Introduction on Annual Filing
The process of annual filing for companies is a critical aspect of compliance with regulatory requirements. Two essential forms, AOC-4 and MGT-7, play a pivotal role in this process. These forms are used to report financial statements and annual returns to the Registrar of Companies, ensuring transparency and accountability in the corporate world
As the annual filing deadline approaches, it becomes imperative for companies and professionals to have a comprehensive understanding of these forms, including their applicability, due dates, penalties for non-compliance, signing authorities, fees, and other essential details. This guide aims to provide a detailed overview of Forms AOC-4 and MGT-7, shedding light on their significance in the corporate compliance landscape.
Key Details of Annual Filling Forms
| Particulars | Form AOC-4 & AOC-4 CFS | Form AOC-4 XBRL | Form MGT-7 | Form MGT-7A |
|---|---|---|---|---|
| Section Applicable | Section 129 (3), 137 | Section 137 | Section 92 (1) | Section 92 (1) |
| Applicability | Every Company |
|
Filing of Annual Returns with Registrar of Companies | Filing of Annual Return with Registrar of Companies |
| Due Date |
|
-Within 30 days from date of AGM. | -Within 60 days from date of AGM. | -Within 60 days from date of AGM. |
| Penlaty | Non filing of AOC-4 or belated filing of AOC-4 results in huge penalties. The penalty for belated or non-filing of form AOC 4 w.e.f. 30th June 2018 is Rs 100 per day in default. | Non filing of MGT 7 / 7A or belated filing of MGT 7 / 7A results in huge penalties. The penalty for belated or non-filing of form MGT 7 / 7A w.e.f, 30/06/2018 is Rs 100 per day in default. | ||
AOC-4 E-FORM: FOR FILLING FINANCIAL STATEMENTS
A. INTRODUCTION
Accountability of the company to the stakeholders is mandatory and is done via Financial Statements, disclosures, Board’s report and the Auditor’s report. The main means of communication between the Board of Directors and the shareholders is through the financial statements. Form AOC 4 is used to file the financial statements for each financial year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall file the AOC 4 CFS.
Who Has to File E-Form AOC-4?
Every company should file financial statements along with Form AOC 4
Every Non-Banking Financial Company (NBFC) required to comply with the Indian Accounting Standards (Ind AS) should file the financial statements with Form AOC 4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC 4 CFS NBFC (Ind AS).
Every company covered under the Section 135(1) of the Companies Act, 2013 should furnish a report on Corporate Social Responsibility in Form CSR-2 for the preceding financial year (2020-2021) and onwards as an addendum to Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be. However, for the financial year 2021-2022, Form CSR-2 can be filed separately on or before 31st March, 2023 after filing Form AOC 4 or AOC 4 XBRL or AOC 4 NBFC (Ind AS), as the case may be.
Where the companies are covered under the XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements should be uploaded in the XBRL format. The following class of companies should file their financial statements and other documents in e-Form AOC 4 XBRL:
- All companies listed with any stock exchange in India and their Indian subsidiaries.
- All companies with a capital of 5 crores or above
- All companies with a turnover of 100 crores or more.
- All companies required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015.
