First-Year Compliance Checklist for a Private Company
Publishing Date: 7 November, 2026
In year one, a new private limited company must hold its first board meeting within 30 days, appoint an auditor, file INC-20A within 180 days, keep accounts, file income tax and, where registered, GST returns, then hold an AGM and file annual ROC returns.
Missing early deadlines can create penalties that grow every day. Use this checklist from the date on your certificate of incorporation.
Company law timeline
| Task | When |
|---|---|
| First board meeting | Within 30 days of incorporation |
| First auditor | Within 30 days, by the board |
| Share certificates | Within 60 days of incorporation |
| INC-20A | Within 180 days of incorporation |
| First AGM | Within 9 months of the close of the first financial year |
| AOC-4 | Within 30 days of the AGM |
| MGT-7 or MGT-7A | Within 60 days of the AGM |
Tax and registrations
- Accounts: keep books from day one and deposit capital in the company's bank account.
- TDS: deduct on rent, professional fees and salaries where required. See TDS basics.
- GST: register if you cross the limit or fall into a compulsory category. See GST registration limits.
- Income tax return: a company must file even if it has no income.
The first financial year
A company incorporated on or after 1 January can extend its first financial year to 31 March of the following year. That can mean up to 15 months and one less year of filing, so check the date before you incorporate late in the year.
Registers to set up
- Register of members.
- Register of directors and key managerial personnel.
- Minutes of board and general meetings.
Annual filing is covered in our AOC-4 and MGT-7 guide, and the ROC late fee calculator shows what a delay costs.
Frequently Asked Questions
Q1. Does a company with no business still need to file?
Yes. Annual ROC filings and the income tax return are required even with no activity.
Q2. What is the penalty for missing INC-20A?
The company faces a penalty and each officer in default can also be penalised. The ROC can also start action to remove the company.
Q3. Is an audit needed in the first year?
Yes. Every company needs its accounts audited, whatever its turnover.
Q4. When is the first AGM due?
Within 9 months from the close of the first financial year.
Related guides
Mukul Tomar writes Vaidam Consultancy’s guides on company registration, GST, income tax and ROC compliance. An experienced blog writer on Indian tax and business law, his articles have also been published on TaxGuru. He turns complex rules into clear, practical steps that business owners can act on.
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