“Limited Liability Partnership” means a partnership formed and registered under Limited Liability Partnership Act, 2008.

Not only LLPs, all types of companies located in India are helped by AUDITING BAZAAR through our expert and reasonably-charged compliance services for them. These services for compliance filings for all types of companies are a part of our ancillary services.

Registered LLPs  with the Ministry of Corporate Affairs (MCA) needs to file the following mandatory compliance requirements  along with their due timelines:

• Filing of Annual Return – LLP Form-11

Every LLP is required to file Annual Return in Form 11 to the Registrar within 60 days of closer of financial year i.e. has to be filed on or before 30th May every year.

• Filing Statement of Account & Solvency – LLP Form-8

Every LLP is required to file Form 8 on or before 30^th October every year

• Filing of Income Tax Returns

ITR-5 Is mandatorily required to be filed by every LLP under digital signature if their accounts are audited under section 44AB of Income Tax Act, 1961.

The Public Limited Companies are classified in two that are Listed and Unlisted Public Limited Companies and are bound to follow the annual and periodic compliances.

1. Various compliances with ROC as per Companies Act 2013 like:

• Annual Return – Form MGT-7
• Financial Statements – Form AOC- 4
• Secretarial Audit Report – Form MR-3
• Form MGT-14
• Form MGT-15

2. Various annual compliances under other applicable laws such as Labour Laws, Corporate & Economic Laws, Excise & Customs, RBI, FEMA, PF, ESI, etc.
3. Annual compliances under all rules and regulations associated with SEBI such as SEBI directions, various norms prescribed, Listing Regulations, etc.

Forms to be filed under the Income Tax Act, 1961 and compliances with Tax Audit provisions

Under the Companies Act, 2013, private companies are subject to greater control and regulations and the number of exemptions which were earlier enjoyed by the private companies, have been withdrawn with the Introduction of Companies Act, 2013 which provides strict and rigorous fines, penalties, and imprisonment to treat the cases of non-compliance or delayed compliances with the prescribed regulatory authorities.

Mandatory Compliances for a Private Limited Company:

• Holding First Board Meeting within 30 days of incorporation of Company
• Holding of minimum four Board meetings in a calendar year and not more than 120 days gap should be there between two meetings- Subsequent
• Within a period of Nine months from the date of closing of the first financial year of the Company- First
• Within a period of Six months from the date of closing of financial year

and Not more than Fifteen months shall elapse between the date of one annual general meeting of a company and that of the next- Subsequent

• Appointment of First Auditors and Subsequent Auditors
• Annual Return in form MGT-7 within 60 days from the date of AGM
• Financial Statements in form AOC-4 within 30 days from the date of AGM
• Income Tax Returns
• Maintenance of Statutory Registers
• Disclosure of Director’s Interest and Declaration in Form MBP-1 and DIR-8 respectively.

XBRL (Extensible Markup Language) is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world.

It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency, and improved accuracy and reliability to all those involved in supplying or using financial data.

It was developed specifically to communicate information between businesses and other users of financial information, such as analysts, investors and regulators  via the internet.

XBRL provides a common, electronic platform for business reporting.

Legal Requirement

Following class of companies shall file their Financial Statement and other documents with the ROC u/s 137, in e-form AOC-4  XBRL, by using XBRL taxonomy:

1. All companies listed in India and their Indian Subsidiaries;
2. All companies having paid-up capital of Rs. 5 Crores and above;
3. All companies having a turnover of Rs. 100 Crores and above, and
4. All companies which are required to prepare the Financial Statements in accordance with Companies (Indian Accounting Standard) Rules, 2015.

However, Banking Companies, Insurance Companies, NBFCs and Housing Finance Companies are not required to file their Financial Statement and other documents by using XBRL taxonomy.

To encourage unorganized proprietorship business to enter into organized corporate world, the concept of “one person company” (‘OPC’) was recommended by JJ Irani Committee.

An OPC is exempted from stringent legal compliances of :

• General Meeting
• Only 1 Director is sufficient
• Information to be provided in the Directors’ Report has been significantly reduced
• Annual Return can be signed by a Director in case of no Company Secretary
• The requirement of minimum number of Board Meetings to be convened shall not apply to OPC unless more than 1 Director

However, in case of OPC having more than 1 Director, the OPC shall hold at least 1 Board Meeting in each half of calendar year and the gap between two meetings is not less than ninety days.

Extending the full-range of legal and advisory services to OPCs in India, AUDITING BAZAAR services also cover the statutory compliances by OPC regardless of the sector of its business or service.