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An Overview of Form AOC-4

The Board of Directors of a company and its shareholders may conduct an evaluation of the firm's performance by using the company's financial statements as a reference. The financial statement of the company must be submitted to the Registrar of Companies using MCA form AOC 4 for each fiscal year. Within 30 days of its Annual General Meeting, the company must submit the form. All Indian registered companies are required to file Form AOC 4 for each fiscal year under the Company Act of 2013. Any lack or delay in completing the papers might subject the company to fines or penalties.

To account for the company's actions to its stakeholders, Financial Statements, disclosures, the Board's report, and the Auditor's report must all be used. Financial statements serve as the primary means of communication between the Board of Directors and the shareholders. During each fiscal year, the Registrar of Companies receives the financial statements on Form AOC-4. (ROC). The Company must present the AOC-4 CFS when submitting consolidated financial statements.

Form AOC-4: Eligibility for Filling the Form

  1. Financial Statements and Form AOC-4 must be submitted by every business.
  2. The financial statements should be submitted using Form AOC-4 Company, and any consolidated financial statements should be submitted using Form AOC-4 CFS.
  3. Every company subject to Section 135(1) of the Companies Act 2013 is obliged to submit a report on corporate social responsibility in Form CSR-2 as an attachment to Form AOC-4 or Form XBRL (Ind AS), as appropriate. On or before March 1, 2021, 0 AOC, after Forms CSR-, XBRL, or NBFC, as applicable, Form CSR-
  4. According to Regulations 2 and 3 of the Companies (Filing of Documents and Forms in Extensible Business Reporting Language), enterprises that are required to comply with this obligation must produce financial statements in XBRL format. The following categories of organizations must use e-Form AOC-4 XBRL to submit their financial statements and other supporting documentation:
  • All Indian corporations have stock market listings and their Indian subsidiaries.
  • All businesses with a minimum capital of 2 to 5 crores.
  • All businesses with a revenue of 100 crores or more.
  • According to the Companies (Indian Accounting Standards) Regulations, 2015, all businesses must prepare their financial accounts

      5. For the purpose of filing financial statements with the ROC, the Companies Act of 2013 establishes the following standards:

  • Financial statement adopted at the annual meeting, together with consolidated financial statements and supporting materials: Within 30 days of the annual general meeting, together with any charges that may be relevant. Note: For OPC reasons, the time period is determined as "2 + 3" days following the end of the financial year.
  • Within 30 days after the postponed annual general meeting, in addition to any applicable expenses or additional fees.
  • If financial accounts are not approved within 30 days of the annual general meeting, Note: Until the final financial statements have been presented, the financial statements and any associated papers shall be treated as preliminary.
  • In the event that the Annual General Meeting is not held, the fees and any additional fees must be paid within a period of 30 days beginning on the date that the AGM was supposed to take place. Financial statements, supporting documentation, and a justification for missing the annual meeting must be provided.
  • The annual meeting was originally scheduled to take place on October 9, but it was moved forward by 30 days due to unforeseen circumstances. This indicates that Form AOC-4 must be submitted by October 2 of the relevant Assessment year.

Advantages of Submitting Form AOC-4

The following are the advantages of submitting Form AOC-4:

  1. Financial statements are formal records of a company's financial position and operations. Financial statements give shareholders and investors information about a company's true financials. The fundamental objective of financial statements is to provide information to a diverse group of stakeholders on a company's financial health, progress, and changes in financial position.
  2. The Board of Directors communicates with its shareholders primarily via the Financial Statements that are prepared and submitted yearly. Financial statements, which must include the Board's Report and the Auditor's Report, are a required method of informing shareholders and the general public about a company's financial activities and status.
  3. Since they disclose the company's genuine situation and help with decision-making, financial statements are advantageous to all stakeholders, investors, and financial institutions.

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Tips for Filling Form AOC-4

Consider the following while submitting Form AOC-4:

Balance sheet data and details (Part A)

  • The CIN of the company must be entered. Using the company's name or registration number, you can get to the same place.
  • When you choose the "pre-fill" option, the information about your company, including its name, address, email address, and the year of establishment, will be filled in automatically. It is possible to modify the email address if it changes. In addition, the Authorized Capital and Number of Members as of the filing date will also be pre-populated.
  • It is necessary to provide both the beginning and ending dates of the fiscal year.
  • It is necessary to provide the date of the Board of Directors meeting that took place during which the financial statements and the report of the Board were approved.
  • It is necessary to maintain documentation of the date on which the auditors' reports on the financial statements were signed.
  • If an annual general meeting was held, the date of that meeting needs to be recorded.
  • The information about the holding company must be provided if the company in question is a subsidiary, and the information of the subsidiary must be entered if the company in question is a holding company. Sections 2 and 3 of The Companies Act 2013, under which the subsidiary was constituted, must be recorded.
  • Information required includes the auditor's name, membership number, and company registration number.
  • The Company Type and whether or not Schedule III of the Companies Act 2013 apply must be filled out properly.
  • The use of computerized accounting and the consolidation of financial accounts should be investigated.

Balance sheet data and details (Part B)

  • Part B goes into great length on the balance sheet and its financial elements. This has to be entered as well.
  • Financial Information Regarding the Income Statement.
  • This section is required to have a thorough Profit and Loss Statement as well as financial criteria.

