An annual filing report is a whole and extensive report of a company’s activities during the previous year. Annual reports are required to give complete information about the company’s activities and financial performance to all the stakeholders associated with the business. The annual filing includes various reports such as general corporate information, operating and financial reviews, director’s reports, financial statements, accounting policies, and others. In fact, in many cases, a business must disclose its annual filing reports. An annual report is a comprehensive report on a company’s activities throughout the preceding year. Annual filings are intended to give shareholders and other interested people information about the company’s activities and financial performance. They may be considered as grey Most jurisdictions require companies to prepare and disclose annual reports, and many require the annual report to be filed at the company’s registry. Companies listed on a stock exchange are also required to report at more frequent intervals (depending upon the rules of the stock exchange involved).
Companies in India must conduct an Annual General Meeting at the end of each financial year and file an annual filing return with the Ministry of Corporate Affairs to maintain compliance. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from the date of incorporation or 9 months from the date of closing of the financial year, whichever is earlier. Subsequent Annual General Meeting should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and ends on 31st March. So a Company’s annual return would be on September 30th.
Annual Filing Report
Annual filing return consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account, Compliance Certificate, Registered Office Address, Register of Members, Shares and Debentures details, Debt details, and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship, and details of transfers of securities.
volody can help file your Company’s annual filing return in India. The annual filing reflects important details about the company and revises its structure. The capital structure of the company on master data, if there are any changes in directorship, and also the transfer of securities till the date of AGM.
Filing status is a very important factor in the determination of taxable income. It’s a category that defines the type of tax return form any individual will be using. Filing status is primarily based on the family and marital status of an individual.
Annual filing requirements for a private limited company in India state that all the companies doing any business in India are supposed to file particular documents with the government authorities by the Companies Act of 2013 and various other laws that are applicable. The annual filing needs to be done timely and a company may also have to file an Income Tax return, if applicable. As part of Annual Filing, companies including subsidiaries of foreign companies, joint ventures, and others under the Companies Act are required to file documents that follow along with e-forms with the Registrar of Companies :
- Balance-Sheet Form 23AC to be filed by all companies
- Profit & Loss Account Form 23ACA to be filed by all companies
- Annual Return Form 20B to be filed by companies having a share capital
- Annual Return Form 21A is to be filed by companies without share capital
- Compliance Certificate Form 66 to be filed by companies with paid-up capital between Rs 10 lakhs and 2 crores
Important things that have to be remembered during Annual Filing are a balance sheet and profit and loss account are filed separately, each e-form along with the attachment should be less than 2.5 MB, it is advised to use text files/Excel sheets, and finally the MCA21 database in respect to Authorised capital and Paid up capital may not be correct and companies are requested to apply for correction but also to declare the correct amounts without waiting for a formal correction in database.
The companies can do the Annual e – filing in 3 ways
1. MCA21 portal through the Annual Filing process link.
2. The company representative can prepare the e-form following the guidelines, copy it onto a CD, and go to the nearest Temporary Facilitation Offices.
3. Company representatives can contact any of the Certified Filing Centers (CFCs).
New advancements in 2015
The electronic versions of Forms AOC-4, AOC-4 XBRL, AND MGT-7 are being developed and shall be made available for electronic filing. It had been decided to relax the additional fee payment on forms.
Further, a company that is not required to file its financial statement in XBRL format and is required to file its CFS would be able to do so in a separate form for CFS without additional fees.
Annual filing fees:
Nominal share capital Normal fee to be paid for Annual Filing return (form MGT7)
Less than Rs.1 lakh 200
Rs.1 lakh – less than Rs.5 lakh 300
Rs.5 lakh -less than Rs.25 lakh 400
Rs.25 lakh- less than Rs.1 crore 500
More than Rs.1 crore 600
Additional fee to be paid if there is a delay in Annual Filing
Period of delay Additional fee
Up to 30 Days 2 times the Normal Fees
More than 30 days and Up to 60 Days 4 times the Normal Fees
More than 60 days and Up to 90 Days 6 times the Normal Fees
More than 90 days and Up to 180 Days 10 times the Normal Fees
More than 180 Days 12 times the Normal Fees
Annual filing of LLP
Every LLP that is registered with the Ministry of Corporate Affairs has to complete the procedure of Annual Filing.
There are three main components Annual return of an LLP is due within 60 days of the close of the financial year. The annual return of an LLP is due on or before May 30th of each financial year. Late annual filing or non-filing of LLP Annual filing Return or Statement of Accounts and Solvency before the due date will attract a penalty of Rs.100 for each day of default
1. Annual Filing of return
The annual filing return (Form 11) is a summary of LLP’s partners. Any changes in the management are included. Every LLP is required to file it with the Registrar within 60 days from the closure of the financial year.
2. Statement of accounts All LLPs are required to maintain Books of Accounts in the Double Entry System and have to prepare a statement every year.
3. Filing income tax returns of the LLP LLP is a separate legal entity so with the partner’s income tax return annual filing the LLP income and calculating tax liability and paying taxes is essential.
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Audit Requirement under LLP Act: Only those LLP whose annual turnover exceeds Rs. 40 lakhs or whose contribution exceeds Rs. 25 lakhs are required to get their accounts audited by a qualified Chartered Accountant.
Audit requirement under the Income Tax Act: Audit of accounts is a mandatory requirement under the Income Tax Act when the annual turnover of LLP is more than one hundred lakhs rupees.