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Due Date for Annual Return OF COMPANY

Due Date for Annual Return of Company www.carajput.com; due-date-for-annual-return

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.

https://carajput.com/learn/due-date-for-filling-annual-return.html

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

Penalty Provisions:

  • 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

To avoid penalties get started with  ROC Annual Filings  with  rajput Jain and Associates.

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

Rajput Jain & Associates 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 Rajput Jain & Associates  Advisor to know more and file Annual Return for your company easily.

Annual Compliance Package for Private Limited Companies Starting @ just 5k

Rajput Jain & Associates offers this unique package starting at an affordable price for the Chartered Accountants who are focussed on taxation aspects rather than on secretarial compliances. This package is specifically offered to the Chartered Accountants who want to outsource the Annual Filing and other secretarial work of their clients. In today’s world it is important to form partnerships in order to expand your reach and attract more clients. Outsourcing your secretarial functions to us will help you to free up time to focus on your core professional services.

We help you meet all the necessary compliance so that you can focus on your core professional activities without worrying about any legal and secretarial hassles. We take care of your compliances and our scope of annual filing services include:

  • Drafting secretarial documents including board report, minutes of AGM, Notices, etc.
  • 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.
  • Certified Auditor Report.
  • Any other information regarding the directorship, shareholding, charges or any other material information about the company.

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

 

To know more about the scope of service you can contact us on the Email Ids and Numbers given below. We look forward to serving you.For query or help, contact:   info@carajput.com or call at 09811322785/4 9555 5555 480)

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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Overview on ROC Annual Fillings Under the XBRL

ROC Annual e-Fillings Under the XBRL MCA

XBRL (eXtensible Business Reporting Language) is a data-rich dialect of XML (Extensible Markup Language), the universally preferred language for the transmission of information over the Internet. It was explicitly designed to communicate information between businesses and other users of financial information, such as analysts, investors, and regulators. eXtensible Business Reporting Language is a standardized communication language in the electronic form to express, report/file financial statements by a Co.  XBRL is a widely accepted, electronic format for corporate reporting. It does not change what has been reported. This only changes the way it is confirmed.

MCA (Ministry of Corporate Affairs) is the regulatory authority for company law and related matters in India. All companies registered with MCA are required to submit their financial statements to MCA.

When the Statutory requirements for Application of XBRL Submission with ROC/ MCA:

The Below class of corporations shall File their respective financial statements & other papers as per section 137 of the Companies Act 2013 to the Registrar in electronic form AOC-4 XBRL:

  • All public companies listed on the Indian stock exchange and their Indian subsidiaries.
  • All companies with a turnover of INR 100 CR or more
  • All companies with paid-up capital of INR 5 CR or more

(other than banking companies, insurance companies, power companies and NBFCs), Visual Representation below for better understanding.

Document required to Filing of Financial Statements in XBRL mode:

The XBRL instance document must be organised as per the MCA Taxonomy (I-GAAP/IND-AS). As per MCA Taxonomy, the comprehensive list of annual reports must be filed in XBRL format. For consolidated and stand-alone reports, separate instance documents are to be prepared. The main aspects of the annual report are listed below:

  • BS
  • P& L
  • Details Schedules and Notes to BS & P & L Statement
  • Main Significant Accounting Policies
  • Cash Flow Statement
  • Schedule of Statement of Change in Equity
  • Board Report & Director with annexures thereto
  • Statutory Audit Report

in addition to above, there are various other details/documents which are required for XBRL filing. You can contact us for a checklist for XBRL filing.

Financial statements have been prepared in the XBRL system for submitting with the Registrar:

The process of developing and submitting financial statements in XBRL mode is as follows:

Step 1: Creation of an instance document for XBRL

Step 2: Download the XBRL validation tool on the MCA portal.

Step 3: Use this tool to validate an instance report

Step 4: Execute a pre-scrutiny of a validated instance document using a tool.

Step 5: Attach the instance document to the AOC-4 XBRL form

Step 6: Submission Form AOC-4 XBRL to the MCA portal

When your requirement for XBRL filing?

