Company ROC & ITR 2021
File the Annual Returns
Before 30th September 2021
Companies registered in India need to file annual returns to the Registrar of Companies & the Income Tax Department. We help small businesses with the finalisation of their Balance Sheet & Profit and Loss Account. Our professional fee is reasonable, and we deliver quality and on-time service.+91-9899600605 Chat With Us
The Company Annual Return is the process by which a company files its annual report to the Registrar of Companies (ROC) and Income Tax Department for the previous year. These are mandatory filing and, if not complied, attracts severe penalty and other consequences under the law. The books of account or the financial statement plays a pivotal role to file the ITR and ROC Returns. In the following section, we discuss every aspect of the annual return of a company in a systematic manner.
The applicability and the last date of complying with several ROC filings and the company's income tax return are dependent on the company's date of incorporation. The Company ITR in the assessment year 2021-22 has to be filed for every company incorporated on or before 31st December 2021. The ROC Company Return is done on various dates after the company's Annual General Meeting's conclusion. We have prepared a ready reckoner on applicability and different due dates for company return for the financial year 2020-21, in the table below.
Incorporated in 2021 (between 1st Jan to 31st March 2021)
Incorporated in 2020 (between 1st Jan 2020 to 31st Dec 2020)
Incorporated in 2019 or Before
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The Due Date of Filing Company ITR is fixed on 30th September 2021 in the case it is not required to get its books of account audited, and for audit cases (whether statutory audit or tax audit), the last date is 31st October 2021 for all companies that are registered on or before 31st March 2021. For the ROC Returns, the due dates are based on the Annual General Meeting of the company. The Last date by which the AGM should be conducted is also determined by the incorporation date. Below is a ready reckoner for Due Dates of Company Returns.
|No.||Name of Annual Filing||Note on Due Date||Due Date (FY 2020-21)|
|1||Director KYC (DIR-3 KYC)||30th September of Next Financial Year||30 September 2021|
|3||Tax Audit||In case the turnover crosses Rs 1 Crore
[The turnover limit is Rs 10 Crore if 95% of transactions are through bank]
|30 September 2021|
|5||Form ADT-1 (Notice of appointment of auditor in AGM)||
|6||Form AOC-4 (Filing of Financial Statement of Company)||
|7||Form MGT-7 (Filing of Annual Return)||
|8||MGT-7A||Applicable only in case of OPC 60 days from the event date (Event date is 180 Days from the end of the FY)||28th Nov 2021|
The company's first ROC Annual compliance is to submit the directors KYC with the ROC (mca.gov.in), in the prescribed form DIR-3(KYC), if the director is filing the KYC to MCA for the first time. However, the directors who have already filed KYC in the previous financial year KYC can be filed through a web-based facility at the MCA Portal. The filing of KYC by every person who has been allotted a Directors Identification Number before 31st March 2021 is mandatory and must be filed before 30th September 2021.
There is no government fee for timely filing of the DIN KYC; However, if the due date is missed, then the DIN gets deactivated. A deactivated DIN may be activated on payment of a ROC fee of Rs. 5000/-. We urge all promoters to take the necessary steps to file the DIN KYC without waiting for the last date to avoid the late penalty.
Last Date of Filing Director KYC is 30 September 2021Avail 40% Discount Now
Financial Statement of Company
The books of account form the basis for preparing the Financial Statements at the end of the financial year for filing the ROC Return and the Income Tax Return. The company's financial statement is drawn in compliance with the accounting standards and in the prescribed format of Schedule III of the Companies Act, 2013, containing all necessary disclosures as is required under the law. We advise our customers to maintain their books of account using good accounting software and recent changes introduced by MCA. A company must use accounting software that can track changes in the accounts. Contact us if you need support in your accounting or software implementation; we are technical partners of Zoho Books and Quickbooks and help migrate data from Tally to any cloud-based accounting systems.
