Few Key Points for Newly Incorporated Company

CA Gaganmeet Singh

4 years ago

Meaning of Financial Year for newly incorporated company:
As per section 2(41) of companies Act 2013, If a company incorporated on or before 31^st December then its first financial year will end in the month of March e.g If company incorporated on 21^st oct 2019 then its financial year ends on 31^st March 2020.
On the other hand, if company incorporated on or after 1^st day of January in such case its financial year ends on 31^st march of the following year e.g. Date of incorporation is 30.01.2020 then first financial year will end on 31.03.2021

Form INC 20A should be filed by the company within 180 days from the date of incorporation regarding commencement of business ( it is applicable for a company incorporated after 02/11/2018)

It’s optional for a company to intimate ROC about the appointment of first auditor. Although first auditor’s appointment is done by the BOD in board meeting with in 30 Days from the date of incorporation.

Few Forms to be submitted on Annual basis:

AOC 4 (For filing Financial statement and other documents with registrar) = Within 30 days from the last date when the AGM.
MGT 7 (For Filing Annual Return by a company) = Within 60 days from the Annual General Meeting date
DPT 3 (Return of Deposits) = The due date for filing the annual return is 30th June of every year.

MSME 1 require to be file on semi-annual basis i.e. from April to September due date is 31^st oct and from October to march due date is 30^th April.
It is applicable for those companies who received goods from MSME and payment are outstanding for more than 45 days.

Note on DIR-3 KYC:

From the Financial year 2019-20 onwards – Every Director who has been allotted DIN on or before the end of the financial year, and whose DIN status is ‘Approved’, would be mandatorily required to file form DIR-3 KYC before 30th September of the immediately next financial year.
Further, any DIN holder who has already submitted eForm DIR-3 KYC in any of the previous financial years and who does not require update in any of his KYC details as submitted, he may complete his annual KYC by accessing DIR-3 KYC Web service.