As per the Companies Act 2013, the below regulation is applicable for XBRL filing the financial statements with the MCA/ ROC Registrar:

The situation in the case of Company XBRL Filing of financial statement MCA/ ROC-Registrar:
Financial statement adopted at the AGM along with the consolidated financial statements & documents which are attached to the financial statements Within Thirty days of the AGM along with fees/additional fees as given in regulation
In case of an adjourned meeting Within Thirty Days of the adjourned annual general meeting along with fees/additional fees as given in regulation
If financial statements are unadopted Within Thirty days of the AGM.
If an annual general meeting is not held Within thirty days from the date when the annual general meeting should have been held along with fees/additional fees as given in the regulation.

In case event of a delay in filing a financial statement with MCA, the below additional fees shall apply:

Delay Time period Applicable Additional fee
Delay Time period beyond the period provided U/s 137(1) of the Company Act 2013 – Due dates to file AOC-4 (within 30n days of the date of AGM) INR 100 perday

Non-filing form AOC-4 – Penalty:

Defaulting in the case Applicable Penalty
Company INR 1k for every day of default subject to maximum of INR 10,00,000/-
CFO/MD or In case of the absence of the MD/CFO – Any other Director who the Board assigns the responsibility or In case of the absence of any such Director – All directors of the company INR 1,00,000/- + INR 100 per day for continuing default subject to maximum of INR 5,00,000/-

Updated MCA XBRL Validation Tool version and business rules CSR reporting Business Rules related to the XBRL C&I taxonomy 2016 have been revised. Stakeholders are advised to make a note of the changes and use new version of MCA XBRL Validation Tool V3.0.6 while filing AOC-4 XBRL.

About the Professionals/experts in XBRL:

XBRL Professionals will give you lots a simple and secure way of preparing and file financial statements with MCA. Our technology and quality assurance system ensure that your output is 100% accurate every time. We can help you to meet your XBRL conversion needs in a timely and cost-effective way with Assured Validity. You can reach us at info@carajput.com.

About Us 

Ø  10+ years of professional experience in XBRL Services across various industries;

Ø  Knowledge in MCA Taxonomy both AS and Inds AS.

Ø  Checking Tagging Quality on behalf of client;

Ø  Converted more than 100 Financial Statements in XBRL format in last 5 years without a single error;

Ø  Experience in Conversion of Financials of Listed, Unlisted, MNCs etc. all over India;

Why our clients love us?

Ø  Accuracy: Detailed tagging as per MCA guidelines, no shortcuts;

Ø  Presentation: Tables and texts are formatted to make them readable and notes are given for clubbing of figures;

Ø  Personalized Services with Seamless Communication;

Ø  Full Attention to every Client;

Ø  Timely and Cost Effective;

Ø  Full Confidentiality of Information received.

We look forward to your valuable comment www.carajput.com

FOR FURTHER QUERIES CONTACT US:

W: www.carajput.com   E: info@carajput.com T: 9-555-555-480

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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CORPORATE AND PROFESSIONAL UPDATE MAY 13, 2016

Professional Update For the Day:

Untitled7Direct Tax:

CBDT has issued a circular regarding Verification of tax-returns for Assessment Years 2009-2010, 2010-2011, 2011-2012 2012-2013, 2013-2014 and 2014-2015 through EVC which are pending due to non-filing of ITR-V Form and processing of such returns vide circular No. 13/2016 dated 09.05.2016.

Gujarat HC allows assessee’s writ, holds that interest on enhanced compensation doesn’t fall within the ambit of the expression “interest” as envisaged u/s 145A (which provides that interest received on compensation/ enhanced compensation shall be taxable in the year of receipt); Revenue had rejected assessee’s NIL TDS certificate application made u/s 197(1) on the ground that interest on enhanced compensation (received u/s 28 of the Land Acquisition Act) is taxable as income from other sources in terms of Sec 145A- Gujrat High Court

Only consistent loss making co. should be excluded from the list of comparables: ITAT

IT: Interest income accrued on time deposits – AO has only taken into account the Journal entries credited in the account. The AO has not taken into account the corresponding Journal entries debited – No additions –DLF Hilton Hotels Vs. CIT, Delhi (2016 (5) TMI 492 – Delhi High Court)

