Public Ltd Annual Filing
Public Ltd Annual Filing refers to annual return of Public Limited Company as per Companies Act 2013. Other related compliance for Public Limited Companies are statutory filing for TDS, GST, Income Tax and other filing as applicable as per the nature of Public Limited Company Business.
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Comprehensive Guide related to Public Limited Company Annual Filing and Compliance in India
1. Introduction
A Public Limited Company (PLC) is a business entity registered under the Companies Act, 2013, that offers shares to the public and enjoys the benefit of limited liability. To ensure smooth, effective, and legally compliant operations, a Public Limited Company must adhere to various annual, monthly/quarterly, and event-based compliance requirements.
Statutory compliance is crucial as it helps avoid penalties, fines, and legal repercussions. This guide details Public Limited Company Annual Filing and Compliance requirements under the Companies Act, Income Tax Act, GST Act, and other relevant regulations.
2. Categories of Public Limited Company Compliance
The compliance requirements for a Public Limited Company are broadly categorized as follows:
- Annual Compliance: Mandatory filings to be completed yearly, irrespective of business activity.
- Monthly/Quarterly Compliance: Regular compliance for GST, TDS, PF, and ESI filings.
- Event-Based Compliance: Filings required due to specific corporate actions such as director changes, registered office changes, etc.
3. Annual Compliance for Public Limited Companies
Public Limited Companies must file the following annual returns with the Ministry of Corporate Affairs (MCA) and other regulatory bodies:
Form Name |
Purpose |
Due Date |
|
AOC-4 |
Filing of financial statements, including Profit & Loss and Balance Sheet |
Within 30 days of AGM |
|
AOC-4 XBRL |
Filing of financial statements in XBRL format (mandatory for listed companies and companies with turnover > INR 100 Crore or paid-up capital > INR 5 Crore) |
Within 30 days of AGM |
|
MGT-7 |
Annual Return detailing shareholding, board meetings, and other key company details |
Within 60 days of AGM |
|
MGT-8 |
Certification of MGT-7 (required if paid-up share capital is INR 10 Crore or more or turnover is INR 50 Crore or more) |
Within 60 days of AGM |
|
Form MGT-14 |
Filing of resolutions for Board approvals on key matters (mandatory for listed companies) |
Within 30 days of the resolution |
4. Income Tax Compliance for Public Limited Companies
Companies must adhere to tax regulations and file returns accordingly:
Form Name |
Purpose |
Due Date |
|
ITR-6 |
Annual income tax return (if no tax audit is required) |
31st July |
|
ITR-6 |
Annual income tax return (if tax audit is required) |
30th September |
|
Tax Audit Report (3CB-3CD) |
Mandatory if turnover exceeds INR 10 Crore (for businesses) or INR 50 Lakh (for professionals) |
30th September |
|
Transfer Pricing Report (3CEB) |
Mandatory for companies engaged in international transactions with associated enterprises |
30th November |
5. Monthly/Quarterly Compliance for Public Limited Companies
Depending on whether the company is registered for GST, TDS, PF, or ESI, additional compliance requirements apply.
5.1 GST Compliance (if the company has a valid GST number)
Form Name |
Purpose |
Due Date |
|
GSTR-3B |
Monthly summary of GST sales and purchases |
20th of the next month |
|
GSTR-1 |
Monthly filing of invoice-wise sales details |
10th of the next month |
|
GSTR-1 (Quarterly) |
Quarterly filing of sales details (if opted for QRMP scheme) |
Before 30 days from the end of the quarter |
|
GSTR-9 |
Annual GST return |
As per GST regulations |
|
GSTR-9C |
Annual GST reconciliation statement (audit by CA required) |
As per GST regulations |
5.2 TDS Compliance (if the company deducts and deposits TDS)
Form Name |
Purpose |
Due Date |
|
24Q, 26Q, 27Q |
Quarterly TDS returns for salaries, domestic payments, and foreign payments |
Before 30 days from the end of the quarter |
5.3 PF & ESI Compliance (if the company is registered under PF and ESI laws)
Form Name |
Purpose |
Due Date |
|
PF & ESI Return |
Monthly return for employer-employee contribution |
Before 15 days from the end of the month |
6. Event-Based Compliance for Public Limited Companies
Certain compliance obligations arise due to specific corporate events. These include:
Form Name |
Purpose |
Due Date |
|
ADT-1 |
Appointment of an auditor |
Within 30 days of appointment |
|
ADT-3 |
Resignation of an auditor |
Within 30 days of resignation |
|
DIR-3 |
Application for Director Identification Number (DIN) |
As required |
|
DIR-12 |
Appointment of a director |
Within 30 days of appointment |
|
DIR-11 |
Resignation of a director |
Within 30 days of resignation |
|
DIR-3 KYC |
KYC verification for active directors |
On or before 30th Sept every year |
|
Form PAS-3 |
Allotment of shares |
Within 15 days of allotment |
|
Form SH-7 |
Alteration in share capital |
Within 30 days of the resolution |
|
MSME Form |
Half-yearly declaration of outstanding payments to MSMEs |
As required |
7. Importance of Compliance
Ensuring compliance with statutory regulations provides the following benefits:
- Avoids penalties and legal consequences.
