Section 8 Company is a company registered under Companies Act, 2013 incorporated with the objective of promotion of commerce, art, science, sports, education, research, social welfare, religion, charity, and/or protection of the environment. It is also referred to as a Non-Profit Company. Now, every company is required to fulfill certain monthly, quarterly & yearly compliances.
To make sure that your S. 8 company has a good legal standing in the eyes of the governmental authorities you are required to follow the compliances provided under the Companies Act, 2013. Following are some of the annual compliances:
• Income tax returns.
• Annual General Meeting.
• Compulsory Annual Audit.
• Annual Filing of Forms.
| CREDIBILITY & TRANSPARENCY | Proper compliance is the obligation of every company. This regular compliance helps the company in raising its credibility. In government tenders, loans, etc., the authority or banks, etc. consider the regular compliance as criteria for ensuring the credibility & transparency of an organization. |
| ACTIVE STATUS | As stated earlier, regular default in annual compliances results in striking down of name of the company by the registrar. So, annual compliance helps in marinating active status. |
| CLIENT ASSURANCE | Regular annual compliance results in assuring the clients that the company is regularly reviewing its operation. So, they can trust the company regarding their operations. |
| CORRECTNESS OF DATA | Annual compliance by the companies ensures that the data collected for annual compliance is correct. |
| AVOIDING PENALTIES | Many times small businesses end up with heavy penalties as they do not comply with annual compliances. So, regular annual compliances result in avoiding heavy penalties. |
1. The Identification proofs of the directors
2. The Pan cards of the directors
3. Memorandum of association
4. Articles of Association
5. An estimate for future annual income and expenses for the next 3 years.
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