Yes, every company, including Private Limited Companies and Public Limited Companies, must file annual returns. One Person Companies (OPCs) also need to file their annual returns.
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Annual filings for companies
Annual filing for companies refers to the mandatory submission of financial and regulatory documents to relevant authorities on a yearly basis. This process ensures compliance with tax laws, corporate governance standards, and other legal requirements. It typically includes the filing of financial statements, income tax returns, and other disclosures that reflect the company’s performance, earnings, and expenses for the fiscal year. Timely and accurate annual filings are essential to maintaining a company’s legal standing and avoiding penalties.
In India, companies are required to file various forms annually to comply with the statutory and regulatory requirements set by the Ministry of Corporate Affairs (MCA) and the Income Tax Department. The following are the key forms that companies need to file in India:
FORM MGT 7 FILING
A registered company needs to file an annual return every year with ROC. This return contains the basic information related to company, its shareholders, directors etc. as on the last day of the financial year i.e 31st March . It is mandatory compliance for all registered companies to file the annual return in Form MGT-7.
MGT-7 is an electronic form provided by the Ministry of Corporate affairs to all the corporates in order to fill their annual return details. This e-form is maintained by the Registrar of Companies via electronic mode and on basis of the statement of correctness given by the company.
- Who has to file the form?
- All companies, whether public or private which are registered in India must file the Form MGT-7 every year.
- One person company (OPC) introduced in the Finance Act 2021 are also mandatorily required to file the annual return in Form MGT-7.
A company files the Form MGT-7 for its annual return.
- What is the purpose of the e-Form MGT-7?
Every company shall prepare an annual return in the form MGT-7 containing the particulars as they stood on the close of the financial year. These details include details regarding:
- The registered office, principal business activities, particulars of its holding, subsidiary, and associate companies.
- The shares, debentures, other securities, and shareholding pattern of the company.
- Indebtedness of the company.
- The members and debenture-holders along with alterations connected to them since the end of the previous financial year.
- The promoters, directors, key managerial personnel along with alterations connected to them since the close of the previous financial year.
- Meetings of members or a class thereof, Board, and its various committees along with attendance details.
- Remuneration of directors and key managerial personnel.
- Penalty or punishment imposed on the company, its directors, or officers and details of compounding of offences and appeals made against such penalty or punishment.
- The matters relating to certification of compliances and disclosures as may be prescribed.
- Its shareholding pattern.
- Such other matters as required in the form.
Form AOC 4 Filing
Accountability of the company to the stakeholders is mandatory and is done via Financial Statements, disclosures, Board’s report and the Auditor’s report. The main means of communication between the Board of Directors and the shareholders is through the financial statements. Form AOC 4 is used to file the financial statements for each financial year with the Registrar of Companies (ROC). In the case of consolidated financial statements, the company shall file the AOC 4 CFS.
- Who has to file AOC 4?
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Every company should file financial statements along with Form AOC 4.
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Every Non-Banking Financial Company (NBFC) required to comply with the Indian Accounting Standards (Ind AS) should file the financial statements with Form AOC 4 NBFC (Ind AS) and the consolidated financial statement, if any, with Form AOC 4 CFS NBFC (Ind AS).
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Where the companies are covered under the XBRL requirement under the Companies (Filing of documents & Forms in Extensible Business Reporting Language) Rules, 2015, the financial statements should be uploaded in the XBRL format.
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The following class of companies should file their financial statements and other documents in e-Form AOC 4 XBRL:
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All companies listed with any stock exchange in India and their Indian subsidiaries.
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All companies with a capital of 5 crores or above.
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All companies with a turnover of 100 crores or more.
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All companies required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015.
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Importance of Filing AOC 4
Financial Statements are formal records of the financial operations and position of the Company. The financial statements provide the true affairs of a business to shareholders and investors. The basic objective of financial statements is to provide information about the financial health, growth and modifications in a company’s financial position that will be useful to a wide range of stakeholders in making business decisions.
Financial statements prepared and filed annually are the most important means of communication by the Board of Directors with its shareholders. Mandatory disclosures through financial statements including the Board’s Report and Auditor’s Report is a method of providing information to the shareholders and the public about the financial activities and position of the company.
