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Annual Compliances – Section 8

Annual Compliances – Section 8

Section 8 company compliance tasks can be stressful and time-consuming. Work for your mission uninterrupted while our experts take care of your compliance tasks. Get our annual compliance package now.

Annual Compliance For Section 8 Companies With VyaparAadhar

Make your Section 8 company compliant through VyaparAadhar’s simplified process.

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Returns & Minutes Filing

We file your annual returns and prepare the minutes of board meetings.

Step 1

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Issuing Certificates

We issue share certificates and update the statutory registers.

Step 2

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Drafting & Filing Financials

We file directors’ disclosures to the Registrar.

Step 3

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Annual Compliance for Section 8 Companies

Every Section 8 company has to carry out the annual compliance tasks listed under the Companies Act, 2013 and Income Tax Act, 1961. This ensures that the company is trustworthy and credible while avoiding penalties for non-compliance. Compliance tasks need to be carried out throughout the year and can be tedious.

VyaparAadhar’s annual compliance package for Section 8 Companies ensures these tasks are taken care of for you by experts. It saves your time and energy so that you can focus on the core activities of the company.

Benefits of Being Compliant
  • Increases the credibility of the company
  • Builds trust
  • Helps avoid legal complications
  • Avoid paying penalties
Annual Compliance Tasks

The following are the annual compliance tasks required to be carried out by Section 8 Companies. All of these are included in the compliance package.

Appointment of an Auditor: Under Section 139 of the Companies Act 2013, it is mandatory for companies to appoint an auditor. We will appoint an auditor for you.
Maintenance of a Register: The company shall maintain a statutory register consisting of loans obtained, charges created, its members, etc as enumerated under Section 8 of the Companies Act, 2013.
Convening Meetings: Annual general body meetings and other statutory meetings have to be conducted.
Report by Directors: Directors of the company shall file their annual report, consisting of fiscal data and corporate social responsibilities, in an appropriate manner. The board directors are responsible for this report and VyaparAadhar will assist them with it.
Financial Statement of the Company: The balance sheet, profit and loss A/C, cash flow statement, and other financial statements to be filed by the company for the previous financial year.
Tax Returns: At the end of every assessment year, before the 30th of September, tax returns are to be filed.
Filing of Financial Statements: The financial statement shall be filed in the appropriate form (E-FORM AOC-4) within 30 days from the last general body meeting.
Filing Returns: Companies need to file Form MGT-7 with the Registrar of Companies (RoC), for filing returns within 60 days of the annual general meeting.

Other Compliances

Apart from the list of annual compliances mentioned above, a Section 8 company may have to perform other compliance tasks depending on the situation. While our package doesn’t include such tasks, you might get it done on request at an additional cost. Examples of such tasks are:

  • Director’s consent form (Form DIR 2) to occupy the office within 30 days from the director’s appointment
  • Returns form (Form MR-1) within 60 days from the appointment of a managing director, manager, or another key managerial posting

In case your company takes donations or funding from donors, then those incomes are eligible for tax exemptions. To claim that exemption, the company has to comply with the conditions specified under Section 11 and register under Sections 80G and 12A. Again, this is not covered under the annual compliance package but is available as a separate service.

Penalties for Non-compliance:

Non-compliance may lead to penalties ranging from ₹25,000/- to ₹5,00,000/- and/or imprisonment. It can also lead to the company and its directors being blacklisted for some time.

Why Us?
FAQ For on Section 8 Company Annual Compliances Made Easy

Yes. By fulfilling the conditions specified by the relevant provisions under the Income Tax Act, Section 8 Companies can claim full exemption. Get started with Section 80G and 12A registration.

Failure to appoint an auditor is punishable with a fine of ₹25,000, which may extend up to ₹5,00,000.

Failure to file director’s consent notice is punishable with a fine of up to ₹50,000 or imprisonment up to six months.

Failure to file annual returns is punishable with a fine of ₹50,000, which may extend to ₹5 lakhs.

  • Failure to send a copy of audited financial statements to the members before the annual general meeting, and record the minutes of the meeting are each punishable with a fine up to ₹25,000/-.
  • Failure to conduct an annual general meeting is punishable with a fine of up to ₹1 lakh rupees.
  • Failure to submit a report on the annual general meeting is punishable with a fine of 1 to ₹5 lakh rupees.

Yes. A Section 8 company is allowed to accumulate or set apart up to 15% of its total income without paying tax.

Yes, the CSR requirement is applicable to Section 8 companies.

Yes, the provisions of GST are applicable to Section 8 companies.