Nidhi Company conducts an annual compliance to avoid legal ramifications for non-compliance, just like any other organisation. The Nidhi Rules 2014 and the Companies Act 2013 specify the necessary regulatory compliances that must be fulfilled after Nidhi Company Registration. By using Complynest to complete your annual Nidhi Company Compliances on schedule, you may avoid paying hefty fines.
With 7 persons in which 3 of them will be appointed as Director
can start a Nidhi Company
Easy registration process
Just 10-15 days needed to register
With Rs 5,00,000 as the minimum capital investment, the registration
process of Nidhi Company can be started. Additionally the company also offers
the chance to invest the capital within 60 days of time once after the
registration process is done.
The primary aim of Nidhi Company is to promote the habit of
savings among its partners. Thus, Nidhi Company can be considered as a long
term investment as its partners will not stop the habit of saving anytime.
As the Nidhi Company comes under the criteria of NBFC there is no
need for any approval from RBI. The rules of Nidhi Rules, 2014 are drafted for
such companies to govern their business activities and working operation.
The risk level involved in the process of Nidhi Company
registration is minimal as its nature of having deposit and giving loans to its
partners as per the Nidhi Rules 2014. It is a secured and trustworthy way of
providing loans to its members at a very less interest rate.
Necessary
compliances to be followed are:
Essential
compliances to be followed are:
|
COMPLIANCE |
DUE DATE |
|
AGM or Annual General Meeting |
30th
September of every year |
|
MGT-7 |
Within
2 months or 60 days of AGM |
|
AOC-4 |
Within
a month or 30 days of AGM |
|
NDH 1 |
Within
3 months or 90 days of the every Fiscal Year |
|
NDH 3 |
Every
6 months or Half Yearly |
|
Income Tax Return |
30th
September of every year |
The
annual compliance of the Nidhi Company is periodic and often these compliances
are filed annually thus they are required to be filed regularly after certain
intervals of time. The purpose of these annual compliances is to present a
clear picture of the company’s work status and Nidhi Company’s performance
during the particular time period. It is necessary for Nidhi Company to meet
all the compliance as mentioned in the Companies Act 2013 as well as in Nidhi
Rules 2014.
Filing
the form NDH-1 is mandatory for Nidhi Companies to submit the NDH-1 with the
given fees and it should be duly certified by the authorized chartered
accountant, company secretary or by the cost accountant. The company should
file the annual return within 3 months or 90 days that begin from the end
date of the first or second year once your registration is done.
Filing
the form NDH-2 is necessary to request for time extension if the following
compliances are not satisfied:
It
is also an essential annual return form which is filed by the Nidhi
Company and it is done half-yearly.
Every Nidhi company needs to ensure that the company will maintain accurate books of accounts.
According
to the Companies Act 2013 it is mandatory for Nidhi Company to keep up the
statutory registers. It is one of the essential compliances for a Nidhi Company
to file its annual returns.
Conducting
Board meeting with the Directors and Shareholders of the company Preparation of
Financial Reports or Statements Financial statements of the Nidhi Company which
includes Balance Sheet and Cash Flow Statement, Profit & Loss Account
statement, it is mandatory for a Nidhi company to prepare financial reports and
statements.
Nidhi
Company must file the annual income tax returns on or before 30th September of
the next financial year.
The
form AOC-4 consists of subtleties of the budget statement or reports of the
Nidhi Company. This form is maintained by other documents that are supported to
transfer along this form. Annual Return Filing (MGT-7-ROC Annual Return) Nidhi
Company is needed to file for an annual return to the MCA or Ministry of
Corporate Affairs (MCA) through Form MGT-7.
If
the company fails to comply with the needed documents on time can draw in
punishment and penalty for the Nidhi Bank Operators.
If
the Company fails to meet the compliance, the concerned officials will be fined
with a penalty of up to the extent of Rs 5000.
If
the violation proceeds, the further penalty will be Rs 500 systematically.
Consequently,
it is important to take compliance upkeep administrations from industry master
experts.
Nidhi
Company is a type of Non-Banking Financial Company and also known as NBFC. Like
any other company, Nidhi Company also needs to file annual compliance and it is
famously known as Nidhi Company Compliances.
Any
person who is over 18 years old as per the standard age verification can turn
into a member of the Nidhi Companies. The individual envious of turning into a
part should legalize ID Proof and Address Proof.
Nidhi
with the aim of developing the tendency for thrift and saving funds among its
members, it lends and accepts deposits from its members of the company. The
main aim of Nidhi Company is to carry on the subject of accepting deposits and
lending cash to its members.
The
Nidhi Company utilizes the assets in loaning to investors according to Nidhi
Rules. It loans such cash as little credit for business and funds.