{"id":40084,"date":"2022-02-14T11:18:57","date_gmt":"2022-02-14T05:48:57","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=40084"},"modified":"2022-02-14T11:19:00","modified_gmt":"2022-02-14T05:49:00","slug":"mca-extends-due-date-for-filing-mgt-7-and-aoc-4-for-fy-2020-21","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/mca-extends-due-date-for-filing-mgt-7-and-aoc-4-for-fy-2020-21\/","title":{"rendered":"MCA Extends Due Date for Filing MGT-7 and AOC-4 for FY 2020-21"},"content":{"rendered":"\n

The Ministry of Corporate Affairs (MCA)\nhas extended the due date for MGT-7 and AOC-4 for the financial year 2020-21.\nIn continuation to the MCA’s circular released on 29.10.2021, keeping in view\nthe concerns of various stakeholders regarding the relaxation of levy of\nadditional fees for return filings\/annual financial statement required to be\ndone for the FY ended on 31.03.2021<\/p>\n\n\n\n

Besides, the MCA has also decided that no\nadditional fees shall be imposed up to 15th February 2022 for the filling of\nAOC-4, AOC-4 XBRL, AOC-4 (CFS), AOC-4 Non-XBRL, & up to 28th February 2023\nfor filling MGT-7\/MGT-7A in respect of the FY ended on 31st March 2021\nrespectively. During the period above, the authority shall charge standard fees\nfor filling the said e-forms.<\/p>\n\n\n\n

Let’s explore the role of MGT-7 and AOC-4\nindividually. <\/p>\n\n\n\n

An\noverview of AOC-4<\/h2>\n\n\n\n

Financial statements serve as a formal\nrecord of the organization’s financial position and financial operations.\nFinancial statements facilitate details of great significance to the concerned\nstakeholders and potential investors. It offers a clear picture of the\ncompany’s affair for a given financial year.<\/p>\n\n\n\n

Mandatory disclosure via financial\nstatement including board and auditor’s report is a method of facilitating\ninformation to the shareholder & the masses about the financial standing\nand operation of the organization so as to empower its member to make informed\ndecisions to ensure future growth.<\/p>\n\n\n\n

The financial statement of an\norganization is needed to be filed with RoC along with the Form viz AOC-4 on a\nyearly basis within 30 days of its AGM.<\/p>\n\n\n\n

In addition to the Form, the documents such as auditor report, board report, details of CSR policy<\/strong><\/a>, statement of subsidiaries in Form AOC-1, etc. are filed. <\/p>\n\n\n\n

According to section 137(1) of the\nCompanies Act, 2013, every incorporated entity is mandated to file with an RoC\na copy of financial statements, along with relevant documentation as cited\nunder the Act, duly adopted at the AGM within thirty days of such AGM.<\/p>\n\n\n\n

What\nrole does MGT 7 Form serve?<\/h2>\n\n\n\n

MGT-7 refers to a digital form accessible to all the MCA<\/strong>[1]<\/strong><\/a><\/sup> registered companies to file details of their annual return. The RoC, i.e. Registrar of Companies, maintains such a form via digital medium and on the basis of the statement of correctness facilitated by the organization. All MCA-registered entities pan India should file MGT-7 every year. It is a legal compulsion for all MCA-regulated companies to file annual returns via Form MGT-7. A penalty of Rs 100\/day shall be levied on the defaulting company in case of late filing of an annual return. <\/p>\n\n\n\n

Conclusion<\/h2>\n\n\n\n

MCA’s decision to extend the due date of\nfiling MGT-7 and AOC-4 has come to effect because of the rising concerns among\nthe stakeholders regarding the relaxation of imposition of additional fees for\nreturn filings.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ministry of Corporate Affairs (MCA) has extended the due date for MGT-7 and AOC-4 for the financial year 2020-21. In continuation to the MCA’s circular released on 29.10.2021, keeping in view the concerns of various stakeholders regarding the relaxation of levy of additional fees for return filings\/annual financial statement required to be done for […]<\/p>\n","protected":false},"author":22,"featured_media":40092,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[120],"tags":[2119],"acf":{"service_id":"321"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":6357,"readingTime":2,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40084"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=40084"}],"version-history":[{"count":13,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40084\/revisions"}],"predecessor-version":[{"id":40098,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40084\/revisions\/40098"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/40092"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=40084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=40084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=40084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}