What you need to know on Annual Return Filing for a Company

All companies are required to file their Annual Income Tax Return before Sep 31st (unless there is a change in the date). In addition to IT filing, companies would also be required to file their annual return with the MCA (Ministry of Corporate Affairs).

Directors of companies that have failed to file the annual return for three years will be disqualified for 5 years. 

All companies registered in India must prepare and file with the Registrar of Companies, an annual return in FORM MGT-7, with in 60 days from the date of annual general meeting (AGM). Due date for conducting AGM is before 30 Sep 2018 for FY 2017-18.

In case of annual return filing by a listed company or a company having paid-up share capital of ten crore rupees or more or turnover of fifty crore rupees or more, the annual return must be certified by a Company Secretary in practice in Form No. MGT-8.

In addition, companies that do not file their income tax return or MCA annual return continuously can be marked as a strike off by the ROC (Registrar of Companies). Before the company is striked-off, the bank accounts of the company could also be frozen.

Finally, once a company is marked as strike-off by the ROC, the directors in the company would be disqualified from acting as Director of a company for a period of 5 years.

Above does not apply to Firms such as Partnership Firms.

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