What are the 6 basic financial statements?

They are: (1) balance sheets; (2) income statements; (3) cash flow statements; and (4) statements of shareholders’ equity. Balance sheets show what a company owns and what it owes at a fixed point in time.

What should be included in an annual report?

What Is Included in an Annual Report?

Chairman’s Letter.
Business Profile.
Management Discussion and Analysis.
Financial Statements.
Determine the Key Message.
Finalize Structure and Content.
Use Compelling Design.
Plan in Advance.

Who needs annual report?

1. Shareholders and Potential Investors. Shareholders and potential investors use annual reports to get a better understanding of the current position of the company in order to make investing decisions. The annual report helps potential investors decide whether or not to purchase stock.

What is the difference between annual report and financial statement?

An annual report is like a result card of a student issued at the end of the year when he has taken all examinations. But for an annual report, these financial statements are mere numbers that reflect the financial health and the profit or loss accruing to the company.

What is the difference between an annual report and a 10 K report?

The 10-K is generally more detailed than the annual report but lacks photos and graphics. The annual report is a user-friendly publication, while the 10-K is intended for investors and analysts. The 10-K can be found on the SEC website, while the annual report should be readily available on the company’s website.

What is semi annual report?

Semiannual is an adjective that describes something that is paid, reported, published, or otherwise takes place twice each year, typically once every six months. The school district will also publish a semiannual report on its finances, once in February and once in November.

Does every company have to write an annual report?

Both for-profit and not-for-profit organizations produce annual reports. Annual reports have been a Securities and Exchange Commission (SEC) requirement for businesses owned by the public since 1934. Companies meet this requirement in many ways.

What happens if you don’t file annual report?

After a certain amount of time past the due date, if the report still isn’t filed, the jurisdiction will revoke your company’s good standing or put it into a forfeited status. Most states require the past due annual report as well as an additional certificate of reinstatement and more fees.

How much does it cost to produce an annual report?

If you do need to file an annual report for your LLC or corporation, you can normally do so online, through your state’s website. In addition to filing your annual report, you will also need to pay a fee — These fees do vary from state to state and could range between $50 and $400.

Are annual reports mandatory?

Reporting companies must send annual reports to their shareholders when they hold annual meetings to elect directors. Under the proxy rules, reporting companies are required to post their proxy materials, including their annual reports, on their company websites.

What states do not require an annual report?

Not every state requires annual reports. For example, Arizona doesn’t mandate them for either LLCs or corporations. In Idaho, both LLCs and corporations need to file them every year, while in Pennsylvania, LLCs and corporations need to file them every ten years.

Which companies are required to file annual return?

All companies (private limited company, one person company, limited company, section 8 company, etc) are required to file an annual return with the MCA every year. In addition to filing MCA annual return, companies would also be required to file income tax return.

Why do companies file annual returns?

Advantages of filing Annual Returns Helps to keep the company or entity’s name on the register at CAC. Failure to file annual returns is a signal that the company may not be in operation. As such it could be de-listed from the register.

How do companies do annual returns?

Select the year of last return, which is the year when you last filed annual returns. Save the details and continue. Download the Annual Return Form, fill it and have it stamped by the Company Secretary. Upload the duly filled and stamped Annual Return Form for the year that you intend to file annual returns for.

What does annual return mean?

The annual return is the return that an investment provides over a period of time, expressed as a time-weighted annual percentage. The rate of annual return is measured against the initial amount of the investment and represents a geometric mean rather than a simple arithmetic mean.

What is the penalty for late submission of annual return?

Penalty for Late Filing Annual Return

Number of Days Default	Current Penalty	Proposed Penalty
More than 15 days and up to 30 days	Rs.800	Upto Rs.6,000
More than 30 days and up to 60 days	Rs.1600	Upto Rs.12,000
More than 60 days and up to 90 days	Rs.2400	Upto Rs.18,000
More than 90 days and up to 180 days	Rs.4000	Upto Rs.36,000

Who Must File Gstr-9 annual return?

All the regular taxpayer registered under GST and having an annual turnover of more than Rs. 2 crore should file GSTR-9 or GST Annual Return. The only category of GST registered entities not required to file GSTR-9 filing are input service distributors, casual taxable persons and non-resident taxable persons.

What is difference between fine and penalty?

Fine is “a sum of money exacted as a penalty by a court of law or other authority.” Penalty is “a punishment imposed for breaking a law, rule, or contract.”

Is Gstr-9 mandatory for all?

As per the Legal provision of Section 44(1) of CGST Act, every registered person shall be required to file GSTR-9.

What is the penalty for non filing of Gstr 9?

Quick comparison of GSTR-9 & GSTR-9C

Points of comparison	GSTR-9 Annual Return
Late fees & penalty	Late fees of Rs 200 per day of delay subject to a maximum cap of an amount at 0.25% of total turnover in respective State/UT
Filing of the return	On GST portal or through facilitation centre