The most important Compliance for a Nidhi Company is that a Nidhi Company should file ITR Return in a Form NDH-1 within a time span of 90 days from the end of its first financial year after the Nidhi Company is incorporated. If the ITR Return is not filed within the time period then an application to the regional director is given with a fee for the extension of time.
The main purpose of the Annual Compliances is to give a clear image of the company’s work position and performance during a certain time. Under the Companies Act 2013 and Nidhi Rules 2014, a Nidhi Company needs to meet all the compliances. To avoid penalties under the law for non-compliance, a Nidhi Company Annual Compliance is done annually.
Annual Compliances of Nidhi Company helps in forming a correct perception of the Company’s working specimen and performance. It is mandatory for all Nidhi Company to have an Auditor Certificate which certifies that the company has complied with the Companies Nidhi Rules 2014 and if not complied with those rules should declare the same. The Auditor Certificate will be annexed to the Auditor report of the company.