TAXAJ

Nidhi Company Compliances & Filings

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 few annual compliance and it is famously known as Nidhi Company Compliances. The legal compliances associated with Nidhi Company are prescribed in Nidhi Rules 2014 and the Companies Act 2013. Nidhi Company is the perfect type of company for those who want to start a business with minimum capital investment. As per the provisions of the Section 406(1) of the Companies Act, 2013, the Nidhi Company as 'A company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only for their mutual benefit.”

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About This Plan

A end to end hand holding for your annual requirements is what we have in this plan. TAXAJ will assist you in matters like drafting, appointing, filling and much more.

Created by potrace 1.15, written by Peter Selinger 2001-2017

Timeline

It Usually takes 5 to 7 working days.

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Services Covered
Who Should Buy
How It's Done
Documents Required
Services Covered

  • Accounts Management
  • Taxation Management
  • Secretarial services of preparing board resolution, post AGM
  • Yearly filing of MGT-7, AOC-4
  • Disclosure of Interest by director (Form MBP-1)
  • Assistance in appointment of Auditor, if required
Who Should Buy

  • Companies want to comply to the Annual Compliance as mandated my ROC/MCA
How It's Done
  • Purchase the plan
  • Share the documents/details as requested by us.
  • We shall prepare the documents as required & get signed by you.
  • Prepare the form as applicable & file it.
Documents Required
    1. Bank Statement of the Company along with mentioning nature & party to whom paid or received (If not already audited & needs to be audited by us)
    2. Shareholders & Shareholding Details of the company. (Including any transfer of shares, if any)
    3. Bank Account Number & IFSC of All Active Bank Accounts.
    4. Resignation Letter from Previous Auditor & Challan of Form ADT-3, if any
    5. DSC Tokens of the Directors.
    6. Email & Contact Number of the Company
    7. Copy of MoA, AoA, COI
    8. Copy of board resolution
    9. List of shareholders with holdings
    10. Details of board composition
    11. Last year's tax return
    12. Particulars of penalties or compounding offences (if applicable)

What are compliances to be done by a Nidhi Company in India ?

 Compliances Description Due Date Link
Commencement of Business (INC 20A)
For companies registered in India after November 2019, having a share capital, it is necessary to obtain a commencement if business certificate before commencing any business or exercising the borrowing powers.
In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default.
Within 180 days from Incorporation
File Now
Statutory  Auditor AppointmentIf the company fails to appoint an auditor, the company won't be allowed to commence business. Also, there is a penalty of Rs. 300 per month.Within 30 days from IncorporationFile Now
 KYC of Directors – Form DIR – 3 KYC and Web KYC of all Directors
All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There's a penalty of Rs. 5000 in case of failure to file DIN eKYC. 30th SeptemberFile Now
 Delay in Payment to MSME Vendor: Form MSME – 1
 Company has to file this return half yearly in respect of pending payments to MSME vendors as at end of half year. All outstanding dues of more than 45 days payable to Micro or Small Enterprises suppliers. Half yearly Return April to Sep – 30th October October to March – 30th April
 Return of Deposit: Form DPT-3
Return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits. Mandatory Auditor certificate : – if the Form is filed “return of Deposits” or “return of Deposits as well as Exempted Deposits. 30th June of Next YearFile Now
 Circulation of Financial Statement & other relevant Documents
 Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting..
 21 Clear Days before the AGM
 Directors’ Report
Preparation of the Directors report will be done with all the information required under Section 134. 21 Clear Days before the AGMFile Now
 Notice of AGM Include following agenda where shareholders’ approval are required; appointment of Auditors, (if term expires) Directors (if appointed during the year/ Rotation of Director). ETC as and when required event based. MD and WTD require to be re-appointed after expiry of every five years by the Shareholders. 30th September of Next YearFile Now
 Appointment/Resignation/Change in Designation – Form DIR-12 of Director
 If there is change in designation of Director at the AGM or Appointment or Resignation of Director.  Regularization of Additional Director If company wants to appoint additional director as director, then it shall regularize the person as director in General Meeting by passing Shareholder Resolution. File form DIR-12 for Change in Designation of Director along with ordinary resolution within 30 days of AGM.
 Within 30 Days of MeetingFile Now
 Maintenance of Statutory Registers.
 Company will maintain the following mandatory Registers: Register of Director, Registers of Director Shareholding, Registers of Members Registers of Transfer Registers of Related Party transaction etc. Other register as per companies act, 2013
 Every QuarterFile Now
NDH-1 Return of Statutory Compliance
Details relating to members, deposits loans, reserves for the financial years
Within ninety days from the closure of the first financial years & where applicable form the second Financial Years.
NDH – 2 Application to Regional Director and Intimation to Registrar
Application relating to the extension of timeline for not meeting requirements of members and deposits as required post-incorporation.Within thirty days from the closure of the financial year
NDH-3 Application for Half Yearly returnDetails relating to members, deposits, loans, for the said duration. It entails details such as total members admitted in the half-year, overall members who ceased to be members as on date
Within thirty days from the closure of each half year
NDH-4For filing application for declaration as Nidhi Company and updating of status
For New Nidhi Company

