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Last updated: November 1st, 2021 3:01 PM

MCA Relaxes Additional Fees for Annual Financial Statement and Annual Return Filings

Keeping because of various requests received from stakeholders, the Ministry of Corporate Affairs has decided to grant additional time Upto 31st December 2021 for companies to file an annual financial statement and annual returns without any additional fee. MCA via a circular dated 29th October 2021 announced that relaxation on levy of additional fees for annual financial statement and annual return filings required to be done for the financial year ended on 31.03.2021. No additional fee shall be levied Upto 31st December 2021, for the delayed filing of forms (AOC-4 and MGT-7). The current article briefs the extension so provided. Know more about MCA Relaxation of Time to File Forms for Creation or Modification of Charge

Synopsis of Notification

Considering the requests received from stakeholders regarding relaxation on levy of additional fees, MCA relaxes levy of additional fees for delay in filing certain Forms under the Companies Act, 2013 by Companies till 31st December 2021

MCA announced that no additional fees shall be levied Upto 31st December 2021, for the filing of all AOC-4 e-forms (-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL, and AOC-4 Non-XBRL).
Companies can file Annual Return Filing Forms (MGT-7/MGT 7A) in respect of the financial year ended on 31.03.2021, upto 31st December 2021 without any additional fees.

The official notification about the MCA Relaxes Additional Fees for Annual Financial Statement and Annual Return Filings is attached here for reference:

List of Forms Where Additional Fees have been waived off

The list of forms where additional fees have been waived off is tabulated below:

S No.	Form	Form Description
1.	Form AOC-4	Form for filing the financial statement and other documents with the Registrar
2.	Form AOC-4 (CFS)	Form for filing consolidated financial statements and other documents with the Registrar
3.	Form AOC-4XBRL	Form for filing XBRL document in respect of financial statement and other documents with the Registrar
4.	Form AOC-4 Non- XBRL	Form for filing consolidated financial statements and other documents with the Registrar for NBFCs
5.	MGT-7	Form for filing annual return by a company
6.	MGT-7A	Form for filing annual returns by OPCs and Small companies.

The relaxation concerning waiver of additional fees has been provided for the above-referred forms which are required to be done for the financial year ended on 31.03.2021. Upto 31st December 2021, only normal fees shall be payable for the filing of the aforementioned e-forms.

Annual Financial Statement - Form AOC-4

As per Company Act 2013, all the registered Companies in India need to file financial statements with the Ministry of Corporate Affairs (MCA) every year. Click here to know more about the MCA e-form AOC-4

Form AOC-4

The MCA form for filing financial statements is formed AOC-4. The company is responsible for duly furnishing the form ACO-4 within 30 days of the company’s annual general meeting. Any failure or delay in filling the form may attract fines/penalties on the company.

Form AOC-4-CFS

Form AOC-4-CFS is for filing consolidated financial statements and other documents with the Registrar. Once financial statements are adopted then the company needs to file the adopted consolidated financial statements via e-form AOC-4 CFS within 30 days of the Annual General Meeting.

Form AOC 4 – XBRL

The following companies are required to file AOC 4 XBRL (extensible business reporting language) with the registrar.

All companies listed with any stock exchange in India and their Indian subsidiaries.
All companies have paid-up capital of five crore rupees or above.
All companies with a turnover of 100 crore rupees or more.
All companies are required to prepare their financial statements following the Companies (Indian Accounting Standards) Rules, 2015.

Due Date for Filing Annual Financial Statement

As per the Companies Act, 2013, all companies registered in India are required to file a copy of financial statements, duly adopted at the annual general meeting of the company, within thirty days of conducting an Annual General Meeting. Since One Person Company does not have an Annual General Meeting, One Person Company must file a copy of the financial statements duly adopted by its member, within 180 of the closure of the financial year. If the annual general meeting of a company for any year has not been held, the financial statements along with the documents required to be attached, duly signed along with the statement of facts and reasons for not holding the annual general meeting should be filed with the Registrar within 30 days of the last date before which the annual general meeting should have been held.

