Annual Compliance For Section 8
All the benefits of a Section 8 company, such as the ability to raise funds in the form of donations and contributions come easily with disciplined compliance.
A Section 8 company is a form of NGO registered under the Companies Act, 2013. According to which all Section 8 companies must adhere to the compliance levied by Registrar of Companies (RoC) and Income tax authorities. . Failure to fulfil their compliance requirements results in paying heavy penalties (up to Rs. 1 lakh a year) and chances are such organizations and their directors’ may even get blacklisted for a period of time.
APPOINT AUDITOR WITHIN 30 DAYS:
A Section 8 company is required to appoint the First Auditor within 30 days from the date of its incorporation to take care of all financial filings of the company annually.
CONDUCT MEETING FOR THE BOARD OF DIRECTORS WITHIN 30 DAYS:
The first meeting of the Board of Directors must be conducted within 30 days from the date of incorporation. Thereafter, the Board of Directors shall hold at least one meeting within every six calendar months.
ANNUAL GENERAL MEETING:
A Section 8 company must hold its first Annual General Meeting (AGM) within nine months from the close of the first financial year of the company.
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