ROC full form
Contents
ROC full form or Registrar of Companies manages the direction and administers the working of various companies registered under the Companies Act,1956, and the Companies Act, 2013. The ROC has an obligation to ensure that the companies are properly enrolled and the records & data entered are precise and accurate. The ROC maintains the registry of records, identifies the company enlisted with them, and make the data available for any individual in exchange for the endorsed charge.
Keep reading on ROC address and contact details
According to the Companies Act, some compliances need to be filed by every private organization registered under the Companies Act. These compliances are done by the ROC in full form. Annual compliances are filed by the ROC in full form and these include annual return draft, revelation by Directors, and refreshing the Statutory Register. All comes under ROC full form compliances.
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This has to be precise and there is no need for any slack. And in case of slack, punishments and legal cases are bound to happen.
Private organizations have to file annual compliance. As the name suggests, it is done every year and according to the rules of the Companies Act. These are mandatory and general & monetary in nature. These are done by companies to avoid fines. And for this reason, companies have to be exact while preparing such compliances. Legitimate council and monetary accounting are suggested.
The company’s balance (form 23AC) sheet has to be submitted to ROC in the full form within 30 days of AGM (Annual General Meeting). In case, the AGM is not scheduled, the company has to e-document the duplicate of the Balance sheet/Profit and Loss account (form 23AC) with the ROC full form within 30 days from the most recent day at the latest which the meeting ought to have been held.
The annual returns of the company must be filed within 60 days of AGM (form 20B) or if the AGM (form 21A) is not held, then the returns have to be documented within 60 days of the AGM ought to have held.
All those companies, that have their paid-up share capital between Rs.10 lakhs to Rs. 50 crore, is required to file a compliance certificate under form 66 with the given provisions
Keep reading on the compliances of Private company
The very first step for every company is to maintain the book of accounts properly. This is a necessary step, not only for legal reasons but for business reasons as well. The Companies Act 2013 has made it mandatory for every business holder to maintain books of accounts.
This would be beneficial for business as this would be informative to the director of the company to know whether the business is making profits or incurring losses. TDS return filing, GST return filing, benefit assessment form, all include the act of maintaining books of accounts.
Including the books of accounts, every company has to prepare the financial statements of the firm. The financial statements indicate the financial position of the firm, performance, and changes in the financial position of an assessee and incorporate balance sheet, benefit, and misfortune account and different statements and illustrative notes forming part thereof.
Every company has to appoint its first auditor within the first month of its operations. This service is taken by a Chartered Accountant, or a firm of Chartered Accountants thereof can be an auditor to the firm. This auditor has to be an autonomous body and should not have any predisposition towards the firm.
The auditor’s duties are valid till the AGM of the company, after that the firm could select the same auditor again or can supplant the auditor.
The audit is a vital part of the administration of the company. The auditor would audit the account and present the details of the audit of the company to the individuals. The auditor of the company has to let the company know whether the account is a genuine and reasonable representation of the firm or not.
The AGM or Annual General Meeting is among the owners of the company i.e. the shareholders. AGM has to be conducted every year without exception. And according to the Companies Act, no company is absolved from this act, apart from one person company. In this meeting, the audited financial statements of the Company with the Auditor’s Report and Director’s Report are put before the individuals from the Company.
After this viewing, the shareholders launch the annual report of the company after due thought.
Must read on annual compliance of OPC (one person company)
After the Annual General Meeting is conducted, the company has to file an annual report to the ROC in full form. The annual report that is filed in the format given by the Ministry of Corporate Affairs is called the annual filing of the company. This return has to be filed within 60 days of the Annual General Meeting of the company.
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