Compliance - Public Limited Companies

Public Limited Company is the most preferred structure to carry on business for an entity intending to make a profit and enjoy the benefits of an incorporated entity, particularly limited liability. Besides, limited liability, Separate legal entity, perpetual succession and various other benefits there are also mandatory compliances applicable to the Public Limited Company in India.

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Registrar related compliance:

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Registrar related compliances are related to filing of various eforms with Registrar of Companies (ROC) in Ministry of Corporate Affairs (MCA) portal. Every form which we need to submit online requires either Director’s or a professional’s Digital Signature based on the eform.

 

Mandatory Compliance

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Here we are explaining about mandatory compliance that a Public limited company must comply.

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Event Based Compliances

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Event based compliances are those which get triggered upon happening of certain events like change in directors, change of registered office, change in authorized share capital etc. Hence, it is necessary that the happening of such events get tracked and compliances met with on time in order to avoid penalties or additional fees. Some of the Event based compliances are mentioned below along with the time limit:

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Non Registrar Compliance

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• Payment of periodic dues (GST Liability, TDS & TCS payment)

• Monthly/Quarterly GST Returns

• Quarterly TDS Returns

• Assessment of advance tax liability and payment of advance tax periodically

• Filing of Income Tax Returns (Tax will be payable at a flat rate of 30% plus Education Cess)

• Filing of Tax Audit Report

• Regulatory Assessment of business under different acts of law (Eg. Environment and Protection Act, Money Laundering Act, Competition Act, Factory Act etc.)

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Non Compliance:

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If a Company fails to comply with the rules and regulations of the Companies Act, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues.

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If there is delay in any filing, then additional fees is required to be paid, which keeps on increasing as the time period of non-compliance increases. It should be noted that some of the Annual Filing Forms can also be revised but the fees for subsequent revised filing shall be charged, assuming it as a new filing.

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