C. DUE DATE OF FILLING THE E-FORM AOC-4
| Position of the Company | Filing of financial statement with the Registrar |
|---|---|
| Financial statement adopted at the AGM along with the consolidated financial statements and documents which are attached to the financial statements |
Within 30 days of the annual general meeting along with fees/additional fees as prescribed. In case of OPC the time period shall be taken as 180 days from the closure of the financial year |
| In case of an adjourned meeting | Within 30 days of the adjourned annual general meeting along with fees/additional fees as prescribed. |
| If financial statements are unadopted |
Within 30 days of the annual general meeting. Note: The financial statements along with the documents will be considered provisional till the time the adopted financial statements are filed. |
| If AGM is not held |
Within 30 days from the date when the AGM should have been held along with fees/additional fees as prescribed. Note: The financial statements along with the documents and the reasons for not holding the AGM have to be filed. |
D. NORMAL FFES & LATE FEES ON E-FORM AOC-4
NORMAL FEES FOR COMPANIES HAVING SHARE CAPITAL
| Nominal Share Capital | Fee applicable |
|---|---|
| Less than 1,00,000 | Rupees 200 per document |
| 1,00,000 to 4,99,999 | Rupees 300 per document |
| 5,00,000 to 24,99,999 | Rupees 400 per document |
| 25,00,000 to 99,99,999 | Rupees 500 per document |
| 1,00,00,000 or more | Rupees 600 per document |
FOR COMPANY NOT HAVING SHARE CAPITAL
Rupees 200 per document
ADDITIONAL FEES
| S. No. | Period of delay | Additional fee payable (in Rs.) |
|---|---|---|
| 01 | Delay beyond period provided under Section 92(4) of the Act | Hundred per day |
| 02 | Delay beyond period provided under Section 137(1) of the Act | Hundred per day |
MGT-7/7A E-FORM: FOR FILLING ANNUAL RETURN
A. INTRODUCTION
A registered company must file an annual return with the Registrar of Companies (ROC). It is mandatory compliance for all registered companies to file the annual return vide form MGT-7. The form MGT-7 is an electronic form by the Ministry of Corporate Affairs (MCA) to all the corporations to file their annual return details.
The MCA has issued a separate annual return form for One Person Companies (OPCs) and Small Companies. As per Section 11(1) of the Companies (Management and Administration) Rules, 2014, all companies must file their annual returns vide form MGT7, while OPCs and small companies must file their annual returns in form MGT-7A
B. WHO HAS TO FILE E-FORM MGT-7/7A
The e-form MGT-7A is applicable to only One Person Companies (OPCs) and small companies. Other companies established under the Companies Act, 2013 (‘Act’) must file e-form MGT-7 with the Registrar of Companies.
Section 2(85) of the Act defines small companies as companies, other than public companies having:
- A paid-up share capital not exceeding Rs.2 crore or such specified higher amount which shall not be more than Rs.10 crores.
- A turnover not exceeding Rs.20 crore or such a specified higher amount which shall not be more than Rs.100 crore.
However, the following companies are not considered as small companies:
- A subsidiary or holding company
- A company registered under section 8.
- A body corporate or company governed by special act.
- An OPC is a company that has only one member. The same person can also be the director of the company.
C. DUE DATE OF FILLING THE E-FORM MGT-7/7A
Section 92(4) of the Act states that :-
- E-form MGT-7A is to be filed within 60 days from the date of the AGM of the company.
- The due date for conducting the AGM is on or before 30 September, within six months from the close of every financial year.
Thus, the last date for filing e-form MGT-7A is generally 29 November every year
D. FEES FOR FILING E-FORM MGT-7/7A
The e-form MGT-7A is applicable to only One Person Companies (OPCs) and small companies...
Frequently Asked Questions (FAQs)
Q.What is Annual Filling?
A.Filling of AOC-4 and MGT-7/7a with the Registrar of Companies is annual filling
Q.What is AOC-4 form?
A.This form is submitted with the Registrar of Companies for filling the annual statement of the company.
Q.What is MGT-7/7A form?
A.This form is submitted with the Registrar of Companies for filling the annual returns of the company.
Q.What is the due dates of AOC-4 and MGT-7/7A forms?
A.AOC-4 must be submitted within 30 Days of the Annual General Meeting and MGT-7/7A within 60 days of the Annual General Meeting.
In case of an OPC (One Person Company), AOC-4 must be submitted within 180 Days of Closure of Financial Year and MGT-7/7A within 60 days of the Annual General Meeting
Note: Although OPCs are exempted from conducting an AGM, the due date for filing Form MGT 7A is still counted from the normal date of AGM.
Q.What is the penalty of late fees of AOC-4 and MGT-7/7A?
A.The penalty has been prescribed as INR 100/- per day for each day during which the default continues