- Enhances credibility among investors, stakeholders, and financial institutions.
- Ensures smooth business operations by maintaining good standing with regulatory bodies.
- Prevents disqualification of directors due to non-filing of returns.
8. Conclusion
Staying compliant with legal and regulatory requirements is essential for the smooth operation of a Public Limited Company. Regular adherence to filing deadlines helps maintain credibility and ensures the company remains in good standing with authorities. At ReturnFilings.com, we assist businesses in handling all compliance matters efficiently so they can focus on growth while we manage their legal obligations.
For professional assistance in Public Limited Company Annual Filing and Compliance, feel free to contact us 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.
9. Additional Resources
To gain a deeper understanding of corporate compliance, you may explore:
- Public Limited Company (PLC) Incorporation / registration Process in India.
- Addition of Director: Process, Eligibility, and Compliance Requirements.
- Director Removal or Resignation: Process, Legal Requirements, and Compliance.
- Revival of Struck-Off Companies: Process, Legal Requirements, and Compliance.
Frequently Asked Questions (FAQs) related to Public Limited Company Annual Filing and Compliance
General Public Limited Company Annual Filing Requirements
1. What are Public Limited Company Annual Filings?
Public limited company annual filings are mandatory submissions to the Ministry of Corporate Affairs (MCA) that demonstrate a company’s financial health and operational status. These filings are essential for maintaining legal compliance and transparency. They provide a record of the company’s activities and financial position for stakeholders, including shareholders, investors, and the public.
2. Why are Public Limited Company Annual Filings important?
Annual filings are crucial for a public limited company’s good standing with the MCA. They ensure transparency, providing stakeholders with essential information, and help avoid penalties for non-compliance. These filings also demonstrate the company’s continued existence and adherence to legal requirements, building trust and credibility with investors, customers, and the public. Transparency is especially important for public companies due to their wider shareholder base.
3. What are the key compliance requirements for Public Limited Companies?
Key compliance requirements include:
Filing Form MGT-7 (Annual Return): This form provides details of the company’s directors, shareholders, registered office, and other key information about the company’s structure and activities during the financial year. It’s a snapshot of the company’s administrative details.
Filing Form AOC-4 (Financial Statements): This form includes the company’s balance sheet, profit and loss statement, and other financial documents, giving a snapshot of the company’s financial health. It demonstrates the company’s financial performance.
Maintaining proper books of accounts: Public limited companies must maintain accurate and up-to-date records of their financial transactions, including receipts, payments, sales, and purchases. This ensures proper accounting and facilitates audits. Good record-keeping is essential for business management and tax compliance.
Getting the accounts audited: It is mandatory for all public limited companies to get their accounts audited by a practicing Chartered Accountant. The audit provides an independent verification of the financial statements, ensuring accuracy and reliability, especially important for public companies.
Filing Income Tax Return (ITR): Public limited companies are required to file their income tax returns annually, reporting their income and paying any applicable taxes. This is a legal obligation and essential for tax compliance.
Holding an Annual General Meeting (AGM): Public limited companies must hold an AGM every year to discuss the company’s performance, approve financial statements, appoint auditors, and transact other important business. The AGM is a forum for shareholder interaction and decision-making.
4. What is the penalty for non-compliance by Public Limited Companies?
Penalties for non-compliance can include fines, legal action against the directors, and even the potential striking off of the company. Non- compliance can also negatively impact the company’s creditworthiness and reputation, making it difficult to secure loans or business partnerships in the future. It can also lead to reputational damage and loss of trust, particularly impacting stock prices.
