What Are The Reporting And Compliance Requirements For A Section 8 Company?

Reporting and Compliance Requirements for Section 8 Companies in India

1. Annual General Meeting (AGM): Section 8 Companies must hold an AGM within six months of the financial year's end to discuss and approve financial matters.

2. Annual Financial Statements: Section 8 Companies must present annual financial statements, including the balance sheet, income statement, and cash flow statement, at the AGM, adhering to accounting standards.

3. Income Tax Return (ITR): Section 8 Companies, even if tax-exempt, must submit their income tax return (ITR) to the Income Tax Department, complete with audited financial statements and required documents.

4. Audit Requirements: Section 8 Companies must have their financial statements audited by a qualified auditor, with the auditor's report presented at the AGM.

5. Form FC-4 (Foreign Contributions): Section 8 Companies receiving foreign contributions must file Form FC-4 under the FCRA, reporting foreign contributions and their utilization.

6. Form MGT-7 (Annual Return): Section 8 Companies must submit Form MGT-7 to the Registrar of Companies (ROC) within 60 days after the AGM, providing details about their activities, finances, and governance.

7. Form AOC-4 (Financial Statements): Within 30 days from the date of the AGM, Section 8 Companies must file Form AOC-4 with the ROC, providing the financial statements and related documents.

8. Form IEPF-1 (Investor Education and Protection Fund): If applicable, Section 8 Companies must transfer unclaimed dividends or other amounts to the Investor Education and Protection Fund and file Form IEPF-1 with the ROC.

9. Changes in Management or Objectives: Any changes in the management or alterations to the company's Memorandum of Association (MOA) and Articles of Association (AOA) must be reported to the ROC and relevant authorities.

10. Maintaining Books and Records: Section 8 Companies must maintain proper accounting records, minutes of meetings, and other statutory records at the registered office, available for inspection by members and authorities.

11. Compliance with Tax Laws: Section 8 Companies must comply with tax laws, including Goods and Services Tax (GST) and other indirect tax obligations, if applicable.

12. Compliance with Foreign Contribution Regulations: If a Section 8 Company receives foreign contributions, it must adhere to regulations and reporting requirements under the FCRA.