All companies registered in India must file an annual return each year, irrespective of business turnover or activity. The 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 the annual returns for a company.
Filing Annual Return
A company’s annual return has to be filed with the MCA within 60 days from the date of the Annual General Meeting. All companies are required to conduct an Annual General Meeting within 6 months of the closing of the financial year. Hence, the last date for conducting the Annual General Meeting would be 30th September and the due date for filing the annual return would be 29th November.
If a company cannot hold an Annual General Meeting in any year, the annual return still has to be filed within 60 days from the date on which the 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 the annual returns on the plea of the Annual General Meeting not having been held.
Statutory Fee for Filing Annual Return
The 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 Rs. 1,00,000||Rs.200|
|In respect of a company having a nominal share capital of 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 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 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 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 the date of the Annual General Meeting or after 29th November, a penalty would be the 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 a 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 the penalty for late filing annual returns.
Filing Annual Return
- INR 100 Per day additional fees is applicable for forms like LLP form 8, AOC 4, MGT 7 etc
- For other required forms and documents, Companies may get penalized if the time limit of days exceeds as follows.
|Delay Period||applicable Fees|
|Up to 30 days||two times of normal fees|
|More than thirty days and up to Sixty days||Four times of normal fees|
|More than Sixty days and up to Ninty days||Six times of normal fees|
|More than ninety days and up to one-eighty days||Ten times of normal fees|
|More than one-eighty days and up to two Seventy days||Twelve times of normal fees|
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Relevant update of the Company’s Annual Filing Date and time
Defaulting companies that have failed to file ROC returns can now use CFSS 2020 and start afresh. Protection from all penalties and late charges is assured. Once a lifetime of chance granted by the MCA. Rush to execute your pending ROC annual filing presently. The deadline for the implementation of the CFSS 2020 scheme is 31 December 2020. The ROC annual filing forms, such as DIR 3 KYC, AOC 4. MGT 7, ADT 1, PAS 6, LLP form 8, LLP form 11, MGT 14 etc. has been extended Extend CFSS 2020 & LLP Settlement Scheme to 31.03.2021
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- Providing necessary certifications where required.
- Filing of ROC returns i.e. AOC-4, MGT-7 and ADT-1.
What we require from your end:
- Certified Financial Statement of the Client Company.
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Extension in Due Date of Filing Returns on 30.12.2020 –
1) Audit under Income Tax Act 15.01.2021
2) Returns with Audit 15.02.2021
3) Other than Tax Audit Returns 10.01.2021
4) Vivad Se Vishwas 31.01.2021
4) Annual Return U/s 44 (CGST Act, 2017) 28.02.2021
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