To file for ROC helps in keeping the track of the company, its whereabouts and the finances. The government keeps the record of the company and its existence on the basis of regular filings. Each and every company is required to file on regular basis or else it will be considered fake. A company needs to show up on regular basis and show it’s working by filing ROC. At TaxUdyog, we help you keep a track of your ROC Filings and make sure that you don’t miss any date of doing so. It is an extremely important step to show the legitimacy of your company.
The term penalty means punishment for doing something that is against the law. The company can be protected against a penalty by filing ROC regularly as the company that fails to file the annual filling may be charged with the penalties. legal complications may also arise if the company is not appropriately complying with the annual filings. We at TaxUdyog, encourage the timely submission of what is required from the company so any legal suit can be prevented. It is not in the best interest of either company or owner to get into legal fights in the initial years of its business.
When a company file for annual returns, it consists of the total accounts of the company for an entire year. It contains all the business activities of the company and helps to determine the financial position of the company. A lot of information like assets, profits and losses, etc can be seen by the annual returns. One of the advantages of ROC Filing is to determine the financial position of a company. It also helps in verifying the legitimacy of the company.
Updated annual filings come in handy in case the company wants to raise funds, want to contribute or apply for any other registrations for any other venture. To check the reliability and validity of the company, updated annual filings are very important. Before that, Form MGT-7 must be filed within 60 days after the annual general meeting and Form AOC-4 is to be filed by a private limited company in 30 days with the statement of profit and loss account, balance sheet and the Director report.