As per Companies Act, 2013 it is necessary for every company to file annual accounts and annual returns within 30 days and 60 days respectively from the conclusion of the Annual General Meeting. The financial statements of a company must be filed with the Ministry of Corporate Affairs every year. The MCA form for filing financial statements is AOC-4.
Requirements for filing of AOC-4
AOC-4 has to be filled by every company within 30 days from the conclusion of the Annual General Meeting with the Ministry of corporate affairs. The form AOC-4 has to be uploaded along with Board’s report, Auditor’s report, and other documents which are mandatory as per the company’s business activity. Every Form AOC-4 has to be certified by a Practicing Chartered Accountant or Company Secretary.
Due – date for filing of AOC-4
After company registration, the financial statements must be filed with the registrar of the company every year. If a company fails to file these financial statements within the stipulated period, it will be liable for a penalty or additional fees.
The procedure for filing of annual return and annual accounts are as follows:
- The Directors or Company Secretary has to prepare a Board Report and annual return and the auditor has to prepare the financial statements as per Companies Act 2013 by holding a board meeting.
- Hold another Board Meeting for approval of draft financial statements by directors.
- Conduct the Annual General Meeting and pass necessary resolutions. The financial statements are considered final when they are accepted as approved by the shareholders.
Documents Required for the filing of AOC-4
The requirements of documents for filling form AOC 4 depends on the business activity and compliances involved. Generally, the financial statement of a company includes a Balance Sheet, Profit and Loss Account, Cash flow statement (if applicable), and explanatory notes annexed to the financial statement. These are the following documents that need to be filled with Form AOC-4.
- Copy of financial statements including Board’s report, auditors’ report, and other documents
- Statement of subsidiaries in Form AOC-1
- Statement of the fact and reasons for not adopting Financial statements in the annual general meeting (AGM)
- Statement of the fact and reasons for not holding the AGM
- Approval of letter of extension of the financial year or AGM
- Company CSR policy
- Supplementary of test audit reports under section 143.
- Details of other entity
- Details of transactions with related parties
- Details of comments of CAG of India
- Secretarial Audit Report
- Director’s report
- Details of remaining CSR Activities
- Optional attachment, if any.
Filing of Form AOC-4
Financial Statements of a company along with Form AOC-4 are required to be filed with the Registrar for each Financial Year. As per the requirement of the Companies Act 2013 all the attachments including financial statements uploaded with Form AOC-4 must be signed. In the case of AOC-4, SD copies are not acceptable, only hand-signed copies are accepted.
The Companies which fall under XBRL requirements have to file the financial statement on the MCA portal in XBRL format. The criteria for XBRL Filing for companies are:
- The companies listed on any Stock Exchanges.
- Companies having paid-up share capital of rupees five crores or above.
- The companies having a turnover of rupees hundred crores or above.
Fees for filing AOC-4
Fees for the filing of the Form AOC-4 is based on companies’ share capital. Below is the fee structure as per the share capital of the company.
NOMINAL SHARE CAPITAL
|Less than 1,00,000||Rs.200 Per Form|
|1,00,000 to 4,99,999||Rs.300 Per Form|
|5,00,000 to 24,99,999||Rs.400 Per Form|
|25,00,000 to 99,99,9999||Rs.500 Per Form|
|1,00,00,000 and More||Rs.600 Per Form|
Penalties for late filing of AOC-4
The company will be punishable with a fine of one thousand rupees for every day during which the failure continues up to a maximum amount of Rs.10 lakhs if a company fails to file AOC-4 along with a copy of the financial statements before the due date. Further, the Managing Director, Directors, and the Chief Financial Officer of the company could be punished with imprisonment for a term which may extend to six months or with a fine which will not be less than Rs.1 and can go up to Rs.5 lakhs.
In addition to the above penalty, the Government fee for filing AOC-4 would also be increased as follows:
|Number of Days Delayed||Penalty Amount for Late Filing|
|Up to 30 days||2 times of normal filing fees|
|More than 30 days and up to 60 days||4 times of normal filing fees|
|More than 60 days and up to 90 days||6 times of normal filing fees|
|More than 90 days and up to 180 days||10 times of normal filing fees|
|More than 180 days and up to 270 days||12 times of normal filing fees|
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