In a recent notification notified on 29.12.2021, the Ministry of Corporate Affairs has allowed the extension of time for the submission of various e-forms as a result of multiple requests received by various stakeholders which include financial statements and annual returns through circular no.17/2021 for the year 2021.
As per the notification, the concerned stakeholders will be now able to file and submit forms such as AOC -4, AOC-4 (CFS), AOC- 4 XBRL, AOC – 4 (Non-XBRL ), to the MCA portal till15.02.2022 and for MGT – 7, MGT- 7A till date 28.02.2022, without payment of any additional/late fee or penalty. This notification has relieved a lot of business entities and other stakeholders who were unable to submit them before their due dates i.e. for AOC (Accounts of Companies) forms it is 29th Oct of each year and for annual returns, it is 31st Dec of each year.
What are AOC & AOC (XBRL) Forms Required for?
Under the provisions of the Companies Act 2013, every company registered either under Companies Act 2013 or 1956, shall compulsorily be required to file its financial statements including any consolidated financial statements (wherever applicable), which have been duly adopted at the Annual general meeting of the company to the Registrar of the Companies within 30 days of the completion of the company AGM through the e-form AOC-4 and AOC-4, in case of certain companies.
Following companies must file their financial statements in the XBRL format in accordance with Rule 3 of Companies (Filing of Documents and Filing of Forms in Extensible Business Reporting Language) Rules, 2015-
- Companies listed on Stock exchanges and their subsidiary companies;
- Companies having a paid-up capital of Rs. Five crores or above;
- Companies holding a total turnover of Rs. Hundred crores or above, and
- Companies covered under the Companies (Filing of Documents and Filing of Forms in Extensible Business Reporting Language) Rules, 2011
However, companies covered under the banking, insurance, power sector, non-banking financial companies, and housing finance sector are exempted from the requirement from filing their financial statements in XBRL format and need to file AOC-4.
What are Forms MGT-7 & MGT-7A Required For?
Under the provisions of the Companies Act 2013, it is necessary for every company to file a copy of annual returns to the concerned Registrar of Companies on the MCA portal through the e-form MGT-7 and MGT-7A (Annual return for small companies), within a period of 60 days from the period of 60 days from the date of holding the AGM of the company.
Where the AGM is not held within the prescribed period, a copy of the annual return must be filed specifying reasons for the inability of the company to hold the general meeting.
This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.
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