Increase in Penalty for Not Filing Annual Return

The Companies (Registration Offices and Fees) Second Amendment Rules, 2018 was notified by the Ministry of Corporate Affairs on 7th May, 2018. This rule is a very important rule for all professionals and Entrepreneurs who are Directors of a company. By implementing this rule, there will be a very significant increase in penalty for not filing annual return from 1st July 2018. Hence, any person who is a shareholder or Director in a private limited company must take steps to immediately file any overdue compliance to prevent heavy penalty which would become due from 1st July 2018.