ROC COMPLIANCE CALENDAR FOR THE FY 2021-22 (FOR COMPANIES AND LIMITED LIABILITY PARTNERSHIPS)
Sr No.	E - FORM/ FORM NAME	PURPOSE OF THE E- FORM		DUE DATE	APPLICABILITY
1	Form MBP-1 (Disclosure of Interest by Directors)	Every Director of the Company in First Meeting of the Board of Director in each Financial Year will disclose his interest in other entities.		First Board meeting of the financial year	Every Director of every Company is required to submit with the Company fresh MBP-1 whenever there is a change in his interest from the earlier given MBP-1.
2	Form DIR- 8 (Intimation by Director of the disqualification & Directorship)	Every Director of the Company in First Meeting of the Board of Director in each Financial Year will intimate about his qualification or disqualification and the intimation of Companies in which he was Director in last 3 years.		First Board meeting of the financial year	Every director of every Company whenever there is a change in qualification or disqualification and change in interest
3	eForm MSME -1 (Disclosure of details of outstanding payments due to MSMEs)	Every Company having outstanding payments dues to micro and small enterprises and in case the payment of the same is pending beyond 45 days, then the Company has to furnish details to ROC within 30 days of the end of the half financial year.		30April 2021 (For the period October 2020 to March 2021) & 31 October 2021 (For the period April 2021 to September 2021)	Every specified Company
4	eForm PAS-6 (Return of Reconciliation of Share Capital Audit)	Every unlisted public company shall furnish the details of the share capital to the ROC within 60days of the end		30 May 2021 (For the period Oct 2020 to March 2021) & 29 November 2021 (For the period April 2021 to Sept 2021)	Every unlisted public companies
5	eForm 11 (Reporting of Annual Return of LLP)	Every LLP shall file its annual return to the ROC within 60days of the end of the financial year		30 May 2021 (For the F.Y 2020-21)	Every Limited Liability Partnership (LLP)
6	eForm DPT-3	All Companies having any outstanding loan/amount as on 31st March of every financial year has to furnish details and bifurcation of such outstanding amount irrespective of the fact whether such amount is falling under the definition of deposit or not to the ROC within 90 days from the end of the financial year.		30 June 2021 (For FY 2020-21)	All types of Companies other than a Government Company
7	eForm CFSS-2020 (Company Fresh Settlement Scheme)	All the companies which have filed any e-forms under CFSS scheme; such companies shall file CFSS form to the ROC within 6 months from the end of the scheme.		30 June 2021	All types of companies who wish to seek immunity under CFSS
8	eForm DIR-3 KYC / DIR-3 KYC web Updation of KYC details of DIN Holders	Every individual who holds DIN on 31st March 2021 eForm DIR-3 KYC - The person who has not previously filed Form DIR-3 KYC or individuals who have already filed Form DIR-3 KYC & wish to update their personal mobile no. & e-mail Id shall re-file the said form for updating the said details. DIR-3 KYC web - for verification of details by the DIN holder who has submitted Form DIR -3 KYC in the previous financial year provided no update is required in his/her details.		30 September 2021 (For the F.Y 2021-22)	Every person having DIN (including persons having deactivated DIN or disqualified DIN)
9	eForm 8 (Reporting of Financial statement of LLP)	Every LLP shall file its statement of accounts and balance sheets to the ROC before the due date. This form should be filed annually.		30 October 2021 (For the F.Y 2020-21)	Every Limited Liability Partnership (LLP)
10	eForm MGT-14 (Filing of resolutions)	The details of resolutions passed regarding approval of Director’s report and Annual Accounts should be filed.		Within 30 days of the board meeting in which financials were approved	All Public companies or Deemed Public Companies
11	eForm AOC-4/ eForm AOC-4 XBRL (Filing of financial statements)	Every Company is required to file its Balance Sheet along with a statement of Profit and Loss Account, Director’s Report to the ROC within 30 days of holding of Annual General Meeting.		*29 October 2021 (For the F.Y 2020-21) *Provided the AGM due dates are not extended & due date of AGM being 30 September 2021.	Every Company
12	eForm AOC-4 CFS (Filing of consolidated financial statements)	Every Company who has a Subsidiary, Joint Venture or Associate Company shall get its accounts consolidated and is required to file such consolidated financials with the ROC within 30 days of holding of Annual General Meeting.			Every Company who has a Subsidiary, Joint Venture or Associate Company
13	eForm MGT-7 (Filing of Annual Return)	Every company other than Small Companies and One Person Company shall file its annual return to the ROC within 60 days of the Annual General Meeting.		*28 November 2021 (For the F.Y 2020-21) *Provided the AGM due dates are not extended & due date of AGM being 30 September 2021	All companies except (Small Companies and One Person Company)
14	eForm MGT-7A (Filing of Abridged Annual Return)	Every Small Company and One Person Company shall file its annual return to the ROC within 60 days of Annual General Meeting.			Every Small Company and One Person Company

