Introduction
Form AOC 4 is required to file the company's financial statements every year with the Registry of Companies. The company is accountable for submitting FORM AOC 4 within the first 30 days following the Annual General Meeting (AGM).
Furthermore, According to the Company Act 2013, all companies registered under the Act must complete Form AOC 4 every financial year. In addition, any delay in completing the form AOC 4 can result in penalties or fines for the business. In the case of the businesses covered by XBRL requirements in the Companies Rules 2015, financial statements should be uploaded to the MCA site using the XBRL format.
AOC 4 Form
Form AOC 4 is an electronic document offered by the Ministry of Corporate Affairs to submit financial accounts. After the company’s Annual General Meeting Form AOC 4 must be filed within 30 days. Also, Form AOC 4 is a comprehensive listing of financial documents which includes audited financial reports, board reports, and various other documents.
One Person Companies have to file the AOC 4 within 180 days from the close of the fiscal year because in these types of companies there is not conduct any board meeting. Form AOC 4 must have the approval of a licensed Corporate Secretary or Chartered Accountant.
Documents required for filing Form AOC 4
Balance Sheet
Profit and Loss Statement
Cash Flow Statement.
Statement of Change in Equity.
Reports from the Auditor
Reports from the Board
Corporate Social Responsibility Report
Statement of Subsidiaries in Form AOC-1
Other Relevant Required Documents
In the case of other than a small company, One Person Company, and certified professional is required therefore practicing Company Secretary or Chartered Accountant for Filing the form AOC-4.
Due Dates of Form AOC 4 Filing for FY 2021-22
Form AOC 4 is to be filed within 30 days from the Annual General Meeting for FY 2020-21. It is mandatory to file the form AOC 4 before the due date. If Form AOC 4 is missed then there is a provision of penalty. It is to be noted that the AOC 4 e-form is to be filed within 30 days from the conclusion of the AGM and In the case of One Person Company filing the form AOC 4 within 180 days from the end of the F.Y.
Fees for filing Form AOC 4
Fees Structure for Filing the Form AOC 4 that is based on the authorized capital of the company:-
Share capital Less than 1,00,000:- Rs.200/ Document
Share capital is between 1,00,000 to 4,99,999:- Rs. 300/Document
Share capital is between 5,00,000 to 24,99,999:- Rs. 400/Document
Share capital is between 25,00,000 to 99,99,999:- Rs.500/Document
Share capital is between 1,00,00,000 or more: – Rs.600/Document
Penalties on Delay of E-Form AOC 4
From 1st July 2018, the late fee for filing Form AOC-4 shall be paid the penalty of Rs.100 per day till the date of filing. According to the Company fresh start scheme 2020 Form, AOC 4 for previous years can be filed without paying late fees till 30th September 2020.
Earlier there was a penalty slab for late filing of E-Form AOC 4 which is given the following:-
If filing the form AOC 4 delay up to 30 Days – 2 times of normal filing fees
If filing the form AOC 4 more than 30 days and Up to 60 Days – 4 times the normal filing fees
If filing the form AOC 4 more than 60 days and Up to 90 Days – 6 times the normal filing fees
If filing form AOC 4 more than 90 days and Up to 180 Days – 10 times the normal filing fees
If filing form AOC 4 more than 180 days and Up to 270 Days – 12 times the normal filing fees
There are even worst consequences of delay in filing the form AOC 4 than the Directors, Managing Director, or Chief Financial Officer of the company may get convicted and sent to jail or may get bound to pay the sum of the fine given under the Companies Act, 2013.
Conclusion
It concluded that Form AOC 4 is an electronic document offered by the Ministry of Corporate Affairs to submit financial accounts. After the company’s Annual General Meeting Form AOC 4 must be filed within 30 days. In the case of Person, Companies have to file the AOC 4 within 180 days from the close of the fiscal year because in these types of companies there is not conduct any board meeting. Form AOC 4 must have the approval of a licensed Corporate Secretary or Chartered Accountant.
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