Every Section 8 company must perform annual compliance requirements under the Income Tax Act 1961, and the Companies Act of 2013. This maintains the company's trustworthiness and credibility while avoiding penalties for non-compliance. Compliance activities are time-consuming and must be completed throughout the year.
The annual compliance package for Section 8 Companies offered by TaxDraw ensures that professionals handle these responsibilities. It allows you to focus on the company's main tasks by saving you time and energy.
The following are the annual compliance responsibilities that Section 8 Companies must complete. The compliance package includes all of these.
Companies must appoint an auditor under Section 139 of the Companies Act 2013. For you, we will assign an auditor.
As required by Section 8 of the Companies Act, 2013, the firm must keep a statutory register of all loans secured, charges created, members, and other information.
Annual general gatherings and other required meetings must be held.
Tax returns must be filed by the 30th of September at the end of each assessment year.
Within 30 days of the latest general body meeting, the financial statement must be filed in the appropriate form (E-FORM AOC-4).
Companies must submit Form MGT-7 to the Registrar (RO62C) for filing returns before 60 days of their annual general meeting.
The company's directors must promptly file their annual report, which includes financial data and corporate social responsibility. This report is the board of directors' responsibility, and TaxDraw will assist them.
The company's balance sheet, profit and loss statement, cash flow statement, and other financial documents for the preceding financial year are filed.
Non-compliance can result in fines ranging from Rs.25,000 to Rs.5,00,000 and imprisonment. It may also result in the company and its directors being placed on a deny list for some time.
TaxDraw has extensive expertise aiding Section 8 businesses with accurately filing forms and annual reports and verifying the accuracy of any data sent to department and ministry websites.
Failure to appoint an auditor is punished by a fine of up to Rs.5,000 for failing to do so.
Yes. A Section 8 corporation is authorized to set aside or accumulate up to 15% of its total profits without paying taxes.
Under the Income Tax Act,1961 various tax benefits available to Section 8 company such as 80G, etc.
If the company registered under 12AA then entire profit of Section 8 company shall be exempted under the Income Tax Act,1961.