Form MGT-7 (Annual Return)
5. What is the due date for filing Form MGT-7 (Annual Return) by Public Limited Companies?
Form MGT-7 is due within 60 days of the Annual General Meeting (AGM).
6. What happens if a Public Limited Company misses the deadline for Form MGT-7 filing?
Late filing of Form MGT-7 attracts penalties, which increase with the duration of the delay. These penalties can become substantial, so timely filing is crucial. The penalty is ₹100 per day of delay.
Form AOC-4 (Financial Statements)
7. When should Form AOC-4 (Financial Statements) be filed by Public Limited Companies?
Form AOC-4 is due within 30 days of the Annual General Meeting (AGM).
8. Who can digitally sign Form AOC-4 for Public Limited Companies?
Form AOC-4 must be digitally signed by the directors of the company.
9. What is the penalty for late filing of Form AOC-4 by Public Limited Companies?
Late filing of Form AOC-4 also attracts penalties, similar to Form MGT-7. The penalty is ₹100 per day of delay.
Tax Audit and Filing
10. Is a tax audit mandatory for all Public Limited Companies?
Yes, it is mandatory for all public limited companies to get their accounts audited.
11. What is the deadline for Public Limited Company tax audit and tax filing?
The due date for a tax audit is typically September 30th of the following financial year. The ITR filing deadline usually falls on July 31st for companies not requiring a tax audit, and October 31st for those requiring a tax audit. It’s crucial to consult with a tax professional for the most up-to-date and accurate information, as these dates can sometimes change.
12. What is the Income Tax Return (ITR) form used by Public Limited Companies?
Public limited companies file ITR using the applicable ITR form, which is typically ITR-6.
13. When is the due date for ITR filing by Public Limited Companies?
See the response to “What is the deadline for Public Limited Company tax audit and tax filing?” above.
Annual General Meeting (AGM)
14. What is an Annual General Meeting (AGM)?
An AGM is a yearly meeting of a company’s shareholders where they discuss the company’s performance, approve financial statements, appoint auditors, and handle other important business. It’s a key event for shareholder engagement and corporate governance. For public companies, AGMs can be large events with significant shareholder participation.
15. When should an AGM be held?
An AGM must be held within 15 months from the date of the previous AGM or within 9 months from the closing of the financial year, whichever is earlier.
16. What happens if a Public Limited Company fails to hold its AGM?
Failure to hold an AGM can result in penalties and legal action against the company and its directors.
Benefits and Choosing a Service Provider
17. What are the benefits of Public Limited Company Annual Filings?
Timely annual filings help public limited companies:
Maintain a good reputation with the MCA and Stock Exchanges (if listed): Demonstrates transparency and accountability, building trust with stakeholders, including investors and the public.
Avoid penalties and legal consequences: Prevents financial losses and legal issues, saving the company money and time.
Demonstrate financial transparency: Builds trust with stakeholders, including potential investors, clients, and suppliers, making it easier to attract investment and business. This is especially important for public companies seeking funding.
Ensure smooth business operations: Keeps the company in good standing, allowing for uninterrupted business activities and avoiding potential disruptions.
18. Why choose a professional service for Public Limited Company annual filings?
By adhering to the above compliance requirements, Public Limited Company can operate smoothly, 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.
19. Can a professional service assist with other compliance services for Public Limited Companies?
Yes, all compliances can be done from one place, 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.
20. What is the penalty for non-compliance with annual filing requirements by Public Limited Companies?
Penalties can range from fines for late filing (₹100 per day per form) to legal action against the directors and the potential striking off of the company. For listed companies, non-compliance can also lead to penalties from stock exchanges and impact stock prices.
21. How does timely filing of annual returns benefit Public Limited Companies?
Timely filing benefits public limited companies by avoiding penalties, maintaining good standing with the MCA and stock exchanges, ensuring transparency, facilitating business operations, and fostering trust with stakeholders, including shareholders and the investing public.
Other generally asked questions related to Public Limited Company Annual Filing and Compliances:
- What is the Public Limited Company annual compliance checklist?
A checklist typically includes all the forms and requirements mentioned above, plus additional requirements for listed companies. Consult a professional for a comprehensive checklist tailored to your company’s specific situation.
- How much does Public Limited Company annual filing cost?
