Nidhi Company Annual Filing in India: Compliance Calendar & Penalties
1. Introduction
Nidhi Companies are financial entities incorporated under Section 406 of the Companies Act, 2013. Their primary objective is to promote the habit of thrift and savings among members. To ensure smooth and compliant operations, Nidhi Companies must adhere to several annual, quarterly, and event-based filings with the Ministry of Corporate Affairs (MCA), Income Tax Department, and other regulatory bodies.
This guide provides a detailed overview of the Nidhi Company annual filing requirements, compliance obligations, and other essential regulatory aspects.
2. Categories of Nidhi Company Compliance
Nidhi Company compliance can be broadly classified into the following categories:
2.1 Annual Compliance
Annual compliance includes forms and returns that must be filed annually, regardless of business activity during the year.
2.2 Monthly/Quarterly Compliance
These are statutory filings that need to be fulfilled every month or quarter, mainly for tax and financial reporting.
2.3 Event-Based Compliance
These are forms and returns that must be filed as and when a specific event occurs, such as a change in directors, registered office, or amendments in capital structure.
3. Nidhi Company Annual Filing Compliance
3.1 MCA Filings
| Form | Compliance Description | Due Date |
|---|---|---|
| AOC-4 | Filing of financial statements, including profit & loss and balance sheet | Within 30 days of AGM |
| MGT-7 | Filing of annual return with board meeting details | Within 60 days of AGM |
| NDH-1 | Filing of Nidhi Company statutory compliance report | Within 90 days of financial year-end |
| NDH-2 | Application for an extension if the company fails to meet the compliance requirements | As per requirement |
| NDH-3 | Half-yearly return on financial performance | Within 30 days of half-year end |
| NDH-4 | Application for Nidhi status declaration or updation | As per requirement |
3.2 Income Tax Compliance
| Form | Compliance Description | Due Date |
|---|---|---|
| ITR-5 | Income tax return for Nidhi Companies | 30th September |
3.3 GST Compliance (If applicable)
| Form | Compliance Description | Due Date |
|---|---|---|
| GSTR-9 | Annual GST return (self-certified) | Refer GST section |
| GSTR-9C | GST reconciliation statement (audited by CA) | Refer GST section |
4. Monthly / Quarterly Compliance
4.1 GST Filings (If applicable)
| Form | Compliance Description | Due Date |
|---|---|---|
| GSTR-3B | Monthly summary of GST sales and purchases | 20th of every month |
| GSTR-1 | Monthly return for sales transactions | 10th of every month |
| GSTR-1 (Quarterly) | Quarterly return for sales transactions (if opted) | 30 days from quarter-end |
4.2 TDS Compliance (If applicable)
| Form | Compliance Description | Due Date |
|---|---|---|
| 24Q / 26Q / 27Q | TDS quarterly returns for employees (24Q), other parties (26Q), and foreign parties (27Q) | 30 days from quarter-end |
4.3 PF and ESI Compliance (If applicable)
| Form | Compliance Description | Due Date |
|---|---|---|
| PF & ESI Return | Monthly employer and employee contributions | 15 days from month-end |
5. Event-Based Compliance
Event-based compliance filings depend on specific circumstances and should be completed within the prescribed timeframe. Examples include:
• Change in Registered Office – File INC-22 with MCA.
• Resignation or Appointment of Directors – File DIR-12.
• Increase in Authorized Capital – File SH-7.
• Any Amendment in Memorandum or Articles of Association – File MGT-14.
6. Consequences of Non-Compliance
Failure to adhere to Nidhi Company compliance obligations may result in severe penalties and legal repercussions, including:
• Late Filing Fees – Penalties range from INR 100 per day (for various filings) up to INR 5 lakh.
• Striking Off – Persistent non-compliance may result in the company being struck off by the Registrar of Companies (RoC).
• Legal Consequences – Directors and key managerial personnel may be disqualified from holding office.
7. Importance of Timely Compliance
Ensuring timely and accurate compliance can help a Nidhi Company in:
• Avoiding unnecessary penalties and legal action.
• Enhancing financial transparency and credibility.
• Building trust among investors and regulators.
• Ensuring the smooth operation of business activities.
8. Conclusion
Proper adherence to Nidhi Company compliance requirements is crucial for the seamless operation and legal standing of the entity. With ever-changing regulatory frameworks, staying updated and ensuring timely compliance is essential. Companies should consult professional compliance services to handle statutory obligations effectively and avoid unnecessary penalties.
By adhering to the above compliance requirements, avoid penalties, and maintain good legal standing. For professional assistance, reach out to us on email: info@returnfilings.com or on whatsapp: https://wa.me/919910123091 to ensure all statutory obligations are met on time.
frequently asked questions (faq's) related to Nidhi Company Annual Filing and Compliance
Q What is a Nidhi company?+
Q What is the primary regulatory framework for Nidhi companies?+
Q Why is compliance important for Nidhi companies?+
Q What are the key compliance requirements for Nidhi companies?+
Q What are the key annual filings for Nidhi companies?+
Q What is the due date for filing the annual returns?+
Q What happens if a Nidhi company fails to file its annual returns?+
Q Where can I find the forms for Nidhi company annual filings?+
Q What are the membership requirements for a Nidhi company?+
Q What are the restrictions on accepting deposits from members?+
Q Can a Nidhi company accept deposits from the general public?+
Q To whom can a Nidhi company lend money?+
Q What are the restrictions on lending by a Nidhi company?+
Q Can a Nidhi company engage in any other business activities?+
Q Is it mandatory for a Nidhi company to get its accounts audited?+
Q What are the corporate governance requirements for Nidhi companies?+
Q How do I register a Nidhi company in India?+
Q What is the minimum NOF requirement for a Nidhi company?+
Q Can a Nidhi company open branches?+
Q What are the regulations related to the appointment of directors in a Nidhi company?+
Q How do I become a member of a Nidhi company?+
Q What are the benefits of investing in a Nidhi company?+
Q What are the risks associated with investing in a Nidhi company?+
Q How can I find a list of registered Nidhi companies in India?+
Q What are the regulations for the transfer of shares in a Nidhi company?+
Q How can I file a complaint against a Nidhi company?+
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