Within the duration of sixty days post expiration of one year

From the date of incorporation


For Existing Nidhi Company

Within a timeline of one year from its incorporation date or within the duration of 6 months from the date of commencement of Nidhi Rules 2019, whichever is later

NDH-5 Format of advertisement to be given while closing branchA Nidhi shall not close any branch unless it— (a) publishes an advertisement in a newspaper in vernacular language in the place where it carries on business at Least Thirty Days prior to such closure, informing the public about such closure;

 (b) fixes a copy of such advertisement or a notice informing such closure of the branch on the notice board of Nidhi for a period of At Least Thirty Days from the date on which advertisement was published under clause (a); and (c) gives an intimation to the Registrar Within Thirty Days of such closure.

Income Tax ReturnIncome tax returns need to be filed on or before 30th September 2021 for the Financial year 2020-21. 31st OctoberFile Now
MCA Form AOC-4The registered private limited companies must file MCA Form AOC-4 on or before 30th November 2021 for the FY2020-21. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay. or within 30 days from the annual general meeting for the FY29th October or within 30 days from the annual general meeting for the FYFile Now
MCA Form MGT-7It is necessary to file MCA form MGT-7 on or before 31st December 2021 for FY2020-21. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. 30th November or within 60 days from the annual general meeting for the FYFile Now
Hold Annual General MeetingFor a private limited company, it is mandatory to hold an annual general meeting once a year. Companies are required to keep their AGM within six months from closing the Financial year. 6 Months from End of Financial YearFile Now

What are the restrictions for giving loan in case of Nidhi Company?

Deposit Made (Rs)Loan Granted (Rs) In Lakhs
Less than 2 crores 2
 Higher than 2 crores but lower than 20 crores 7.5
Higher than 20 crores lower than 50 crores 12
50 crores or more 15

A Nidhi company that has failed to ensure profitability in the three preceding financial year shall not disburse any new loans surpassing 50 per cent of the max. amount of loans cited above. A member cannot have access to any loans in case of previous defaulting history relating to loan repayment. The loans can be disbursed only against the given security 

  • Gold (including gold jewellery)
  • Silver (including silver jewellery)
  • Property
  • Fixed Deposit
  • Insurance Policy

Checklist for Compliances for Nidhi Company

There is an important checklist for Nidhi Company compliances which each Nidhi Company must fulfil with the time. The Checklist For Annual Compliance:

  • Form NDH 1
  • Form NDH 2
  • Form NDH 3
  • Form NDH 4
  • Form NDH 5
  • Declaration of Nidhi by the Central Government
  • Form ADT 1
  • Preservation of Book of Accounts
  • Protection of the Statutory Register
  • Financial statements
  • Director’s report
  • Statutory Meetings
  • Filing of Annual Income tax returns 
  • Form AOC 4
  • Form MGT 7

The Checklist For Event-Based Compliance:

  • Change of name of the company
  • Alteration in the address of the Registered Office
  • Appointment or resignation of any Director
  • Appointment or resignation of any Auditor
  • Changes in objectives of Company (MOA)
  • Transfer of shares
  • Alteration in capital structure
  • Increase in authorised capital
  • Appointment of KMP (Key Managerial Personnel)

Penalties for Non-Compliance

When the Nidhi Company fails to comply with the required compliances as mentioned under the Companies Act or the Nidhi Company Rules, then it is made liable for:

  • Rs. 5000, with other officers in case of non-payment or default 
  • And then for Rs. 50 per day till the default continues.