Company Annual Filing 2020
Every Company registered under Companies Act is required to file their returns with the Registrar of Companies annually.
Company Annual Filings refers to the filing of Audited Annual Financial Accounts of the Company along with Directors Report and Annual Return of Company with Registrar of Companies. These yearly filings are mandatory for every registered Company whether the Company carries on business or not.
For completing the Company Annual Filings in time, the following Documents / process have to be completed:
Annual Financial Accounts (Form AOC-4)
Financial Accounts refers to the financial statements which include Balance Sheet and Profit and Loss Account prepared in accordance with the accounting standards and as per Schedule III of Companies Act. The annual financial accounts must be audited by the statutory auditor of the company and shall give a true and fair view of the state of affairs of the company
The Board of Directors has to also prepare a Directors Report in the prescribed format and has to forward the same to the shareholders along with audited accounts.
The aforesaid financial statements shall have to be placed before the Annual General Meeting (AGM) of the Company and has to be adopted by the meeting.
Annual Return (Form MGT-7)
Every company shall prepare a return containing the following particulars as on the close of the financial year:
Applicability of Company Annual Filing 2020
Companies registered on or before 31st December 2018 are liable to file the Financial Accounts, Annual Return and Income Tax Return for the year end on 31st March 2020.
Companies registered on or after 1st January 2020 have to file the Financial Accounts and Annual Return for the year end on 31st March 2020 ONLY. However, company registered on or after 1st January 2019 and before 31st March 2019 has to file an Income Tax Return for the year ended on 31.03.2019.
Timeline for Filing Form AOC-4 & Form MGT-7
A. All Companies other than OPC
Name of Return | Contents | Timeline | Last Date |
Form AOC-4 | Audited Accounts with Directors Report and Auditors Report | 30 days from AGM | 29th October |
Form MGT-7 | Annual Return | 60 days from AGM | 29th November |
B. One Person Company (OPC)
Name of Return | Contents | Timeline | Last Date |
Form AOC-4 | Audited Accounts with Directors Report and Auditors Report | 180 days from 31st March | 27th September |
Form MGT-7 | Annual Return | 60 days from AGM | 26th November |
Penalty for Delay in Filings
Delay in filing Form AOC4 and MGT7 beyond the specified timelines shall attract an additional fee of Rs.100.00 per day till the date of filings.
Very Important Points to be noted:
Company Fresh Start Scheme 2020
Company Fresh Start scheme 2020 is a one-time scheme for all defaulting companies for filing pending documents without additional fee.
If the Company has any overdue returns to be filed, all the pending returns can be filed under scheme without additional fee. The scheme ends on 31st September 2020