Companies get more time for filing annual returns with MCA

With relevant electronic forms still not ready, the Ministry of Corporate Affairs has given more time for firms to file their financial statements and annual returns under provisions of the new companies law.

Firms can make such filings without any additional fee till October 31.

Under the Companies Act, 2013, form AOC-4, AOC-4 XBRL are for filing of financial statements while MGT-7 pertains to submitting annual returns to the Ministry.

"The electronic versions of forms AOC-4, AOC-4 XBRL and MGT-7 are being developed and shall be made available for electronic filing latest by September 30, 2015," the Ministry said in a circular.

A separate form, AOC-4 CFS, for filing consolidated financial statement would be available by October this year.

"MGT-7 has been notified while AOC-4, AOC-4 XBRL and AOC-4 CFS will be notified shortly," it said.

Against this backdrop, the Ministry has given more time for entities to make the filings through these forms.

"It has been decided to relax the additional fee payable on forms AOC-4, AOC-4 XBRL and form MGT-7 up to October 31, 2015," the circular, dated July 13, said.

Companies can also file their consolidated financial statements in a separate form without additional fees till October end.

Every company is required to prepare its annual return in MGT-7 form, which is to be filed with the Registrar of Companies (ROC) within 60 days from the date of their annual general meeting.

This form is to be used for financial years ending after April 1, 2014 - the day when most provisions of the new companies law came into effect.

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