We've registered a company at ROC in 2005. But, due to some reasons we didn't do any transactions in that company and doesn't file any IT/ROC/Sales Tax returns as on date. The company was still active in ROC. And recently the auditor of the company also expired due to in-healthy.
Now, shall we go thru another auditor and file IT/ROC as on position. Request your good comments on this.
19 July 2024
Yes, if your company is registered and still active with the ROC (Registrar of Companies), it is advisable to take the following steps:
1. **Appoint a New Auditor**: Since your previous auditor has passed away, you should appoint a new auditor for the company. The auditor plays a crucial role in auditing the financial statements and ensuring compliance with various regulatory requirements.
2. **File Pending Returns**: It's important to bring all statutory filings up to date. This includes filing income tax returns with the Income Tax Department and annual returns with the ROC. Depending on your company's activities and turnover, you may also need to file GST returns if applicable.
3. **ROC Compliance**: As per the Companies Act, every company must file annual returns and financial statements with the ROC. These documents provide a snapshot of the company's financial health and compliance status. Ensure all previous years' returns are filed to avoid penalties and maintain compliance.
4. **GST Registration and Compliance**: If your company is liable for GST registration (based on turnover thresholds), ensure you register under GST and file all necessary returns.
5. **Regular Compliance Going Forward**: Once you have brought all filings up to date, ensure you maintain regular compliance going forward. This includes annual filings, tax returns, and any other regulatory requirements applicable to your business.
6. **Legal and Financial Advice**: Consider consulting with a legal advisor or a chartered accountant who specializes in corporate compliance. They can guide you through the specific requirements and help ensure you remain compliant with all laws and regulations.
By taking these steps, you can rectify the past non-compliance issues and ensure your company operates smoothly within the legal framework. It's important to act promptly to avoid any further penalties or legal consequences.
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