- Balance Sheet
- Profit & Loss Account
- Cash Flow Statement
- Notes to Account
- Statement of Changes in Equity
Statutory Audit of Company
The responsibility of preparing the company's financial statement is on the Board of Directors of the company. Before the AGM, a company's financial statements are required to be audited by the statutory auditor in the whole time practice and appointed as the company's auditors. Section 139 of the Companies Act, 2013 clearly provides that the statutory auditor must be an independent person and is not someone who is also providing consultancy or accounting services to the company. We have an independent panel of qualified and experienced chartered accountants available to be appointed as your company's statutory auditor. The auditor has to express an opinion on the financial statement, whether it reflects the true and fair view of the business or not.
Annual General Meeting (AGM)
The annual general meeting of a company is the meeting of the shareholders to conduct four significant business. The AGM is a statutory meeting under section 96 of the Companies Act, 2013. The company should hold its first AGM within nine months of the financial year's end and the subsequent AGM to be held within six months of the financial year's end. The gap between two AGM should not be more than fifteen months. We need to understand the meaning of Financial Year as it has been differently defined in the Companies Act, 2013.
Meaning of Financial Statement
Concerning an existing company, the financial year means ending on the 31st March for every financial year. However, for a newly incorporated company, if it is incorporated on or after 1st January, the financial year shall be a period starting the date of incorporation and ending with 31st March to the Next of Next March.
Consequences of Default in Annual General Meeting
Any default in relation to AGM or any provision in section 96 to 98 of the Companies Act, 2013, every key managerial personnel of the company shall be punishable with a file that may extend to Rs One Lakh. A penalty of Rs 5000 for every default day is imposed by the ROC in case of a continuing offence.
Income Tax Return of Company
The company is a distinct legal person and is an assessee under the Income Tax Act, 1962. Irrespective of its transactions or profitability, every company has to file its Income Tax Return in the prescribed form ITR-6 for the previous year. For example, every company incorporated on or before 31st March 2021 shall be filing its ITR during the FY 2021-22. For filing the company's income tax return, the financial statement and its audit should be completed.
Due Date of Filing ITR: The due date for filing the Company ITR is 31st October 2021 for the financial year 2020-21. For late filing of the ITR, you will have to pay a penalty of upto Rs 10,000/-
Belated or Revised ITR: The last date of filing late (belated) or revised ITR has been reduced for the FY 2020-21 by three months in the finance act, 2021. Thus the last date for filing the belated or revised ITR is 31st December 2021.
Form ADT-1 (Appointment of Auditor in AGM)
The annual general meetings are held to conduct four activities, such as approval of financial statements, declaration of dividend appointment of directors, and consider the auditor's appointment or reappointment. Form ADT-1 is prescribed eform for filing intimation to the ROC about appointments or changes in the company's statutory auditor. Within 15 days of the conclusion of the AGM, you must file form ADT-1 with the ROC. If delayed, it can be filed with an additional fee.
AOC - 4 (Filing of the Financial Statement)
A company is required to file its audited financial report along with the Director's Report with the ROC in the prescribed form AOC-4 within 30 days of conclusion of the AGM. Following is the list of documents that need to be attached with AOC-4 form while filing the same
- • Balance Sheet With Notes
- • Profit and Loss Account With Notes
- • Cash Flow Statement
- • Statement of Change in Equity
- • Auditor’s Report
- • Directors Report
- • CSR Report (If applicable)
- • Statement of Subsidiary in AOC-1
Certification of AOC-4: The eform AOC-4 is certified by Digital Signature of CFO, Director, Manager or CEO of the company. Further, the correctness of the form AOC-4 is to be certified by a Practicing CA, CS or CMA.
Delay in Filing AOC-4: If the financial statements and other documents are not filed in Form AOC-4 within 30 days from the date of conclusion of the AGM, However, if not filed, it can be filed with an additional fee of Rs 100 for each day of delay.
Consequences of Non-Filing of AOC-4: The filing of AOC-4 is a mandatory legal requirement under the companies act, 2013. In case a company fails to file the financial statement along with its attachments such as auditor report and directors report. The defaulting company is liable for a penalty of Rs. 1000 for each day of default subject to a maximum penalty of Rs 10 Lakhs.