Reporting on Corporate Social Responsibility, Part C

  • According to Section 135 of the Companies Act of 2013, CSR must be disclosed alongside income and assets.
  • It is required to disclose the average net profit that the company has made in Rupees over the course of the last three financial years.
  • The minimal budget for corporate social responsibility should be equivalent to 2 percent of the company's average net profit over the preceding three years. This should be represented in Indian Rupees.
  • Information regarding expenditure activities must be tabulated.
  • If the money was spent with the help of implementing organizations, their names, addresses, and contact information must be provided.
  • The "Enclosure of Responsibility statement of the CSR committee on implementation and monitoring of CSR policy to the Boards" report must include either positive or negative information.

Disclosure of Business Transactions Involving Related Parties, Part D

  • It is important that the specifics of every contract, even those that were not drafted within the confines of a typical commercial setting, be made public.

The auditor's report, Part E

  • Section 143 of the Companies Act 2013 requires notice if the CAG has commented on or amended the audit report (Applicable in case of Government Company).
  • The auditor's critical remarks and how CARO relates to the business must be included in this section.

Miscellaneous, Part F:

  • The two themes covered in this section are the application of the secretarial audit and the attachment of comprehensive disclosure of the directors' report.
  • Form AOC-4 Certification
  • A declaration attesting that all of the information on the form is honest, correct, and in compliance with the relevant regulations must be signed by the Director, Manager, Secretary, CEO, or CFO. The director or manager/CEO/DIN CFO or PAN is required to digitally sign the paperwork in order for it to be valid.
  • It is needed that a full-time practicing Chartered Accountant/Cost Accountant/Company Secretary sign a statement attesting to the correctness and completeness of the information included herein. This declaration may be found here. In addition to this, the licensed professional is required to give their membership number as well as their status, such as fellow or associate.

Due Dates of Form AOC-4 Filing for FY 2022-23

The AOC-4 form must be submitted by October 29, 2023, or within 30 days of the annual general meeting for financial years 2020-21. In addition, there is a fine associated with failing to submit the AOC-4 electronic form when it was required to do so. It should be brought to everyone's attention that the AOC-4 electronic form has to be filed within 30 days after the conclusion of the Annual General Meeting (In the case of OPC within 180 days from the end of the financial year).

E-Form

Purpose of Form

Periodicity

Last Date to File

Remark

AOC-4

Filing of Financial Statement of Company

Yearly

August 2023

If AGM of Company held between 1st April 2023 to 30th June 2023

AOC-4

Filing of Financial Statement of Company

Yearly

August 2023


If AGM of Company held between 1st July 2023 to 31st July 2023

Who is required to fill out Form AOC-4?

A financial statement in XBRL format may only be submitted under certain circumstances. For each fiscal year, the following companies are required to submit AOC-4 form XBRL:

  • The companies have paid Rs. 5 Crores or more in capital.
  • Companies having yearly revenues of Rs. 100 Crores.
  • Companies that are listed on the stock exchange in India and their subsidiaries.
  • Submission Fees for AOC 2 and AOC-4

The following factors are taken into consideration while determining the filing fee structure for AOC-4:-

  • For less than Rs 1,00,000, Rs 20,00 per document
  • 300 per document between 1,00,000 and 4,99,999-Rs.
  • Each document, the price ranges from Rs. 5,00,000 to Rs. 24,99,999.
  • Rs 600 per document for amounts more than Rs 1,00,00,000.
  • 200 rupees per document is the fee for a Company without share capital.

Penalties for Late Form Submission AOC-4

  • Starting on July 1, a fine of Rs. 100 will be charged for each day Form AOC-4 is not filed by the due date.
  • According to the Company Fresh Start Program, Forms AOC-4 for prior years may be submitted without incurring late fees until September 30, 2020.
  • There used to be a scale of penalties for not submitting E-forms AOC 2 and AOC 3 on time.
  • Delay up to 30 days and pay 2x the standard filing fee.
  • Up to 60 Days of Typical Filing Fees and 4 Times More Than 30 Days of Filing Fees
  • More than 90 days and up to 180 days - 10 times the regular filing costs
  • 12 times the standard filing fee for 180 days and up to 270 days
  • In accordance with the provisions of the Companies Act 2013, the Directors, Managing Director, or Chief Financial Officer of the company may be subject to criminal prosecution and imprisonment, or they may be required to pay a fine.

Regarding Validation and Accreditation:

The form's information has to be approved by the director, the manager, the chief financial officer, and the chief executive officer. If the information is correct and compliant with the law. E-form AOC-4 requires a digital signature from one of the following individuals:

  • Director
  • Manager
  • CFO
  • CEO

Frequently Asked Questions

This form is used to file the financial statements for each financial year with the Registrar of Companies.

Every private & public company can file Form AOC-4. Companies which needs to file their Financial Statements using XBRL under Section 149 of the Companies Act for Financial Year.

  • Balance Sheet
  • Profit & Loss Statement
  • Cash Flow Statement
  • Statement of Change in Equity
  • Reports from the Auditors
  • Reports from the Board
  • Corporate Social Responsibility Report, if any
  • Statement of Subsidiaries in Form AOC-1
  • Any other relevant documents

Rs. 10,000/- and in case of continuous failure with further penalty of Rs. 100 each day during which such failures continue, subject to a maximum of Rs 2 lakhs in case of a Company.

Yes, CA Certificate is compulsory for filing Form AOC-4 and it should be certified by a full time practicing CA/CS/Chartered Accountant.

The due date of filing AOC-4 is 30 days from the date of AGM held.

NBFCs and companies which are involved in power sector, banking, and insurance.

Both the forms are mandatory to be filed by the registered companies. However, AOC-4 Form is used to file the Financial Statements whereas MGT-7 Form is used to file Annual Return of the Company.

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