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Company Annual Filing Importance

Annual Filing Importance

Opening up and running a company is not easy at all. You have to keep several things in mind before, while and after setting up a company. You have to obtain many documents, permits and go through several registrations. Then, there are several taxes and other filings. Most important of all is to keep a record of all these events. All the certificates and acknowledgments slips are to be kept carefully. They act as solid evidence and help you file certain documents. The whole procedure, in short, is one of the most difficult tasks. All these documentations are carried out under The Companies Act. Under the same act, you are required to go through company annual filing. It includes the filing of certain documents with The Registrar of Companies. These documents include the balance sheet, profit and loss account, annual return and compliance certificate. These documents are filed by filing some forms. These forms can be filed online also. This sounds too much of work, doesn't it? So, the common question would be, 'is it really necessary?'.
Well, yes. Company Annual filing is a must. This filing ensures that you are keeping records of all the important happenings of your company properly. All the documents that come under this filing can be filed successfully only when the track of events are properly recorded on a regular basis. This helps you to run your company smoothly and point out any possible loopholes or mistakes.Detailed guidelines of annual filing are available on the web portal of MCA or The Ministry of Corporate Affairs.
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Company Annual Filing Importance is:

  1. It is an absolute must and you will face a lot of problems from the MCA if you don’t.
  2. The Annual Return of a company provides a detailed insight into the health and profitability of a company.
  3. It is a way to keep the workings of the company transparent.
  4. The Annual Return of a company is one of the factors used to decide whether the company will receive additional or any funding at all.
  5. It helps the decide the market price of the shares of the company if listed on a stock exchange.
  6. When the company is going in losses it helps to figure out what the next best action should be and the direction the company the should be heading in.
Detailed guidelines of annual filing are available on the web portal of MCA or The Ministry of Corporate Affairs-legalraasta
Detailed guidelines of annual filing are available on the web portal of MCA or The Ministry of Corporate Affairs.
You will even need a DIN and DSC i.e. Director Identification Number and Digital Signature Certificate to complete the company annual filing. This is a must and if not taken seriously, it can create some serious issues for you. It ranges from a fine to a victim of a bad image which will ultimately cost you, your investors and customers. It is very important to file all the documents on time and in order. Guidelines should be read properly. Legal advice is very much suggested. You need to verify all the documents and then only can you expect a successful annual filing. It sounds like a lot of work, but it is important and will end up benefiting you at the end. We, at LegalRaasta, can help you with the company annual filing as quickly and easily as possible. Take the initiative and become responsible!
This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST Software, GST Return Filing, GST Registration, Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online.

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