.If you have not found what you are looking for or need additional assistance please contact us at [email protected] (9742308021).

Penalty under ESI Act of

Rs.5000/-All establishments employing over 10 employees at any point of the year has to get registered under ESI Act, provided the salary payable to at least one employee is less than Rs.21,000.


IV. Employee’s State Insurance (ESI)

Within 15 days from the date of its applicability

Employees contribution 1.75% of wages Employer’s contribution 4.75% of wages.

Filing of ESI returns – Half yearly

Registration

Time Limit

Contribution

Post registration compliance

PaymentPayment on or benefit 15th of every succeeding month

Company Registration in Bangalore, India - OPC calendar updated · 2019-11-25 · Compliances for...

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Transcript of Company Registration in Bangalore, India - OPC calendar updated · 2019-11-25 · Compliances for...