IT: Refund of TDS wrongly deducted – Deduction for TDS on Compensation u/s 28 of Land acquisition Act – ITO (TDS) directed to forthwith deposit such amount with the Reference Court which shall thereafter disburse such amount to the petitioner herein – Movaliya Bhikhubhai Balabhai Vs. ITO, Surat (2016 (5) TMI 488 – Gujarat High Court)

Indirect Tax:

HC reverses CESTAT decision, disallows MODVAT credit under Rule 57G of Central Excise Rules on the basis of invoices endorsed by consignee; Said Rule amended w.e.f. April 1, 1994 by which invoices issued by manufacturers and dealers in prescribed form were considered valid duty paying documents, thus eliminating endorsement thereof; Further, in terms of Notifications dated March 30, 1994 and July 4, 1994, invoices issued by specified category of persons viz. wholesale distributors, dealers & importers, enabled input credit availment; HC finds that CESTAT has ignored LB ruling in Balmer Lawrie & Co. Ltd. where it was held that after the issuance of Notification dated July 4, 1994, invoices can be issued only by a registered dealer and only then MODVAT credit can be claimed on strength thereof; Hence, by virtue of changes in procedure, manufacturer could avail MODVAT credit only upon invoices being issued under Rule 52A, holds HC thereby allowing Revenue appeal  : Gujarat HC

HC dismisses Revenue appeal, upholds availment of CENVAT credit by company HO i.r.o. input services rendered to various units, absent restriction of proportionate distribution in terms of Rule 7(d) of CENVAT Credit Rules; Rule 7 at relevant time, permitted input service distributor (ISD) to distribute CENVAT credit of input services to its manufacturing units or units providing output services subject to conditions that (a) credit distributed does not exceed service tax amount, and (b) credit of service tax attributable to service used by one or more units exclusively engaged in manufacture of exempted goods or providing exempted services shall not be distributed.- Rajsthan High Court

Company Law:

MCA has notified new versions of e-forms PAS-3, CHG-1, DIR-12, SH-11 and FTE.

Word of Wisdom:

Life is ten percent what happens to you and ninety percent how you respond to it.    -Lou Holtz

Life’s most persistent and urgent question is, ‘What are you doing for others?’     -Martin Luther King, Jr.

We look forward for your valuable comments. www.carajput.com 

FOR  FURTHER  QUERIES  CONTACT US:
W: www.carajput.com

E: info@carajput.com

T:011-233 -4 -33333 ,  9-555-555-480 Continue reading →

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)

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CORPORATE AND PROFESSIONAL UPDATE MAY 2, 2016

Professional Update For the Day: 

Untitled5

DIRECT TAX:

Disallowance of the deduction claimed u/s 54 – two flats situated on different storey – Held that:- There is nothing in these sections, which require the residential house to be constructed in a particular manner. The only requirement is that it should be for the residential use and not for commercial use.We do not think that the fact that the residential house consists of several independent units can be permitted to act as an impediment to the allowance of the deduction under section 54/54F.(Surendra Sharma Versus Income Tax Officer, Ward 6 (3) , Jaipur).- 2016 (4) TMI 1098 – ITAT JAIPUR

IT: Period of Limitation for passing the Block Assessment Order – benefit of exclusion of the period during which there was a stay order against the order of special audit is available to Revenue – VLS Finance Ltd. & Anr Vs. CIT & Anr – 2016 (4) TMI 1133 – Supreme Court

Society having 2 PAN cards asks to surrender duplicate one[2016] 68 taxmann.com 297 (Delhi) Sri Ram Chandra Mission v. Commissioner of Income-tax

IT: Assessment against non-existing companies to be held as void ab initio – Orbit Corporation Ltd. Vs. DCIT, Central Circle-47, Mumbai – 2016 (4) TMI 1130 – ITAT Mumbai

Disallowance of interest paid by the appellant to the bank as well as to the other parties – Held that – The assessee was able to establish that he had incurred the expenditure wholly and exclusively for the purpose of business and therefore there is no justification for the revenue to disallowance the interest component. The revenue cannot claim to put itself in the armchair of the businessman and decide how much is reasonable expenditure. (M/s. Lakhani Shoe Co. Pvt. Ltd. Versus The ACIT, Circle-2, Alwar)-  2016 (4) TMI 1127 – ITAT JAIPUR

