Who Are Liable to File ROC Annual Returns in India 2023
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Every company and limited liability partnership (LLP) operating in India are responsible for adhering to a set of mandatory filing requirements. These include submission of annual returns and audited financial statements with the Registrar of Companies (ROC) within the specified due dates. Failure to adhere to these compliances results in heavy penalties on the directors of the Company.
These mandatory filings ensure that a business's financial information is made public, which promotes transparency and accountability in the Company. Furthermore, Annual filing ROC forms on time yearly helps businesses gain credibility among investors and lenders who are more likely to extend credit to companies that comply with the law and remain transparent in their dealings.
Among the many types of ROC filings, two that are extremely important are Form-8 and Form 11. Form 8 is known as the Statement of Solvency and requires a detailed report of the Company's assets, liabilities, and profit/loss. Form 11 is the annual report that a LLP must submit to the Registrar of Companies. This report must be submitted within 60 days of the end of the financial year.
These documents must be signed by authorized personnel or the company directors depending on the document type. Additionally, an applicable fee must be paid when submitting these documents. Therefore, it is imperative that businesses keep track of the due dates for filing ROC forms to avoid any penalties.
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