Simple and seamless filing of your Section 8 Company’s Annual returns with Taxoutlook experts.
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Get the Annual Returns of Your Section 8 Company done quickly and easily online with TAXOUTLOOK in 3 Simple Steps
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A section 8 company is a not-for-profit organization formed with the objective of promoting commerce, arts, science, sports, education, research, social welfare and environment protection or any other similar objects. The profits are applied for the promotions of the objects and payment of dividend is prohibited to the members of the section 8 company.
Annual returns of section 8 company to be filed on a yearly basis. The annual returns are to be filed even if the company was active or inactive during the year. The annual returns of a company primarily report up on the operations of the company, Auditor report on financial statements, Director’s report on the company operations and other compliances with the company law, Auditor appointment / reappointment.
Advantages of Following Annual compliances of a Section 8 Company
A section 8 company can be free of litigation and penalties by following the Annaula compliance and filing annual returns on due dates. The benefits of following are as below.
a. Better credibility of the company
b. Avoiding legal issues
c. Avoiding late fees and penalties
d. Better goodwill amongst the stakeholders
A Section 8 Company must comply with below annual compliances. Auditor Appointment A section 8 company must mandatorily appoint Auditor. The books of accounts and annual returns of the company shall be audited by the statutory Auditor who shall be appointed for a period of 5 Years Maintenance of Statutory Registers The company is required to maintain all the statutory registers consisting of Members, loans obtained, related party transactions, charges created. Annual General meeting Annual general meeting is to be conducted once in a calendar year and within 6 months from the end of the financial year. AOC-4 Section 8 Company is required to file with the Registrar of companies, (RoC), a copy of the financial statements, including consolidated financial statement, if any, along with all the relevant documents like Board report, details of Board meeting, related party transaction details etc. duly adopted by at the Annual General meeting within 30 days from the date holding such Annual General Meeting in e form AOC-4. Directors Report Section 8 company is required to attach the Directors Report as part of filing AOC-4 along with the financial statements. The Directors report contains important details regarding the company’s operations to the stakeholders. The Directors report should be based on the company’s standalone financial statement and should relate to the financial year for which such financial statement is prepared. MGT-7 Annual Return in form MGT-7 is required to be filed by Section 8 company with Registrar of Companies within 60 days date of holding the Annual General Meeting. It is snapshot of certain company information as on the close of the financial year. While the AOC-4 gives information on financial matters, the MGT-7 gives information on non-financial matters like Share transfer details. List of shareholders as on close of financial year, details of director changes, details of Board meeting and Shareholder meetings etc.
1. Copy of Audited financial statements for the financial year.
2. Copy of Minutes of Board meeting for the current financial year.
3. Details of Auditor appointment and reappointment.
4. Directors’ remuneration and Related party transaction details.
5. Appointment of Auditors details.
6. MoA And AoA of the section 8 company.
Our compliance expert will be in touch with for the documents. Once you share these documents, we will complete the below process.
1. Preparation of necessary documents for filing Annual Returns.
2. Complete procedural actions as mentioned above.
3. Preparation of AOC-4 and MGT-7 attachments and documents.
4. Filing of forms with Registrar of Companies.
You don’t have to worry about the above process as our Compliance experts will help you in getting the company registration smoothly, quickly and hassle-free.
AOC-4
It is the e-form filed with Registrar of Companies(RoC) with in 30 days from the close of the financial year. It contains details of Audited financial statements and other financial matters.
MGT-7
It is the e-form filed with Registrar of Companies (RoC) within 60 days from the completion of 6 months from the end of the financial year. It contains details on non-financial matters like shareholder information, Directors details, Board meetings etc.
Annual General Meeting
Section 8 company has to hold Annual General Meeting once in a calendar year. The AGM has to be held with in 6 months from the end of the financial year. The maximum gap between 2 Annual General Meetings shall not exceed 15 months. First Annual General meeting can be held within 9 months from the end of first financial year.
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