Due Date for Annual Return

Due Date for Annual Return

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Due Date for Annual Return

All companies registered in India must file annual return each year, irrespective of business turnover or activity. Annual return must be filed in Form MGT-7 and Form AOC-4 is also filed along with the annual return. In this article, we look at the due date for annual return for a company.

FY2017 -18 Due Date for Filing MGT-7 and AOC-4 Extended

The Ministry of Corporate Affairs, in a statement dated the 29th of October 2018, has consented to favor the requests of the stakeholders by extending the due date of filing Financial Statements and Annual Returns in the applicable forms (details of which are provided below). The latest pronouncement allows the concerned assesses to complete these obligations by the 31st of December, 2018. The concerned notification for the due date extension is enclosed below:

Annual Return Due Date Extended

Filing Annual Return

A company’s annual return has to be filed with the MCA within 60 days from the date of Annual General Meeting. All companies are required to conduct an Annual General Meeting within 6 months of closing of financial year. Hence, the last date for conducting Annual General Meeting would be 30th September and the due date for filing annual return would be 29th November.

If a company cannot hold Annual General Meeting in any year, the annual return still has to be filed within 60 days from the date on which Annual General Meeting should have been held together with the statement specifying the reasons for not holding the Annual General Meeting. Hence, a company cannot excuse itself from filing annual return on the plea of the Annual General Meeting not having been held.

Statutory Fee for Filing Annual Return

Statutory fee for filing is based on the authorized capital of the Company as follows:

For submitting, filing, registering or recording any document Rs. by this Act required or authorised to be submitted, filed, registered or recorded Rs. 
In respect of a company having a nominal share capital of up to 200 Rs. 1,00,000  Rs.200
In respect of a company having a nominal share capital of 300 Rs. 1,00,000 or more but less than Rs.5,00,000.  Rs.300
In respect of a company having a nominal share capital of 400 Rs. 5,00,000 or more but less than Rs. 25,00,000 Rs.400
In respect of a company having a nominal share capital of 500 Rs.25,00,000 or more but less than Rs. 1 crore or more. Rs.500
In respect of a company having a nominal share capital of 600 Rs. 1 crore or more. Rs.600

Penalty for Late Filing Annual Return

In case a company files its annual return after 60 days of date of Annual General Meeting or after 29th November, a penalty would be applicable date of the event and date of filing. Further, the Ministry of Corporate Affairs has proposed to increase the penalty for late filing of annual return multi-fold as follows from the year 2018:

Number of Days Default Current Penalty Proposed Penalty
Up to 15 days Rs.400 Upto Rs.3,000
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
More than 180 days and up to 270 days  Rs.4800 Upto Rs.54,000
More than 270 days Rs.100 per day penalty Rs.200 per day penalty

Note: The above chart has been worked for a company with a capital of share capital of Rs.1,00,000. The new penalty proposed by the MCA from the year 2018 for late filing of annual return is Rs.100 per day per filing. Since, a company will have to file MGT-7 and AOC-4, the penalty for day of default would be Rs.200.

The MCA announcement about the upcoming changes to the penalty structure has been published on the website as under:

“It is proposed to amend shortly, the Companies (Registration Offices and Fees) Rules 2014 to levy additional fee @Rs.100 per day for filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013. Once notified, the additional fee @Rs.100 per day (beyond the normal date of filing) shall become payable in respect of 23AC,23ACA,23AC XBRL,23ACA XBRL,20B,21A, MGT-7, AoC-4,AoC-4 XBRL and AoC-4 CFS. Stakeholders are advised to take note and plan accordingly.”

Know more about the increase in penalty for late filing annual return.

AOC-4 Form

AOC-4 form is an MCA form used for filing financial statements. As per the usual norm, this form is submitted with the MCA for each financial year within thirty days of a company’s Annual General Meeting (AGM). It form must be certified by a practicing Chartered Accountant or Company Secretary. The documents to be attached with the form include Boards Report, Auditors Report, Statement of Subsidiaries, Supplementary or test audit report and a host of other documents. More details can be found on our article dedicated to this form.

AOC (CFS)

AOC -4 CFS form is used for filing consolidated financial statements and other documents with the Registrar of Companies. Such statements are to be made by all companies, including the unlisted ones, provided that it has one or more subsidiaries, joint ventures or associates.

Consolidated financial statements may normally comprise of a balance sheet, consolidated statement of profit and loss, notes, explanatory material, as well as a consolidated cash flow statement. These statements, at least the best part of it, must reflect the same format followed by the parent company.

 AOC-4 XBRL

As per the statements of the Companies (Filing of Documents and Forms in Extensible Business Reporting Language) Rules, 2015, the below-listed companies are mandated to file their financial statements and documents in accordance with Section 137 of the Act with the Registrar of companies in e-form AOC-4 XBRL.

  • Companies listed in any of the stock exchanges of India and their Indian subsidiaries.
  • Companies with a paid-capital of above Rs. 5 crores.
  • Companies with a turnover of more than one hundred crore rupees.
  • Companies which need to formulate their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015.

The companies covered under this provision are required to prepare their financial statements in accordance with the Companies (Accounting Standards) Rules, 2006 using the Taxonomy provided in Annexure-2. Companies preparing their financial statements under Companies (Indian Accounting Standards) Rules, 2015 may do so using the Taxonomy provided in Annexure-2 A.

These provisions are exempt for non-banking financial companies, housing finance companies and companies engaged in banking endeavors and the insurance sector.

Form MGT-7

The provisions of form MGT-7 (for annual return filing) extends to all companies in India. It must be filed by submitting the following documents:

  • List of shareholders and debenture holders. It is mandatory if the company owns a share capital.
  • Approval letter for extending Annual General Meeting if the event was extended.
  • Copy of MGT-8, which is to be submitted if the particular company is listed or has a paid-up share capital of ten crore rupees or more or turnover of fifty crore rupees or more.

The form must be duly signed by the Director of a small or One Person Company (OPC) using a class 2 digital signature or a company secretary in practice.

Filing Annual Return

IndiaFilings provides an easy and online process for Entrepreneurs to file their annual return and income tax return along with financial statement and board meeting documents preparation at just Rs.19899. Talk to an IndiaFilings Advisor to know more and file Annual Return for your company easily.

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