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A company is a separate legal entity which can be sued or sue any other legal firm. It is capable of entering into different types of transactions. After the incorporation of a Private limited company, it is the responsibility of the directors of the company to ensure the various regulatory and statutory filings are filed on time by a company or not. When you fail to file statutory filings then it may cause stringent penalties. Moreover, could result in disqualifying the directors from incorporating another company in the future. In the year 2018, the penalty for non-compliance has been raised to over Rs.1 lakh by both the income tax department and MCA (Ministry of corporate affairs). In this article, we will let you know what is the Penalty for non-filing Annual Return by Private Limited Company.
Generally, under the companies act, the government fee for filing or registering any document with the Registrar is Rs. 200. A Private limited company has to file form MGT-7 and form AOC-4 every year. The applicable government fee would be Rs. 400.
Following is the comparison between the current regulations and proposed rules from 1 July 2018:
Days of delay | Penalty(Current)in Rs. | Penalty(Proposed)in Rs. | ||
---|---|---|---|---|
Up to 15 days | 400 | up to 3000 | ||
More than 15 days and up to 30 days and up to 30 days in remaining forms. | 800 | up to 6000 | ||
More than 30 days and up to 60 days | 1600 | up to 12000 | ||
More than 60 days and up to 90 days | 2400 | up to 18000 | ||
More than 90 days and up to 180 days | 4000 | up to 36000 | ||
| 4800 | up to 54000 |
If it delays more than 270 days then the current penalty is Rs.100 per day and the proposed penalty will be Rs. 100 per day per form.
The Ministry of Corporate Affairs announced on 8th May 2018 that:
To know more about the LLPAnnual Return, Registration of Private limited company visit our website: Legal Raasta
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