Company closure does not end with the strike-off order or dissolution certificate. These 6 post-closure obligations are legally mandatory and failure to complete them can result in personal liability for directors and partners:
File Final Tax Returns: Submit the final ITR for the period up to the date of dissolution. For companies, file ITR-6 and for LLPs file ITR-5 covering income from April 1 to the closure date. The due date remains the standard filing deadline for that assessment year.
Settle All Outstanding Debts: Clear all pending liabilities including statutory dues (GST, TDS, PF, ESI), employee settlements (gratuity, leave encashment), vendor payments, and loan obligations. Obtain NOCs from all secured creditors before applying for final dissolution.
Close All Bank Accounts: After receiving the strike-off order or dissolution certificate, close all current accounts, fixed deposits, and demat accounts held in the entity's name. Banks require a certified copy of the final order and a board resolution (or dissolution deed for partnerships) authorizing closure.
Cancel All Registrations: Surrender GST registration (file REG-16), cancel PF and ESI registrations, deactivate PAN/TAN with the Income Tax department, cancel MSME/Udyam registration, and surrender any trade licences, FSSAI, or industry-specific licences held by the entity.
Retain Books for 8 Years: Under Section 128(5) of the Companies Act and Rule 17 of LLP Rules, books of account and financial records must be preserved for at least 8 years from the date of dissolution. For winding up under IBC, the liquidator must retain records for 8 years from the dissolution order. These records may be required during tax assessments or legal disputes.
Notify All Stakeholders: Inform all clients, vendors, employees, banks, insurance companies, and regulatory authorities about the closure. Issue formal closure notices to all parties with outstanding contracts, transfer or terminate ongoing agreements, and update registrations on government portals (GeM, CPPP, IREPS) if the entity held any vendor registrations.
