Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice
Message: Cannot modify header information - headers already sent by (output started at /home2/franchi4/public_html/legal/system/core/Exceptions.php:271)
This article lays out the importance of filing an annual return for the company, its contents, the process and the last date of filing the annual return.
The Companies Rules, 2014, requires all the companies to make and file an annual return at the close of each financial year.
The non-filing of the annual return by a company can lead to stringent penalty and fines. Thus, it is crucial for the entrepreneurs to be aware of the responsibilities and file the annual return on time at the end of every financial year.
This article briefs on the various aspects of the filing of annual return of company in India.
The contents of the Annual Return of Company
Following are the information which are contained in the Annual Return of a Company:
The address of the registered office of the company
Key business activities of the company
Associate or subsidiary companies (if any)
Debentures, shares and other securities
Pattern of shareholding
Details of the loans (if any)
Directors, promoters and key managerial persons of the company
Remuneration of all the Directors of the company
If there is any penalty imposed on any of the Directors of the company
If there are any disclosures which are pertinent
Process of signing of annual return of Company
The annual return of a private limited company and one person company can be filed and signed by any of the Directors of the Company or the Company Secretary.
In case, the company has a paid-up capital of Rs. 10 crores or more, and if the turnover is Rs. 50 crore or even more than that; the annual return has to be certified by the practising Company Secretary.
Moreover, the practising Company Secretary is supposed to verify the annual return which should reveal all facts correctly and adequately.
Last date of filing annual return of company
The last date of filing the annual return of the company is within 60 days from the time when the annual general meeting has been held for that financial year. As per the rules, the annual general meeting is held within 9 months of the closing of the accounts of the particular company.
Also Read: What is the penalty for late filing of annual return of company
Filing of zero or nil annual return
In case a company is not functioning, and there are no transactions at all, the annual return would have to be filed even in that case. There is a provision for the company to apply for a dormant status in order to reduce the compliance burden.
Penalty levied for not filing annual return of company
The penalty which is levied for not filing the returns of a company is usually very hefty. If a company fails to file the annual returns, then a fine of Rs. 50,000 is levied; however, it may also go up to INR 5 lakhs.
Also, every officer will be penalized with a fine of Rs. 50,000 that may go up to INR 5 lakhs; moreover, there is provision for imprisonment as well.