Costs vary depending on the compliances need to comply.
- What are the documents required for Public Limited Company annual filing?
Typically includes PAN, Aadhaar of directors, financial statements, auditor’s report, secretarial compliance report, etc. Consult a professional for a complete and up-to-date list.
- Can I file Public Limited Company annual returns online?
Yes, filings are done online through the MCA portal and often directly with stock exchanges for listed companies.
- What is the process for filing Public Limited Company annual returns?
Involves preparing the necessary documents, getting them audited, digitally signing them, and uploading them to the MCA portal and relevant stock exchanges.
- Is it mandatory to file annual returns for Public Limited Companies?
Yes, otherwise may lead to non-compliances which will attract penalties and fines.
Listing and SEBI Compliance
28. What are the additional compliance requirements for listed public limited companies?
Listed public limited companies have significantly more compliance requirements than unlisted public companies. These include:
SEBI Securities and Exchange Board of India filings: Regular disclosures to stock exchanges about financial performance, corporate governance, and other material events.
Compliance with listing regulations: Adherence to the listing agreement with the stock exchange, covering areas like continuous disclosure, corporate governance, and shareholder communication.
Maintaining a minimum public shareholding: Ensuring that a certain percentage of the company’s shares are held by the public.
Corporate Governance requirements: Adherence to corporate governance norms as prescribed by SEBI, including board composition, independent directors, and audit committees.
29. What are some common SEBI filings required by listed companies?
Common SEBI filings include:
Quarterly and annual financial results
Shareholding pattern disclosures
Corporate governance reports
Disclosures of material events e.g., acquisitions, mergers, new product launches
30. What happens if a listed company fails to comply with SEBI regulations?
Failure to comply with SEBI regulations can lead to penalties, including fines, suspension from trading, and even delisting.
Shareholder Relations and Disclosures
31. What are the requirements for shareholder communication in a public limited company?
Public limited companies have a responsibility to communicate regularly with their shareholders. This includes:
Disclosing financial information
Providing updates on company performance
Organizing shareholder meetings
Responding to shareholder queries
32. What are the rules regarding related party transactions in a public limited company?
Related party transactions transactions with directors, key management personnel, or their relatives are subject to strict scrutiny and require board approval and shareholder approval in certain cases. Disclosure requirements are also stringent.
33. How are dividends declared and paid out in a public limited company?
Dividends are declared by the board of directors and approved by the shareholders at the AGM. They are then paid out to shareholders as per the company’s dividend policy.
34. What is the role of independent directors in a public limited company?
Independent directors play a crucial role in ensuring good corporate governance. They provide objective oversight of the company’s management and protect the interests of minority shareholders.
35. What are the requirements for board meetings in a public limited company?
Public limited companies must hold regular board meetings to discuss important business matters. The frequency and procedures for board meetings are governed by the Companies Act.
36. What are the penalties for non-compliance with the Companies Act by a public limited company?
Penalties for non-compliance with the Companies Act can range from fines to imprisonment of directors, depending on the severity of the violation.
37. Where can I find the latest information on public limited company compliance requirements?
The most reliable sources are the MCA website, the SEBI website, and the websites of the respective stock exchanges where the company is listed.
- What are the differences between listed and unlisted public companies in terms of compliance?
Listed companies have significantly more compliance requirements due to SEBI regulations.
- How do I find out if a public company is listed on a stock exchange?
You can check the websites of the stock exchanges or the MCA website.
- What are the key corporate governance requirements for listed companies in India?
These include board composition, independent directors, audit committees, and related party transaction policies.
- What are the requirements for publishing financial results for a listed company?
Listed companies are required to publish quarterly and annual financial results within specified timelines.
- How can I access the annual report of a public limited company?
You can find it on the company’s website, the MCA website, or the websites of the stock exchanges.
- What are the different types of share capital that a public limited company can issue?
Equity shares, preference shares, etc.
- What is the process for raising capital by a public limited company?
This can involve issuing shares, debentures, or other securities.
- How can I attend the AGM of a public limited company?
Shareholders are entitled to attend AGMs. The company usually sends out notices and attendance slips.
- What are the rights of shareholders in a public limited company?
Rights to vote, receive dividends, inspect records, etc.
- Where can I find information about the corporate social responsibility CSR requirements for public limited companies?
The Companies Act and related rules govern CSR requirements.