MCA eases penalty on delayed filing of e-forms

To ease the pressure off of companies, the Ministry of Corporate Affairs (MCA) has relaxed specific compliance requirements as a temporary measure. To provide the time necessary for preparing compliance reports, the MCA made a new announcement about relaxation of levy of additional fees for annual financial statement/return filings to be done for the financial year ended on 31.03.2021

Keeping in view various requests received from stakeholders regarding this concern, it has been further decided by the MCA that no additional fees shall be levied up to 15.02.2022 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and up to 28.02.2022 for filing of e-forms MGT-7/MGT-7A in respect of the financial year ended on 31.03.2021 respectively.

Here is a list of E-Forms and their functions:

Form AOC 4 is for filing the company’s financial statement for every financial year with the Registrar of Companies. The company is responsible for duly furnishing the form within 30 days of its Annual General Meeting.

AOC-4 (CFS) Once financial statements are adopted then a company shall file the adopted consolidated financial statements via e-form AOC-4 CFS within 30 days of the conduct of AGM (CFS – Cash flow statements).

AOC-4 XBRL – All companies listed with the stock exchange in India and their Indian subsidiaries must submit their statements in this format. All companies with a capital of 5 crores or above fall under this category. All companies with a turnover of 100 crores or more.

AOC-4 Non-XBRL – This form is for all Non-bank Financial Institutions to submit their financial statements.

MGT-7/MGT-7A – MGT 7 is an electronic form that is allocated to all the companies regulated by the Ministry of Corporate Affairs for filing their annual returns.

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