 

Sr No.	COMPLIANCE	SECTION NO./ SECRETARIAL STANDADRS	PARTICULARS
1	Conducting of GM + GM Minutes	101 & SS-2	Notice of Annual General Meeting will be prepared and sent to following: • All Directors, Members, Statutory Auditor
2	Board Meetings + Minutes	173 & SS-1	Every Company shall hold a minimum number of FOUR meetings of its Board of Directors every year in such a manner that maximum gap between two meetings should not be more than 120 (One hundred twenty) days. Company should hold at least 1 (one) Board Meeting every quarter of calendar year.
3	Maintenance of Registers	88	Company will maintain the following mandatory Registers:                                                                           Registers of members, Register of directors, Register of Share Transfers, Register of loans and investments, Register of contracts and arrangements with related parties, Register of significant beneficial owner, Register of Debentureholders, Register of deposits, Register of renewed share certificates, Register of attendance of meetings, Register of charges

 

BASICS OF START-UP REGISTRATION

 

o   What is a startup?

 

A startup is a company in the first stage of its operations, often being financed by its entrepreneurial founders during the initial starting period.

 

o   What is Startup India initiative?

 

Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design.

 

o   Who can be recognized as a startup under Department of Promotion of Industry and Internal Trade (DPIIT)?

 

Eligibility Criteria for Startup Recognition:

 

a.      The Startup should be incorporated as a private limited company or registered as a partnership firm or a limited liability partnership.

b.     Turnover should be less than INR 100 Crores in any of the previous financial years.

c.      An entity shall be considered as a startup up to 10 years from the date of its incorporation.

d.     The Startup should be working towards innovation/ improvement of existing products, services and processes and should have the potential to generate employment/ create wealth.

Note: An entity formed by splitting up or reconsutrction of an existing business shall not be considered a "Startup".

 

o   What are the benefits provided under startup scheme?

 

The benefits provided to recognized startups under the Startup India initiative are:

 

1. Self-Certification: Self-certify and comply under 3 Environmental & 6 Labour Laws.

 

2. Tax Exemption: Income Tax exemption for a period of 3 consecutive years and exemption on capital and investments above Fair Market Value.

 

3. Easy Winding of Company: In 90 days under Insolvency & Bankruptcy Code, 2016.

 

4. Startup Patent Application & IPR Protection: Fast track patent application with up to 80% rebate in filling patents.

 

5. Easier Public Procurement Norms: Exemption from requirement of earnest money deposit, prior turnover and experience requirements in government tenders.

 

6. SIDBI Fund of Funds: Funds for investment into startups through Alternate Investment Funds.

 

o   What are the tax benefits for recognized startups?

 

There are various tax benefits to the entities registered as startup which fulfil the conditions as mentioned in various sections of the Income Tax Act, 1961. We would go through the section wise analysis of the same as under:

Section 80-IAC:

 

1. 100% deduction of profits and gains derived from eligible business (eligible business means business as defined in Point 1(c). of Definition above), for 3 consecutive years, these deduction shall be allowed at the option of the assessee can be claimed for any 3 consecutive years out of 7 years from date of incorporation of eligible start up.

