Overview of Annual Compliance
Private Limited Companies in India must adhere to various statutory requirements under the Companies Act, 2013, Income Tax Act, GST laws, and other regulations. Missing deadlines can result in penalties and legal complications.
Monthly Compliance
GST Returns
- GSTR-1: 11th of following month (monthly filers)
- GSTR-3B: 20th of following month
- ITC Reconciliation: Monthly recommended
TDS Compliance
- TDS Deposit: 7th of following month
- Form 26Q/27Q: Quarterly
Quarterly Compliance
Advance Tax
- June 15: 15% of estimated tax
- September 15: 45% cumulative
- December 15: 75% cumulative
- March 15: 100% of tax liability
Board Meetings
Minimum one meeting per quarter with not more than 120 days gap.
Annual Compliance Calendar
April
- Finalize accounts for previous year
- Begin audit preparation
May
- Complete internal audit
- Prepare audit schedules
June
- Statutory audit commencement
- AGM preparation begins
July
- July 31: Income Tax Return (non-audit cases)
September
- September 30: AGM within 6 months of year-end
- File annual returns (MGT-7)
- File financial statements (AOC-4)
October
- October 31: Income Tax Return (audit cases)
- October 31: Tax Audit Report
November
- November 30: GST Annual Return (GSTR-9)
- Reconciliation statement (GSTR-9C) if applicable
December
- Year-end planning
- Advance tax assessment
Key Audit Requirements
Statutory Audit
Mandatory for all companies regardless of turnover.
Tax Audit (Section 44AB)
Required if:
- Business turnover exceeds ₹1 crore (₹10 crore with digital transactions)
- Professional receipts exceed ₹50 lakh
Internal Audit
Mandatory for specified companies based on turnover and borrowings.
JMRCA's Audit Services
We provide:
- Statutory audit services
- Tax audit and compliance
- Internal audit and controls
- Compliance calendar management
Need audit support? Connect with us for professional assistance.
