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Public Limited Compliances (XBRL)
All about Compliance of Public Limited Company (XBRL)
Compliance is to be done in adherence to the laws, regulations,
guidelines as stated by the Companies Act, 2013. The Registrar of Companies,
i.e. ROC is the sector of the Ministry of Corporate Affairs that handles the
compliance of every company that falls under its jurisdiction. Balance sheet
& Profit & Loss account is required to be prepared at the end of
financial year is mandatory to get his accounts to be audited by CA.
XBRL is a standardized
communication language in electronic form to express report or
file financial statements by Companies. XBRL is only a method of
presentation or reporting class of companies shall file their financial
statements and other documents under section 137 of the Companies Act, 2013.
All public companies listed in a stock exchange in India and their
Indian subsidiaries.
All companies with a turnover of Rs 100 crores or more
All companies with a paid up capital of Rs 5 crores or more
All companies which are required to prepare their financial statements
in accordance with Companies (Indian Accounting Standards) Rules, 2015
(other than banking companies, insurance companies, power companies and NBFCs)
In addition to
MCA annual return, companies must also file income tax return irrespective of income,
profit or loss.
Auditor’s Appointment
Within 30 days of incorporation of the company, it needs to appoint an
auditor (a chartered accountant) for auditing the financial documents and
statements.
Meetings of Board
Atleast 4 meetings or 2 Meetings (in case of small company) of the board
of directors to be conducted quarterly in an every financial year.
Holding of Annual
General Meeting
Annual General Meeting of a newly incorporated company should be held
within 18 months from the date of registration or 9 months from the date of
closing of the financial year, whichever is earlier. Thereafter Annual
General Meeting should be held within 6 months from the end of that financial
year.