Ministry of Corporate Affairs (MCA) has further extended the due dates for filing of e-forms AOC-4/ 4(CFS)/ 4(XBRL), 4(Non-XBRL) forms up to 15/03/2022 and for filing of e-forms MGT-7/ 7A up to 31/03/2022, without payment of any other additional fee for the financial year 2020-21, however, the regular appropriate fee shall be payable as applicable, vide General Circular 1/2022 dt. 14/02/2022.
Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively immediately from the end conclusion of the Annual General Meeting. The Registrar of Company (ROC) filing of annual accounts is governed under Section 129 (3), 137, of The Companies Act, 2013 read with Rule 12 of the Company (Accounts) Rules, 2014, and annual return is governed by Section 92 of the Companies Act, 2013 read with Rule 11 of the Companies (Management and Administration) Rules, 2014.
Hence, conclusively the ROC annual return due date for FY 2020-21 stands extended for companies, at no additional charge, as under:
AOC-4, AOC-4 CFS, AOC-4 XBRL, AOC-4 Non-XBRL: up to 15/03/2022
MGT-7 and MGT-7A: up to 31/03/2022
In continuation to Ministry’s General Circular No. 22/2021 dt. 29/12/2021, considering various applications received from stakeholders regarding additional tax deductions for annual financial statement/return filings required to be done for the financial year ended on 31/03/2021, it was then decided that no extra fees shall be levied up to 15/03/2022 for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, AOC-4 Non-XBRL and up to 31/03/2022 for filing of e-forms MGT-7/ MGT-7A in relation of the financial year ended on 31/03/2021 respectively. At the stated time, only normal fees shall be payable for the filing of the above-mentioned e-forms.
ROC FILING?
The Register of Companies (ROC) is an office operating under the Ministry of Corporate Affairs (MCA), which regulates the entire administration of all companies and Limited Liability Partnerships (LLP) in India. The ROC is the authority, which oversees the registration or incorporation of a company in India.
In India, every company needs incorporation approval from the ROC. Once the application for incorporation of the company is made, the ROC will process the application and then will issue a certificate of incorporation.
Section 117 of the companies act, 2013, states that each and every decision approved by the company should be notified to the ROC within 30 days from the date of passing the resolution. From the appointment of the directors or managing directors till the winding up of the company, each & every piece of information must be further forwarded to the ROC.
What is ROC Filing?
ROC filing means the filing of audited financial statements, and annual returns, by the company to the ROC.
Under sections 129 and 137 of the Companies Act 2013, every company must file the audited financial statements with the ROC.
Similarly, under section 92 of the Companies Act, 2013 the annual returns of the company must be submitted to the ROC.
The documents mentioned above should be filed within a period of 30 days and 60 days from the date of the conclusion of the annual general meeting.
FORMS EXPLAINED:
AOC-4 - For filing the financial statement and other documents (For FY start on or after 01.04.2014)
AOC-4 CFS - Form for filing statement containing salient features of consolidated financial statement of a group (For FY start on or after 01.04.2014)
AOC-4 XBRL - For filing XBRL document in respect of financial statement and other documents (For FY start on or after 01.04.2014)
MGT-7 - Form for filing Annual Return by Companies having a share capital (For FY ending on or after 01.04.2014)
An Introduction to Income Tax Return
The most important reason to file an ITR in India is that the government makes it compulsory beyond a certain earned income. In addition, even voluntarily, generating tax proof returns, helps to obtain certain financial products and services. Generally, with loans and other credit options, you must show tax returns of the past three years in order to qualify. Also, since losses incurred in the last year cannot be shown for exemption later, it helps to have them on record via income tax returns filing. Doing so allows you to reduce your tax liability in the years to come.
What are the eligibility criteria to file income tax returns?
According to the Income Tax Act, 1961, any person under the age of 60 years earns a total income of Rs. 2.5 lakhs or more in a financial year must file ITR. Other people who qualify are;
Any individual between the age of 60 and 80 years with a gross income of Rs. 3 lakh or higher.
Any individual above the age of 80 years with a total annual income great than Rs 5 lakh.
Any company or organization operating in India, regardless of whether it is making profit or loss.
Any resident of India who owns a property or has any financial ties to an international entity.
Any individual with the wish to carry forward losses that have been incurred.
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