{"id":117,"date":"2019-11-08T16:22:34","date_gmt":"2019-11-08T10:52:34","guid":{"rendered":"http:\/\/filingpoint.com\/blogs\/?p=117"},"modified":"2020-08-26T08:13:33","modified_gmt":"2020-08-26T02:43:33","slug":"top-10-tips-to-avoid-a-penalty","status":"publish","type":"post","link":"https:\/\/filingpoint.com\/consultants\/top-10-tips-to-avoid-a-penalty\/","title":{"rendered":"TOP 10 TIPS TO AVOID A PENALTY"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" width=\"560\" height=\"315\" src=\"https:\/\/filingpoint.com\/blogs\/wp-content\/uploads\/2019\/11\/Avoid-ROC-Filing-Penalties.png\" alt=\"\" class=\"wp-image-122\" srcset=\"https:\/\/filingpoint.com\/consultants\/wp-content\/uploads\/2019\/11\/Avoid-ROC-Filing-Penalties.png 560w, https:\/\/filingpoint.com\/consultants\/wp-content\/uploads\/2019\/11\/Avoid-ROC-Filing-Penalties-300x169.png 300w\" sizes=\"(max-width: 560px) 100vw, 560px\" \/><\/figure><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Failing\nto adhere to ROC Compliance is bad enough, but the fines, penalties and Challenges\ncan make your financial burden substantially worse. This can make it tough for\nthe business owners to manage and run their business smoothly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">REASONS\nFOR NONCOMPLIANCE<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">POOR INTENT- The organization may not be serious about <a href=\"https:\/\/filingpoint.com\/roc-fee-calculator\/\">Annual Return Filing<\/a> or any ROC filing. This can result in ROC Noncompliance<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CASH\nFLOW CHALLENGES- The Company or LLP may not able to pay taxes on time due to\ncash flow challenges<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">INSUFFICIENT\nEXPERTISE- The business owners may be ignorant about all the rules and\nregulations that they need to follow as per ROC. But Ignorance of law is no\nexcuse. It is advisable to engage ROC filing services from professionals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PROCESS\nFAILURE- Sometimes there can be errors in the information submitted to ROC.\nThere can be errors in ROC forms uploaded too. This is also considered as\nnon-compliance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">LEVELS\nOF NON COMPLIANCE<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Noncompliance\nis dealt with severely by ROC. The following are various levels of actions\ntaken for Non-compliance<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">FINES\u2014It\nis the first step of non-compliance where fines are levied. This is an\nunnecessary cost that can be easily avoided through on time tax payments and ROC\nFiling in Chennai<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PENALTIES\nOR SCRUTINY\u2014It is the next level of action by ROC. Here the company has to bear\nthe additional cost of fine and penalties, spend precious business hours for\nscrutiny by the department. OFFENCE- It is the further level of action taken by\nROC. Here the offensive organization has to bear additional cost, spend precious\nbusiness hours on scrutiny and the status of the company goes to dormant status.\nIt is a serious offence if the company is yet to resolve the issue<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">STRIKE\nOFF- This is the last stage wherein ROC directs the organization to pay all\nfines or penalties. Precious business hours are wasted on scrutiny by the\ndepartment. Your company will be struck off from the register of companies and\nthe authorized persons may have to face imprisonment too. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ROC\nNON COMPLIANCE AND THEIR CONSEQUECES<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE -Failure to carry out Annual Return filing<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES- Delay up to\n330 days of AGM, Maximum up to 12 times of normal fees. &#8212;If AGM is above 330 days,\nthen 12 times of normal fees plus Fine not be less than Rs. 50,000\/- but which\nmay extend to Rs.5,00,000<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE- Failure to carry out Annual Return Filing \u2013 Directors<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES- If AGM is\nabove 330 days, then Imprisonment for 6 month , Fine not be less than Rs.\n50,000\/- but which may extend to Rs. 5,00,000 or both<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE- Failure in Filing of Financial Statements <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES -Delay up to\n330 days of AGM, Maximum up to 12 times of normal fees. If AGM delay above 330\ndays, then 12 times of normal fees plus Fine not be less than Rs. 1,000\/- but\nwhich may extend to Rs. 10,00,000 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE- Failure in Filing of Financial Statements- Directors<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES- More than\n330 days of AGM, Imprisonment for 6 month , Fine not be less than Rs.