Fees for Filing AOC 4

The applicable fees based on the share capital are as follows:

Company’s Nominal Share Capital	Applicable Fee
Upto Rs.1 lakh	Rs.200 per document
Rs. 1 lakh to Rs. 5 lakhs	Rs.300 per document
Rs. 5 lakhs to Rs. 25 lakhs	Rs.400 per document
Rs. 25 lakhs to Rs. 1 crore	Rs.500 per document
Rs. 1 crore and more	Rs.600 per document

For companies not having a nominal share capital, the government fee for filing Form AOC-4 is Rs.200 per document.

Additional Fee Details

Following the table of additional fees shall be applicable for delays in filing of annual returns or balance sheet/financial statement under the Companies Act, 2013:

Sl. No.	Period of Delay	Additional fee payable (in Rs.)
01	Delay beyond the period provided under Section 92(4) of the Act	Rs.100 day
02	Delay beyond the period provided under Section 137(1) of the Act	Rs.100 day

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 normal filing fees
More than 30 days and up to 60 days	4 times normal filing fees
More than 60 days and up to 90 days	6 times normal filing fees
More than 90 days and up to 180 days	10 times normal filing fees
More than 180 days and up to 270 days	12 times normal filing fees

As per the MCA’s recent notification, the company does not need to pay the additional fee till 31st December 31st, 2021

Annual Return – MGT 7/7A

Every company needs to prepare an annual return in the form of MGT-7/MGt-7A containing the particulars as they stood at the close of the financial year;

Form No.MGT-7 – Annual Return (other than OPCs and Small Companies

As per the Companies (Management and Administration) Amendment Rules, 2021, every company needs to file its annual return in Form No.MGT-7 except for One Person Company (OPC) and Small Company

New Form No.MGT-7A – Abridged Annual Return for OPCs and Small Companies

One Person Company and Small Company need to file an annual return in Form No.MGT-7A from the financial year 2020-2021 onwards

Due date of filing Form MGT-7/MGT-7A

Form MGT-7 is to be filed within 60 days from the date of the Annual General Meeting of the company. The due date for regulating the annual general meeting is on or before the 30th day of September following the close of every financial year. Therefore, the last date for filing form MGT-7/MGT-7A is generally the 29th of November every year. According to the MCA circular dated 29th October 2021, the companies can file annual returns till 31st December 2021 without any additional fee.

Fee for filing Form MGT-7/MGT – 7A

Company’s Nominal Share Capital	Fee applicable for MGT-7/MGT-7A
Less than 1,00,000	Rs.200
1,00,000 to 4,99,999	Rs.300
5,00,000 to 24,99,999	Rs.400
25,00,000 to 99,99,999	Rs.500
1,00,00,000 or more	Rs.600

For companies not having a nominal share capital, the government fee for filing Form AOC-4 is Rs.200.

Additional fee Period of delays	Fee applicable for MGT-7/7A
Up to 30 days	2 times of normal fees
More than 30 days and up to 60 days	4 times normal fees
More than 60 days and up to 90 days	6 times normal fees
More than 90 days and up to 180 days	10 times of normal fees
More than 180 days	12 times of normal fees

Click here to know more about the MCA Form No. MGT-7 and Form No. MGT-7A – 2021

Additional Fee for filing Form MGT-7/7A

Sl. No.	Period of delay	Additional fee payable (in Rs.)
01	Delay beyond the period provided under Section 92(4) of the Act	Hundred per day
02	Delay beyond the period provided under Section 137(1) of the Act	Hundred per day

In addition to the above, the following table of additional fees shall be applicable for delays in the filing of MGT-7A annual returns.

Sl. No.	Period of delay	Additional fee payable (in Rs.)
01	Delay beyond the period provided under Section 92(4) of the Act	100
02	Delay beyond the period provided under Section 137(1) of the Act	100