1.From AY 2023-24 onwards, Form 26 AS display only TDS/TCS data. Other taxes like advance tax, Self-assessment tax, refund etc., would be available in AIS (Annual information statement) 2. The list of banks available for e-Pay Tax service at e-Filing portal is provided in the Latest Updates dated 01-Feb-2023. 3. Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live. 4. PAN shall become inoperative from 1st April 2023, if not linked with valid Aadhaar.5. ITRs filed after 31st July 2022 need to be verified within 30 days. Refer to Directorate of System's notification no 05 of 2022 dated 29th July, 2022. 6. Form 10F can be filed manually till 31 March 2023 by Non-Residents neither having PAN nor required to obtain it. Refer Latest Updates for details. 7. The Online return form ITR-A, for filing modified return u/s 170A is now enabled. 8. Co-browsing feature is now available for the taxpayer, to know more kindly refer latest updates.


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FILING ANNUAL RETURN OF COMPANY

The Companies (Management and Administration) Rules, 2014 requires all companies to prepare and file an annual return at the end of close of each financial year. Non-filing of annual return can attract stringent penalty and fines, hence its important for Entrepreneurs to be aware of their responsibilities and file the annual return on time. In this article, we look at all aspects of filing annual return of company in India.

INFORMATION CONTAINED IN ANNUAL RETURN OF COMPANY

The following information is provided to the Registrar while filing the annual return of the Company:

  1. The registered office of the company
  2. Principal business activities of the company
  3. Subsidiary or Associate Companies
  4. Shares, Debentures and other securities
  5. Shareholding Pattern
  6. Loan details
  7. Promoters, Directors and Key Managerial Persons
  8. Renumeration of Directors
  9. Penalty of punishment imposed on the company or its Directors
  10.  Any disclosures that are pertinent

SIGNING OF ANNUAL RETURN OF COMPANY

 

The annual return of most Private Limited Company and One Person Company can be signed by a Director of the Company or a Company Secretary. In case an annual return is being filed for a company having paid-up share capital of Rs.10 crore or more and turnover of Rs.50 crore rupees or more, then the annual return must be certified by a practicing Company Secretary. The practicing Company Secretary must certify that the annual return discloses all facts correctly and adequately and that the company has complied with all the provision of the Companies Act, 2013.

DUE DATE FOR FILING ANNUAL RETURN OF COMPANY

The due date for filing annual return of a company is within sixty days from the date on which the Annual General Meeting of the Company is held. Annual General Meeting of a company must be held within 9 months of closing of accounts of a company, in case of first year of operations of a company. In the second year, Annual General Meeting must be held within 6 months of closing of accounts of the Company.

FILING NIL ANNUAL RETURN

Even if a company is not functioning and there are no transactions, annual return must be filed by the Company. However, a company may be able to apply for dormant status of company and obtain the same to reduce compliance burden.

PENALTY FOR NOT FILING ANNUAL RETURN OF COMPANY

The penalty for not filing annual return of a company is very hefty. If a company fails to file annual return, then it shall be punishable with a fine which shall not be less than Rs.50,000 but which may extend to Rs.5 lakhs and every Officer of the Company shall be punishable with a fine that is not less than Rs.50,000 which may extend to Rs.5 lakhs and imprisonment.

Further, if a Company has not filed annual return continuously for three years, then any Director of such company would be disqualified and would not be eligible for appointment as a Director of that company or any other company for a period of fiver years from the date on which the company failed to file annual return.