Private limited company
Organizations in India must direct an Annual General Meeting toward the finish of each money related year and document a yearly come back with the Ministry of Corporate Affair to look after consistency. For recently fused Companies, the Annual General Meeting ought to be held inside the year and a half from date of consolidation or 9 months from the date of shutting of money a related year, whichever is prior. Ensuing Annual General Meeting ought to be held inside a half year from the finish of that money-related year. In India, regularly the budgetary year begins on April first and end on 31st March. So a Company's yearly profit would be on September 30th.
Yearly return comprises of data and records that incorporate the Balance Sheet of the Company, Profit and Loss Account, COMPLIANCE Certificate, Registered Office Address, Register of Member, Shares, and Debentures subtle elements, Debt points of interest and data about the Management of the Company. The yearly return would likewise reveal the shareholding structure of the Company, changes in Directorship and points of interest of exchanges of securities.
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Reasons For Company Annual Return Filing
Individual Legal Entity
An Organisation is a legal existence and a righteousness person which was found under the particular Act. so, a company has the broad legal capacity and which can own its property and also sustain debts. However, the Partners of a company have no liability to the creditors of a company for the debts of the company.
A company has 'constant', which can be continued or uninterrupted existence until it is legally dissolved. A company is being a separate legal person, it is unaffected by the death or other departure of any Partner. Hence, a company continues to be in existence irrespective of the changes in membership
Having Own Premisis
A company is an artificial judicial person, which can acquire its own, enjoy and sell, property in its name. No Partner can eventually make claim upon the property of the company - so long as the company is a going concern.
The shares of a company can be easily transmitted to one person to another person by admitting them as a Partner of the company.company is a separate legal existence which can be separated from its Partners.
A company enjoys better avenues for the borrowing of funds. It can issue debentures, secured as well as unsecured and can also accept deposits from the public, etc. Even banking and financial institutions prefer to render large financial assistance to a company rather than partnership firms or proprietary concerns.