Due dates and corporate compliance calendar for financial year 2022-23

With the last few days of March, we are approaching the closure of the financial year 2021-22. This means there are a bunch of things that every business must prepare for and a set of compliances that one needs to adhere in the next fiscal year, 2022-23.

If you are a startup of a private limited company, some important dates and compliance guidelines are:

Statutory Compliance checklist for the financial year 2022- 23

Board Meetings: A company must hold at least four board meetings in a financial year with a maximum gap of 120 days. The due dates for the Board Meetings are

Disclosure of Interest to be taken from all the directors and the same to be taken on record in the first Board meeting of the financial year.

Every director must give his/ her Disclosure of interest to the company in form MBP-1 as prescribed under the Companies Act, 2013. This is a disclosure by the directors of his interest in other entities.

  • Due date- at the First Board Meeting- April- June- 2022

Disclosure of Non- Disqualification by Directors: Every Director of the Company to submit the annual disclosure of non-disqualification in form DIR-8. It is declaration that Director was not disqualified to act as Director during the previous year.

  • Due Date- First Board Meeting- April- June- 2022

Audited Financial statements for the financial year ended on 31/03/2022 to be prepared and approved in the Board Meeting.

  • Due date- 30th September, 2022

Holding Annual General Meeting – All companies to hold its AGM once in a year, within six months of the closure of the Accounting year.

  • Due date- 30th September, 2022

Audited Financial Statements– To be filed online with MCA Portal, within 30 days from the date of AGM.

  • Due Date – 29th October, 2022

Annual Return –to be filed online with MCA Portal, within 60 days from the date of AGM.

  • Due date- 28th November, 2022

Report from Practicing Company Secretary – A Private Company having- paid up share capital of Rs. 10 Crore or more or turnover of Rs. 50 crore or more shall obtain a certificate in form MGT-7 from a Company Secretary.

  • Due date- 28th November, 2022

Form MSME-I MSME Return (Half yearly) to be filed by Companies in respect of all outstanding dues of more than 45 days of Micro or Small Enterprises suppliers.

  • Due dates
  • Half Yearly return- April, 2022 to September, 2022 – by 31st October, 2022
  • Half Yearly- October 2022 to March, 2023- by 30th April, 2023

Form DPT-3 – Information about deposits or outstanding loan or money other than deposits.

  • Due date- 30th June, 2022

KYC of Directors– A web base annual updation of KYC of directors to be done on MCA Portal. For the first year, form DIR-3 KYC is to be filed. Verification to be done online via OPTs received on the Mobile and on Email of the director.

  • Due date- 30th September, 2022

Form CSR-2– To be filed by the Companies covered under the CSR parameters.

  • Due date- 31st March, 2023

Maintenance of Statutory Registers/ Documents– Companies to maintain Statutory Registers -. Viz. Register of Members, Register of Directors/KMP, Register of Loan, Contract and Arrangement, Register of Related Party Transactions. etc.

Minute books for the Board meetings, and of the shareholders meetings, forms filed with ROC, Financial Statements and Annual Reports- need to be maintained and updated regularly.

Apart from the above statutory compliances, a company must review the below activities on close of the year-

  • Vendor’s contract- Review all the annual contract with Vendors and check if renewal to be done before the year end.
  • Employee/ consultants- Review all annual arrangements/ agreements with your employee, consultants. Please check if any updation, renewal due payment to be made.
  • Insurance Premium renewal- In case your company has taken any D & O or Keyman Insurance Policy, pls. check the date for annual Insurance Premium.
  • Review of employee and contractor information- Review your employee records, update any change in their contact number, address and other records.
  • Third party/ creditor’s pay outs- Please pay all your creditors as per the terms before closure of the accounting year, so that they do not reflect in your balance sheet.
  • Debtor collection- Try to follow up and get collection from your debtors, so as to reduce debtors balance in your balance sheet.

Yearly compliances are a must and not to miss events. One must be very careful for the compliances to safeguard the company from heavy penalty, late fee or legal consequences.

(The writer is Partner, AKG Advisory LLP)

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