Financial statements are useful to all stakeholders, investors and financial institutions as they provide the true position of the company and help to make informed decisions.
As per the Companies Act 2013, the following provisions are applicable for filing the financial statements with the ROC :
| Position of the Company | Filing of financial statement with the Registrar |
|---|---|
| Financial statement adopted at the AGM along with the consolidated financial | Within 30 days of the annual general meeting along with fees/additional fees |
| Statements and documents which are attached to the financial statements | As prescribed. Note: In case of OPC the time period shall be taken as 180 days from the closure of the financial year |
| In case of an adjourned meeting | Within 30 days of the adjourned annual general meeting along with fees/additional fees as prescribed. |
| If financial statements are unadopted | Within 30 days of the annual general meeting. Note: The financial statements along with the documents will be considered provisional till the time the adopted financial statements are filed. |
| If AGM is not held | Within 30 days from the date when the AGM should have been held along with fees/additional fees as prescribed. Note: The financial statements along with the documents and the reasons for not holding the AGM have to be filed |
Under normal circumstances, 30 days from the last date when the AGM should have been held would be 29th October. This means Form AOC 4 should be filed latest by October 29th of the relevant Assessment year.
Fees for filing AOC 4
| Nominal Share Capital | Fee applicable |
|---|---|
| Less than 1,00,000 | Rupees 200 per document |
| 1,00,000 to 4,99,999 | Rupees 300 per document |
| 5,00,000 to 24,99,999 | Rupees 400 per document |
| 25,00,000 to 99,99,999 | Rupees 500 per document |
| 1,00,00,000 or more | Rupees 600 per document |
Form DPT- 3
DPT-3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.
Due date for filing DPT-3
The due date for filing the annual return is 30th June of every year. For example, for FY 2023-24, the due date for DPT-3 is 30th June 2024.
Transactions not considered as deposits
- Any amount received from the government or guaranteed by the government, foreign government/foreign bank.
- Any amount received as a loan or facility from any Public Financial Institutions, Insurance Companies or Banks.
- Any amount received from a company by a company.
- Subscription to securities and call in advance.
- Any amount received from the director of the company or a relative of the director of the Private company, who held the positions at the time of lending.
- Any amount received by the company from an employee, not exceeding his annual salary under the employee contract such as non-interest bearing security deposit.
- Any amount received in the course of, or for the purposes of, the business of the company as an advance for the supply of goods or provision of services or as a security deposit for the performance of the contract for the supply of goods or provision of services.
- Receipt of Rs 25 lakh or more by a startup company in the form of a convertible note, in a single tranche.
- Amount raised by the issuing secured bonds or debentures with first charge, non-convertible debentures not having a charge on the assets of the company.
- Unsecured loans from promoters.
- Any amount received by the company from Nidhi Company or by way of subscription in respect of chit under the Chit Funds Act, 1982.
- Any amount received by the company from a collective investment scheme, alternate investment funds or mutual funds registered with SEBI.
- Any other amount which is not considered as a deposit under Rule 2(1)(c).
Hence any amount whether secured or unsecured and which is outstanding money or loan not considered as deposits must be reported.
Frequently Asked Questions
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Is it mandatory for every company to file annual returns?
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Can a company file its annual returns online?
Yes, all annual filings can be done online through the MCA (Ministry of Corporate Affairs) portal by submitting the appropriate forms and paying the applicable fees.
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Can the company file its annual returns after the due date?
Yes, but the company will be required to pay late fees for every day it delays the filing. This could also lead to penalties or further legal action.
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What is form AOC 4 and MGT 7?
Form AOC-4 encompasses financial statements, including the Balance Sheet, Profit and Loss Account, Cash Flow Statement, Directors’ Report, and Auditor’s Report. Form MGT-7 includes crucial information about the company’s share capital, indebtedness, and details of shareholders, directors, and meetings.
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What is the DPT 3 form?
DPT-3 is a return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits.
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What is the due date for DPT 3?
The due date for filing Form DPT 3 is June 30th of every year