A transaction couldn’t be deemed as transaction of agency just because word ‘agency’ was written in agreement
IT : Where assessee-logistic company did not deduct TDS on payment made to overseas organizations for availing their logistic services, since transaction was on principal to principal basis and merely word ‘agency’ was used in agreement did not mean that there existed relationship of agency, TDS was not required to be deducted[2016] 68 taxmann.com 384 (Kolkata – Trib.) Balmer Lawrie & Co. Ltd. v. Income-tax Officer

Transactions having contingent impact on profit/ losses are not international transactions. [ Siro Clinpharm Pvt. ltd. vs. DCIT (ITAT Mumbai)].

CBDT notifies new form 35 for e-filing of appeal with CIT (A). IT notification no. 11/2016.

INDIRECT TAX:

In terms of the provisions authorization has to be specifically from the foreign service provider and cannot be fastened upon the Indian Service recipient by the Revenue – In absence of such authorization no liability would fall upon appellant.(Escorts Ltd. Versus CCE, Jaipur And Vice-Versa)- 2016 (4) TMI 1077 – CESTAT NEW DELHI

Seeking cross-examination of certain witnesses – Petitioner submitted that show cause notice is based on several statements of witnesses including those of the experts and any reliance on such statements without offering such witnesses for cross examination would be opposed to the principles of natural justice. Held that:- the reasons cited by the adjudicating authority are completely baseless. Merely because, the concerned witnesses have not retracted their statements would not be a ground to deny cross examination. .(M/s Mulchand M. Zaveri & 1 Versus Union of India & 1)- 2016 (4) TMI 1074 – GUJRAT HIGH COURT

Additional Commissioner of Delhi VAT can’t reject application filed under Amnesty Scheme [2016] 68taxmann.com 385 (Delhi)Jaycon Infrastructure Ltd. v. Commissioner of Trade & Taxes

CST & VAT: Delhi VAT – Where assessee, a bank, made advances to customers for purchase of cars and said cars were hypothecated to bank as security and upon default in repaying loan bank had right to repossess car and brought it to sale, disposal of repossessed cars by bank constituted ‘sale'[2016] 68 taxmann.com 296 (Delhi) Citi Bank v. Commissioner of Sales Tax

Amount received by bank from sale of hypothecated goods is liable to sales tax under Delhi VAT

Company Law:

MCA clarifies that the Companies (Accounting Standards) Amendment Rules, 2016, dt.30.03.2016 is applicable from F.Y.2016-17. Cir.No.04/2016.

Government increases interest rates on employee provident fund (EPF) contributions from 8.7% to 8.8% for 2015-16.

Taxis that run on petrol or diesel will not be allowed to ply in NCR from May 1.

Key Dates:

Last date of E-payment of service tax foe April by companies vide Challan No. GAR-7 -06/05/2016

Income Tax Updates:-

The facility to upload online quarterly TDS/TCS statements in the E-Filling portal shall be available with effect from 1st May 2016. (Click here to see the procedure)

Bulk upload of form 15CA, Form 15CB and Form 15CC are available for E-Filling.

No teacher, no professor nor a mentor can teach the important lessons in life better than a hungry stomach and an empty pocket.

The things that we love tell us what we are. -Thomas Aquinas

We look forward for your valuable comments. www.carajput.com

FOR  FURTHER  QUERIES  CONTACT US:

W: www.carajput.com

E: info@carajput.com

T:011-233 -4 -33333 ,  9-555-555-480 Continue reading →

Disclaimer: The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; before making any decisions do consult your Professional / tax advisor. For misrepresentation or interpretation of act or rules Author does not take any responsibility. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on. carajput.com is committed to helping entrepreneurs and small business owners to start, manage and grow their business with peace of mind. Our goal is to support the entrepreneur on legal and regulatory requirements and to be a partner throughout the entire business life cycle, offering support to the company at every stage to ensure that it is compliant and consistently growing. Hope the information will assist you in your Professional endeavors. For query or help, contact: info@carajput.com or call at 09811322785/4 9555 5555 480)