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COMPANY FRESH START SCHEME, 2020
It is a one-time relaxation provided to Companies which have defaulted in filing the statutory documents with the Registrar of Companies (ROC) within the required due dates. The Companies which opt for this scheme shall not be required to pay any additional fees (penalty) for failure to file such statutory documents within due date.
LLP SETTLEMENT SCHEME, 2020
It is a one-time relaxation provided to LLP’s which have defaulted in filing the statutory documents with the Registrar of Companies (ROC) within the required due dates. The LLP’s which opt for this scheme shall not be required to pay any additional fees (penalty) for failure to file such statutory documents within due date.
HIGHLIGHTS
Validity
These schemes will be effective from 01-April-2020 till 30-Sept-2020. After that, one shall file all the forms as usual with additional fees.
Benefits
Immunity from paying additional fees & Immunity from prosecution or proceedings to be imposed on account of delay of certain filings.
Applicability
Any defaulting Company/ LLP that has failed to fulfill any of the ROC compliances, can make use of this scheme to file belated documents without late fees.
ROC COMPLIANCES OF COMPANY
All companies incorporated in India are required to file the below every year with the Registrar of Companies (ROC)
- Audited Financial Statements
- Audit Report
- Board Report
- AGM Proceedings
- Annual Return
- KYC of Directors
- Active Status of the Company
For more details please read our latest article on complete set of compliances of Company.
ROC COMPLIANCES oF LLP
All LLP’s incorporated in India are required to file the below every year with the Registrar of Companies (ROC)
- Financial Statements
- Statement of Accounts & Solvency
- Annual Return
- KYC of Partners
For more details please read our latest article on complete set of compliances of LLP
FAILURE TO FOLLOW ROC COMPLIANCES
The Companies/ LLP’s which fail to follow above mentioned ROC Compliances will be liable for
- A penalty of Rs. 200 per day of default or Rs. 10,000 as the case may be
- Non-active status
- Strike off the Company/LLP
- Deactivation of Director Identification Number (DIN)
- Disqualification of directors
CONSEQUENCES OF DEFAULT
What if the Company/ LLP Defaulted?
The directors gets automatically disqualified in case of non-filing of statutory documents for a continuous period of three financial years. The Govt can even strike off the Company/ LLP.
What if the Director/ Partner Disqualified?
He is not eligible to be a director in his company or any other company. He has to leave from the position of directorship. The financial statements, agreements & documents signed by them are void.
What if the Director Continued after getting Disqualified?
He is liable for the fine of Rs. 1,00,000 to Rs. 5,00,000 (or) He is punishable with imprisonment for a term up to 1 year (or) Both.
oUR SUPPORT
Once regularization of pending compliances made under this schemes, the company/LLP is supposed to maintain active compliances in future.
The LPC Services provides you with the support of compliance management at a very reasonable prices. However, if the Company/ LLP has no intention to continue then it can file for strike-off the Company/ LLP.
We are always at your service. We can help you out in whatsoever manner you decide.
PRICE PACKAGES
LLP
(Limited Liability Partnership)-
Financial Statements
-
Statement of Solvency
-
Annual Return
-
DIR-3 (KYC) of Partners
Company
(OPC or Pvt Ltd Company)-
Financial Statements
-
Audit Report | Board Report
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Annual Return & Other ROC Forms
-
DIR-3 (KYC) of Directors
Additional Package
(Income Tax Compliances)-
Income Tax Return | FY 2018-19
-
TDS Return | FY 2018-19
-
Statement of Income (SOI)
-
Annual Registers as per Law
DOCUMENTS REQUIRED
- Digital Signature Certificate (DSC) of all Partners
- Bank Statements
- Available Accounts
- Key Changes in LLP
- Digital Signature Certificate (DSC) of all Directors
- Bank Statements
- Available Accounts
- Key Changes in Company
- Digital Signature Certificate (DSC) of all Directors
- Bank Statements
- Available Accounts
- Key Changes in Company