The financial statements of a company must be filed with the Ministry of Corporate Affairs every year. The MCA form for filing financial statements is AOC-4. Hence, Form AOC-4 is submitted with the MCA for each Financial Year within 30 days of a company’s annual general meeting. Along with AOC-4 form, the documents such as Board’s report, Auditors’ report, Statement of subsidiaries in Form AOC-1, details of CSR policy etc. are filed. AOC-4 must be certified by a practising Chartered Accountant or Company Secretary. In this article, we look at the procedure for filing AOC-4 in detail.
Documents to Be Filed in AOC-4
Financial Statements of a company includes Balance Sheet, Profit and Loss Account, Cash Flow statement (if applicable), statement of change in equity (if applicable) and any explanatory notes annexed to the financial statements. Financial statements along with Board Report must be filed for all companies registered in India (Private Limited Company, One Person Company, Limited Company, Section 8 Company, etc.,) to provide the Shareholders, Government, Stakeholders and the Public a broad financial picture of the affairs of the company during a financial year.
The following is the complete list of documents that must be filed with AOC-4:
- Copy of financial statements duly authenticated as per section 134 (including Board’s report, auditors’ report and other documents)
- Statement of subsidiaries as per section 129 – Form AOC-1
- Statement of the fact and reasons for not adopting Financial statements in the annual general meeting (AGM)
- Statement of the fact and reasons for not holding the AGM
- Approval letter of extension of financial year or AGM
- Supplementary or test audit report under section 143
- Company CSR policy as per sub-section (4) of section 135
- Details of other entity(s)
- Details of salient features and justification for entering into contracts/Arrangements/transactions with related parties as per Sub-section (1) of section 188 – Form AOC-2
- Details of comments of CAG of India
- Secretarial Audit Report
- Directors’ report as per sub-section (3) of section 134
- Details of remaining CSR activities
- Optional attachment(s), if any.
Filing of Form AOC-4
Financial Statements of a company are required to be filed with the Registrar along with Form AOC-4 every year for each Financial Year. All the attachments including financial statements uploaded with Form AOC-4 must be signed as per the requirement of the Companies Act 2013. SD copies are not acceptable in case of AOC-4, hand signed copies are only accepted.
In case of the companies covered under XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements must be uploaded on MCA portal in XBRL format. The following class of companies are required file their financial statements and other documents in e-Form AOC-4 XBRL on or after 1st April 2014:
- All companies listed with any Stock Exchange(s) in India & their Indian subsidiaries
- All companies having paid up capital of rupees five crore or above
- All companies having turnover of rupees hundred crore or above
- All companies which were hitherto covered under the companies (Filing of Documents & Forms in Extensible Business Reporting Language) Rules, 2011
Due Date for Filing AOC-4
All companies registered in India are required under the Companies Act, 2013 to file a copy of financial statements, including all the documents which are required to be or attached, duly adopted at the annual general meeting of the company, within thirty days of conducting an Annual General Meeting. Since, One Person Company does not have an Annual General Meeting, One Person Company must file a copy of the financial statements duly adopted by its member, within 180 of closure of the financial year.
If the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached, duly signed along with the statement of facts and reasons for not holding the annual general meeting should be filed with the Registrar within 30 days of the last date before which the annual general meeting should have been held.
Due Date for 2019
For the financial year ending 31-03-2019, the due date for filing e-forms of AOC-4, AOC (CFS), AOC-4 XBRL has been extended till 31st December 2019. The respective notification can be accessed here:AOC-4_Extension of due date
Due Date for 2019 – Applicable only to UT of J&K and Ladakh
Considering the requests from various sections belong to the newly formed Union territories of Jammu & Kashmir and Ladakh, the due date for filing financial statements of the company (without penalty) has been further extended to 31st March 2020 for the financial year ended 31st March 2019 due to the disturbances in internet services. This is applicable to e-forms of AOC-4, AOC-4 (CFS) AOC-4 XBRL and e-form MGT-7. The notification can be accessed here:Extension-of-due-date
Government Fee for Filing AOC-4
The Government fee for submitting Form AOC-4 on or before the due date is as follows:
|Company’s Nominal Share Capital||Government Fee|
|Upto Rs.1 lakh||Rs.200|
|Rs. 1 lakh to Rs. 5 lakhs||Rs.300|
|Rs. 5 lakhs to Rs. 25 lakhs||Rs.400|
|Rs. 25 lakhs to Rs. 1 crore||Rs.500|
|Rs. 1 crore and more||Rs.600|
For companies not having nominal share capital, the government fee for filing Form AOC-4 is Rs.200.
Penalty for Late Filing AOC-4
If a company fails to file AOC-4 along with a copy of the financial statements before the due date, the company will be punishable with fine of one thousand rupees for every day during which the failure continues up to a maximum amount of Rs.10 lakhs. Further, the Managing Director, Directors and the Chief Financial Officer of the company, could be punished with imprisonment for a term which may extend to six months or with fine which will not be less than Rs.1 and upto Rs.5 lakhs.
In addition to the above penalty, the Government fee for filing AOC-4 would also be increased as follows:
|Number of Days Delayed||Penalty Amount for Late Filing|
|Up to 30 days||2 times of normal filing fees|
|More than 30 days and up to 60 days||4 times of normal filing fees|
|More than 60 days and up to 90 days||6 times of normal filing fees|
|More than 90 days and up to 180 days||10 times of normal filing fees|
|More than 180 days and up to 270 days||12 times of normal filing fees|
In case you need to file annual return for your company, talk to an IndiaFilings Advisor