Overview - Company Annual Filings
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Company Annual Filing
Every company registered under the Companies Act is required to file certain returns with the registrar of companies annually. These yearly filings are mandatory for every registered Company whether the Company carries on business or not.
Every company registered under Companies Act, whether small, one-person company, private limited or public limited are required to file their returns with the registrar of companies annually to keep themselves updated about the working and management of the company.
Company Annual Filing - Due Date
Companies registered from 1st January to 31st December of a year are liable to file the Financial Accounts, Annual Return and Income Tax Return for the year ended on 31st March of the next year.
However, a company registered on or after 1st January of a year and before 31st March of that year has to file an Income Tax Return for the year ended on 31st March of that year.
1. Annual Financial Accounts
The annual financial statements shall be filed under the format and accounting standards prescribed and give a true and fair view of the state of affairs of the company. The company shall also consolidate the financials of its subsidiary and associates including that of foreign if they have any.
The financial statement after being duly adopted shall be filed along with the Board’s Report in Form AOC-4 within 30 days of the Annual General Meeting (AGM). However, an OPC shall file their financials by 27th September (180 days from closure of financial year). Companies falling under the ambit of the secretarial audit shall attach the report in Form MR-3 along with the Board’s Report wherever applicable.
Certain classes of companies are required to report the financials in XBRL form. Such companies which have filed their financials in XBRL format shall continue to report in the same format, though they do not fall under such class of companies in the following years.
2. Annual Return
Annual Return under Companies Act is a yearly Return containing the general particulars of the company on the close of the financial year such as details of its registered office, business activities, particulars of its holding, subsidiary companies, shares, debentures and other securities and shareholding pattern, members and debenture-holders along with changes therein, promoters, directors, key managerial personnel along with changes therein, meetings of members or a class thereof, Board and its various committees along with attendance details, remuneration of directors and key managerial personnel, penalty or punishment imposed on the company, matters relating to certification of compliances, disclosures etc.
Annual Return in Form MGT-7 has to be filed within 60 days of the Annual General Meeting (AGM).
3. Income Tax Return
As per the Income Tax Act, every company is required to close its financial year on 31st March every year and file returns with the Income Tax Department.
Every Company is required to file Income Tax Returns every year mandatorily whether they do business or not. If the annual turnover of a business is more than Rs.100 lakhs, the accounts have to be audited by a qualified Chartered Accountant as required under the Income Tax Act as well.
Timeline for Company Annual Filing
1. Registrar of Companies
A. One Person Company (OPC)
Name.of.Return | | Contents | | Timeline | | Last Date |
Form AOC4 | Audited Accounts with Directors Report and Auditors Report | 180 days from 31st March | 27 September |
Form MGT7 | Annual Return | 60 days from AGM | 26 November |
DIN KYC | Yearly KYC for Directors | -- | 30 September |
B. All Companies other than OPC
Name.of.Return | | Contents | | Timeline | | Last Date |
Form AOC-4 | Audited Accounts with Directors Report and Auditors Report | 30 days from AGM | 29 October |
Form MGT-7 | Annual Return | 60 days from AGM | 29 November |
DIN KYC | Yearly KYC for Directors | -- | 30 September |
2. Income Tax Return
Criteria | Last date for filing |
If Company Accounts is NOT required to be audited | 31 August |
If Company Accounts is required to be audited | 30 September |
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Company Annual Filing - Requirements
Preparation of final accounts and appointment of secretarial auditor
Auditing of Accounts
Preparation of Board’s Report
Approval of Accounts and Boards Report by the Board
Convening of AGM and getting approval from shareholders.
Filing of Financials and Annual Return with ROC.
Company Annual Filing Process
Preparation of Final Accounts
Prepare the final accounts for the financial year ended for board’s approval.
Auditing of accounts
Get the accounts audited by the statutory auditor of the company.
Preparation of Directors Report
Prepare Board’s Report with specified information.
Convene Board Meeting
Convene Board Meeting for to approve the accounts, Board’s Report and issue notice to the shareholders along with audited accounts, board’s report, secretarial audit report.
Convene AGM
Convene AGM and pass resolution approving final accounts and other ordinary / special business (if any).
Preparation of Minutes
Prepare minutes of Board meeting and AGM and get it vetted by professionals.
Filing of AOC-4 (Company Accounts)
File the financial statements with ROC in form AOC-4 within 30 days of AGM with Financial statements along with audit report, Board’s report
Filing of Form MGT -7 (Annual Return)
Annual Return in Form MGT-7 has to be filed within 60 days of the Annual General Meeting (AGM).
Documents Required
Annual Financial Accounts
- Preparation of Annual Financial Accounts
- Audit of Accounts by CA
- Preparation of Directors Report
Annual Return (Form MGT-7)
- Preparation of Form MGT-9 (Abstract of Annual Return as part of Directors Report)
- List of Shareholders and Transfers to be attached to Annual Return
- Annual Return to be Certified by Practising Company Secretary (All Companies other than OPC and Small Company)
- Annual Return - Form MGT-7 to be filed with ROC within 60 days of AGM
Annual General Meeting (AGM)
- Ordinary Business Items for AGM
- Special Business Items for AGM (Other than Ordinary Items)
- Draft Resolutions / Explanatory Statements for AGM Notice
- Deliver Notice of AGM in time (21 days or as per Articles)
- Convene AGM, Pass the resolutions and prepare Minutes
Income Tax Return (ITR)
- All Companies to file Income Tax Return on or before 30th Sept
- IT Audit required, if company turnover is more than Rs.1 Crore.
- Delay in Filing ITR will attract penalty
Company Annual Filing
Preparation of Annual Financial Accounts
Audit by Chartered Accountant
Preparation of Directors Report
Convene AGM
Filing of AOC-4
Filing of MGT-7
Income Tax (IT) Return