 

2. It should not be set up by splitting up, reconstruction of business already in existence.

 

3. Plant and Machinery used in the startup shall be new (Max. 20% of Value of Plant and Machinery can be old). However if the Plant and Machinery was used outside India by any person other than assessee and following conditions are fulfilled than it would be treated as New Machinery:

 

a. Such Machinery or plant was never before installation used by assessee in India.

 

b. Plant or machinery was imported to India.

 

c. No deduction on account of Depreciation in respect of plant of Machinery is allowed or allowable under Income Tax law of any person for a period prior to date of installation of plant and Machinery by the assessee.

 

4. For the Purpose of Deduction under section 80-IAC, partnership firm is not recognized, so even the startup Partnership firms recognized by DIPP cannot claim exemption under section 80-IAC.

 

5. In order to claim deduction under 80-IAC, company or LLP should fulfill the below mentioned conditions:

 

a. Incorporated after 1st April, 2016 but before 1st April, 2021.

 

b. Turnover does not exceed 25 crores in the year of which deduction is claimed.

 

c. Registered as start up with Inter Ministerial board of Certification (i.e. DPIIT).

 

6. Accounts are to be audited by a Chartered Accountant in order to claim the Deduction.

 

7. For the year of Deduction, Previous year and subsequent years it would be treated that it is the only source of Income of the asssessee.

 

8. Company or LLP fulfilling the above conditions shall make an application to Inter Ministerial Board in Form 1, and after calling for the documents and making the inquiry the Board may grant a certificate, which is required to claim Deduction.

 

Section 56 (2) (viib):

 

If a company issues shares, and the issue is at the price above face value, then in such case the difference between the issue price and fair market value of the shares shall be treated to be the income of the company. However, this provision is not applicable to Notified entities

 

In order to escape this provision following conditions need to be fulfilled:

 

1. A startup company shall be a company registered with DIPP.

 

2. Total of paid up share capital and Share Premium after issue or proposed issue shall not exceed Rs. 25 crores.

 

3. For the calculation of Rs. 25 crores, shares issued to non – resident or venture capital company or venture capital fund shall not be included. Further, shares issued to listed companies whose more than 10% shares of the total share capital are traded during the previous 12 calendar months, shall also not be considered for above limit of Rs. 25 crores.

 

4. It should not invest in any of the following assets (for the period of 7 years from the end of the latest F.Y. in which the shares are issued at premium):

 

a. Building or land, being a residential house (except when used for renting or stock -in-trade or in ordinary course of business)

 

b. Land or Building other than residential house (except occupied by start up, used for renting purpose, or as a stock-in-trade or in ordinary course of business)

 

c. Loans and advances (except when loans as advances extended in ordinary course of business, where money lending is substantial part of business).

 

d. Capital contribution to any other entity.

 

e. Shares and securities.

 

f. a motor vehicle, yacht, or any other mode of transport, the actual cost of which exceeds ten lakh rupees (except when held by startup for plying, hiring, leasing or as a stock in trade).

 

g. Jewellery (except when held as stock in trade)

 

h. Archaeological collection, drawings, painting, sculptures, any other work of art, bullion.

 

5. On fulfilling all the above mentioned conditions, company shall file a duly signed declaration in form 2 to DIPP.

 

6. In case the company invests in assets which are not permitted as stated above, exemption given shall be revoked.

 

7. However, if company fails to comply with any of the conditions on a later it shall be deemed that company had under reported the income to the extent of consideration over fair Market value and tax should be payable further penalty is leviable at the rate of 200% of the amount of tax payable on under reported Income.

     Disclaimer

It is intended to provide helpful information and legal guidance with respect to the subject matter. The entire contents have been prepared based on the relevant conditions existing at the time of preparation of article. The information cited on this article has been verified to the best of the author’s abilities and every effort has been made to keep the information error-free. Suggestions or feedback to improve the contents of the article are welcomed. The contents and information contained in the article is merely for educational and informational purposes and does not constitute a professional advice or a legal opinion. The contents of the article have been prepared based on the personal views of the author and may vary according to one’s interpretation of law. The author assumes no responsibility for the consequences of the use of such information. In no event the author shall be liable to anyone for the damage resulting from, arising out of or in connection with the use of such content or information.