The Penalty for non-filing Annual Return 2018
| Days of delay | Penalty(Current)in Rs. | Penalty(Proposed)in Rs. |
|---|---|---|
| More than 30 days and up to 60 days | 1600 | up to 12000 |
| More than 60 days and up to 90 days | 2400 | up to 18000 |
| More than 90 days and up to 180 days | 4000 | up to 36000 |
| More than 180 days and up to 270 days | 4800 | up to 54000 |
What happens if ROC is not filed?
If the company fails to file the ROC Filing, the company as well as the directors are liable to the penalties and the consequences for non-filing. In case if there is further failure in filing the annual return, then a fine of Rs. 100 per day which is subject to maximum of Rs. 5,00,000 as penalty.
Who has to file ROC?
Annual Return of Company (Form MGT-7) Every company needs to file an Annual Return to the ROC under section 92 of the companies act, 2013, within 60 days of the AGM’s conclusion. Filing of MGT-7 is mandatory under law, and it is a statement summarising the company’s key information.
When do you need to file an initial return for an S corporation?
For example, if you formed your corporation and immediately elected S Corporation status in July 2011 but the company sat idle until April of the following year, you could file an initial tax return that includes the first 18 months. Your fiscal year would run from April 1 through March 31.
When do C corporations have to file their taxes?
The tax return filing deadline doesn’t fall on the same day for all C corporations. Form 1120 is due on the 15th day of the third month immediately following the close of the tax year. For many corporations that use the calendar year for their financial records, with December 31 marking the end of the tax year, Form 1120 is due on March 15.
When do corporations with no transactions need to file taxes?
When there are no transactions to report, filling out Form 1120 merely requires the repetitive entering of zeros for many of the line items and filling in the corporation’s identifying information, such as its name and employer identification number. The tax return filing deadline doesn’t fall on the same day for all C corporations.
What happens when a S corporation fails to file?
When your S corporation fails to file, the IRS generally assumes you forgot to file. It does not assume you had zero income. A corporation becomes an S corporation by filing Fom 2553 to intentionally elect S corporation status.