An Overview of Form MGT-7
Every single firm is obligated to provide the Registrar of Companies with an annual return. Companies are required to make an annual return using form FORM MGT-7. The Ministry of Corporate Affairs (MCA) requires all companies to provide information for their annual return by utilizing the digitized form FORM MGT-7. This requirement applies to all companies.
The MCA creates separate yearly return forms for One-Person Companies (OPCs) and Small Businesses to use in filing their taxes. All companies are required to submit their annual reports using form FORM MGT-7 in line with Section 11(1) of the Companies (Management and Administration) Regulations, 2014; on the other hand, OPCs and small enterprises are required to submit their reports using form FORM MGT-7A.
Beginning with the financial year 2020-21, OPCs and small enterprises will be required to use the FORM MGT-7A form for yearly reporting purposes. Under the Corporations (Management and Administration) Amendment Regulations, 2021, the Ministry of Corporate Affairs was given the responsibility of developing this form.
Is it necessary for your Company to submit the Form MGT-7A Form electronically?
On the other hand, the following are not considered to be small businesses:
What does it mean to submit the FORM MGT-7A Electronic Form?
Necessary Necessary Papers to Submit an Online FORM MGT-7A Filing
To complete your submission, please use the area provided to upload digital copies of the following files to the e-form FORM MGT-7A:
Book a Free Consultation
Get response within 24 hours
Submission Deadline for the Electronic Form MGT-7A
While submitting FORM MGT-7, OPCs and small firms are also obliged to submit e-form FORM MGT-7A as part of their submission. Regardless of whether or not the annual general meeting (AGM) was held, the annual return (FORM MGT-7 or FORM MGT-7A) is required to be presented within sixty days after the date of the AGM. This is required under the Act, specifically section 92(4).
The following is a transcription of the act's section 92(4) in its original language:
Section 92 of the Companies Act
Businesses are required to submit annual returns (FORM MGT-7) in accordance with the terms of Section 92(1) of the Companies Act. A copy of Section 92 has been provided for your convenience and may be found attached here.
When is it necessary for me to turn in the FORM MGT-7A?
The FORM MGT-7A must be submitted electronically within sixty days of the date of the annual general meeting in order to satisfy the deadline (AGM). Which is as follows:
It is really necessary to compile by the deadlines and the correct procedure to fill in the details on the form. As the form should be correct and true to the best of the knowledge and ability of the firms. Wrong filling of the details can attract consequences such as penalties as well. It is required and holds utmost importance that MGT7 should be filled. It is also of importance due to the fact that transparency is maintained and that the firms are abiding by the laws and do not indulge themselves in any kind of malpractice.
Frequently Asked Questions
AOC-4 Form is used to file the Financial Statements of the Company and MGT-7 Form is used to file the Annual Return of the Company.
Every company registered under the Companies Act 2013 and Companies Act 1956 are eligible to file MGT-7 Form.
This form is for OPC and small company to file their Annual Return.
This is required to be signed by both the Director and Company Secretary.
Yes, it is compulsory to file MGT-7 Form, all the registered companies must file the MGT-7 Form every year doesn't matter if the company is private or public.
Imprisonment for a term which shall not less than 6 months but which may extend upto 10 years and shall be liable to fine which shall not be less than the amount involved in the fraud but which may extend to 3 times the amount involved in the fraud.