\n1,00,000\/- but which may extend to Rs. 5,00,000 or both <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE- Failure in Maintenance of Statutory Registers and Records<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\nis a must for organizations registered with ROC to maintain 1. Register of\nDirectors and KMP\u2019s and their Shareholding 2. Register of Members &nbsp;3. Register of Charges &nbsp;4. Register of Loans, Guarantee, Security and\nAcquisition &nbsp;5. Register of Investments &nbsp;6. Register of Contracts &nbsp;7. Board Meeting Minutes and Annual General\nMeeting<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES- Penalty may\nbe varies from Rs. 1,000 to Rs. 5,00,000 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">NON\nCOMPLIANCE- Failure in Event-Based Filings<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Event-Based\nFilings&nbsp; are 1. Change in Authorized or\nPaid-up Share Capital of the Company. 2. Transfer of shares 3. Appointment \/ Change\nof Directors. 4. Appointment or Change of Auditors. 5. Loans are given to other\nCompanies. 6. Loans to Directors (only if the company complies with Section\n185) 7. Opening or closing of bank accounts or change in authorized signatories.\n8. Creation or satisfaction of Charges. It is a must for organizations\nregistered with ROC to do event based filings<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CONSEQUECES- Penalty may\nbe varies from Rs. 1,000 to Rs. 5,00,000 <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">TOP\n10 TIPS TO AVOID PENALTY<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Following\nare the 10 Tips to avoid Penalty or fines<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>ON\nTIME PAYMENTS- It is important to pay your taxes on time within due date to\navoid penalties, fines or interest. It is the first step of compliance<\/li><li>ON\nTIME REPORTING- ROC expects proper reporting of business activities and their financial\nstatements within due dates. It is necessary to report all financial activities\nof the business periodically through relevant ROC filings<\/li><li>RIGHT\nCOMPLIANCE &#8211; Follow the practice of on time tax payments, on time reporting or\nfiling of returns and adhere to relevant guidelines of ROC. This ensures you to\nbe in the good books of ROC.<\/li><li>CALENDER\nOF ACTIVITIES- Prepare a calendar of activities every month to keep track of\ndue dates for various payments, reporting or filing. Your could engage\nprofessional services of ROC filing for private limited companies or&nbsp; ROC Filing in Chennai&nbsp; to keep you updated about due dates and\npayments <\/li><li>CHECKLISTS\n\u2013 Prepare a checklist periodically to crosscheck whether you have complied all\nthe payment due dates and reportings to ROC. This ensures better control over\nthe affairs to be reported to ROC. Professionals like Auditors in Chennai or\nCompany Secretaries can help with ROC Filing in Chennai&nbsp; <\/li><li>SPECIALIST\nAUDITS- To be ahead you could engage professional ROC filing services to\nconduct specialist audits and verification of your books of accounts to ensure\nyou are on the right path. <\/li><li>ENGAGE\nPROFESSIONALS- It is always advisable to engage professional like Chartered\nAccountants in Chennai or Company Secretaries to handle all the activities\nrelated to ROC.<\/li><li>OUTSOURCE\nYOUR BACK END TASK- We understand entrepreneurs need to concentrate on core\nbusiness activities rather than worry about back end tasks of accounting,tax\nand compliance. Outsource all your back end task to professionals who are\ncompetent.<\/li><li>BE\nHONEST AND PAY RIGHT TAX- Keep your accounts clean and pay your taxes right.\nThis goes a long way in making you honest tax payer and be in good books of ROC<\/li><li>CASH\nFLOW MANAGEMENT- It is important to have good cash flow management to meet all\nyour tax obligations and compliances. This is the most important action to be\ntaken by every organization.<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">We understand you still have queries and need\nclarifications on ROC compliance.&nbsp; <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filing Point is top business registration specialists in Chennai. We are one stop solution business services provider. In case you are looking for <a href=\"https:\/\/filingpoint.com\/ROC-filing.php\">ROC filing services<\/a> in Chennai, Filing Point can help you with your requirements. We are always happy to answer your queries anytime. Get in touch with us today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Failing to adhere to ROC Compliance is bad enough, but the fines, penalties and Challenges can make your financial burden substantially worse. This can make it tough for the business owners to manage and run their business smoothly. REASONS FOR NONCOMPLIANCE POOR INTENT- The organization may not be serious about &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"TOP 10 TIPS TO AVOID A PENALTY\" class=\"read-more button\" href=\"https:\/\/filingpoint.com\/consultants\/top-10-tips-to-avoid-a-penalty\/#more-117\" aria-label=\"Read more about TOP 10 TIPS TO AVOID A PENALTY\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3124],"tags":[],"class_list":["post-117","post","type-post","status-publish","format-standard","hentry","category-registration-services","infinite-scroll-item"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TOP 10 TIPS TO AVOID A PENALTY - Best Company Registration | Tax Filing Services in Chennai, India<\/title>\n<meta name=\"description\" content=\"Call Filing Point 72999-72500. the Best Company Registration, GST, and ROC Filing Consultants. 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