The deadline for filing AOC-4 forms for FY 2020-2021 has been extended

What is AOC-4 Form in MCA?

An annual financial statement must be filed with the Ministry of Corporate Affairs by every company. These statements work as an evaluator of the company’s performance. AOC-4 Form is used for filing the company’s financial statement with the Registrar of Companies. In addition, it is filed for every financial year. AOC-4 Form should be duly furnished within 30 days of the company’s Annual General Meeting (AGM). Therefore, it is crucial to file the AOC-4 Form as a penalty is attached to its non-submission. The information presented in the form needs approval from the director, manager, Chief Financial Manager, and Chief Executive Officer. The information provided should be accurate and in compliance with the law.

Extension of the deadline of filing the Form

On 29th December 2021, the Ministry of Corporate Affairs (MCA) released a circular number 17/2021 notifying the extension of filing forms AOC-4, AOC-4 (CFS), AOC-4 XBRL AOC-4 Non-XBRL till 15th February 2022. On 29th October 2021, MCA issued circular number 16/2021 regarding an extension for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL AOC-4 Non-XBRL, MGT-7, and MGT-7A till 31st December 2021. Thus, the deadline for filing the forms has been extended for the second time.  During the extended period, only normal fees shall be payable for the filing of these forms.

What documents are required with the AOC-4 Form?

While filing AOC-4 Form the following documents are required:

• Balance Sheet with its Notes

• Statement of Profit and Loss with its Notes

• Cash Flow Statement

• Statement of Change in Equity

• Reports from the Auditor

• Reports from the Board

• Corporate Social Responsibility Report, if any

• Statement of Subsidiaries, if any

• Other Relevant Documents

Guidelines to follow while filing AOC-4 Form

All the registered Companies in India under the Companies Act, 2013 need to furnish Form AOC 4 for every financial year. Any failure or delay in filing the form may be subject to a penalty on the company. Few guidelines for filing the AOC-4 Form are:

• The company must authorize the auditors for the audit of the financial statements.

• The director with the aid of other key managerial personnel has to prepare a board report.

• Shareholder’s approval is required for framing the financial statement.

• The financial statement must be prepared after concluding the Annual General Meeting.

Who should file AOC-4 Form XBRL?

Certain criteria need to be met for filing financial statements in XBRL format. Companies required to file AOC-4 Form XBRL are as follows:

• The paid-up capital of a company must be at least Rs. 5 crores.

• The company's annual turnover is at least Rs. 100 crores.

• Companies listed with the Indian stock exchanges and its subsidiaries.

What is the fee for filing AOC-4 Form?

Filing fees for the AOC-4 Form are determined based on the authorized capital of each company. Companies having authorized capital less than Rs. 1,00,000 have to pay Rs. 200 per document. Companies having authorized capital ranging between Rs. 1,00,000 to Rs. 4,99,999 have to pay Rs. 300 per document. Companies having authorized capital ranging between Rs. 5,00,000 to Rs. 24,99,999 have to pay Rs. 400 per document. Companies having authorized capital ranging between less than Rs. 25,00,000 to Rs. 99,99,999 have to pay Rs. 500 per document. Companies having authorized capital exceeding Rs. 1,00,00,000 have to pay Rs. 600 per document. There are certain penalties attached to the delay in filing AOC-4 Form. The key managerial personnel may even get convicted and maybe imprisoned under the provision of the Companies Act 2013.

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Author:

Mili Rawat
Dehradun
B.A.LLB(Hons.) from National Law Institute University, Bhopal.