Liability of Each director for Non Filing of AOC-4: For non-filing of AOC-4, every director and CFO is personally liable for a penalty of Rs One Lakh plus Rs 100 for each day of continuing default, subject to a maximum fine of Rs 5 Lakhs.
Annual Return of Company (Form MGT-7)
Every company needs to file an Annual Return to the ROC under section 92 of the companies act, 2013, within 60 days of the AGM's conclusion. Filing of MGT-7 is mandatory under law, and it is a statement summarising the company's key information. In the company's annual return, all the company's significant changes during the financial year are reported.
As said earlier, the filing of annual return is mandatory for all companies required to hold AGM. Even if the company has done nil transactions, the filing of Company ROC is compulsory.
Due Date & ROC Fee: the annual return is to be filed within 60 days of the AGM's conclusion; for the due date of AGM. The prescribed ROC filing fee for MGT-7 is only Rs 300 for a company having an authorised capital of Rs 1,00,000/-. However, if the annual return is not filed within its due date, then the company can still file MGT-7. However, an additional fee of Rs 100 shall be levied for each day of delay.
Annual Return of OPC (Form MGT-7A)
Recently, the MCA has introduced a new form for filing a One Person Company's annual return and prescribed a new form MGT-7A. The new form of MGT-7A is an abridged form of the regular annual return filing form and is introduced to simplify the OPC annual return filing.
Due Date of Filing MGT-7A for OPC: As there is no need to hold an AGM for an OPC, the event date for filing the annual return in MGT-7A is 180 Days after the end of the financial year. Thus, the ROC Annual Return filing for the OPC shall be 60 Days from the event date as mentioned earlier. For the financial year 2020-21, the due date for OPC Annual return is 28th November 2021.
Fee Prescribed: The prescribed filing fee of OPC annual return is Rs 300 for an OPC with an authorised capital of Rs 1,00,000/-. If the ROC Annual Return of the OPC is not filed within its due date (29th November 2021), then there shall be an additional fee of Rs 100 levied for each day of delay.
1. Cost of filing Company Annual Return
The overall cost of filing roc return and the ITR depends on several factors such as the number of transactions, GST Return reconciliation, and the client's particular situation. For ease of understanding, the cost of filing annual compliance for the company may be divided into Consultant Fee, ROC Fee and late fee, if any. On the first hand, the consultant fee is a very relative factor and depends on each case and the consultant CA, CS, CMA or the Corporate and Tax Lawyer.
2. ROC Fee Table
The filing fee of roc forms is based on the capital of the company, and you may find the applicable fee for the related form from below table of ROC Filing Fee as Per the authorised capital of the company
|Sl. No||Authorised Capital||Normal ROC Fee (Rs)|
|1||Less than 1,00,000||200/-|
|2||1,00,000 to 4,99,999||300/-|
|3||5,00,000 to 24,99,999||400/-|
|4||25,00,000 to 99,99,999||500/-|
|5||1,00,00,000 or more||600/-|
3. Late Fee
If a company fails in filing the required annual compliance, then a late fee shall be levied based on the below matrix.
|Sl. No||Compliance Filing Type||Late Fee / Additional Fee||Late Filing Allowed Until|
|1||Director KYC Late fee||Rs. 5000||Not Applicable|
|2||Company ITR||Rs. 1000 to Rs 10,000/-||31st December 2021|
|3||AOC-4||Rs 100 for each day delay||Upto 300 days of delay|
|4||MGT-7 / MGT-7A||Rs 100 for each day of delay||Upto 300 days of delay|
|5||ADT-1||Two to twelve times of normal fee (See table below)||Up to 300 days of delay|
4. Additional Fee Table for ADT-1 Late Filing
|Sl. No||Period of Delay||Additional Fee|
|1||Upto 30 days||2 times of normal fees|
|2||More than 30 days and upto 60 days||4 times of normal fees|
|3||More than 60 days and upto 90 days||6 times of normal fees|
|4||More than 90 days and up to 180 days||10 times of normal fees|
|5||More than 180 days||12 times of normal fees|
Frequently Asked Questions
What is the punishment for not maintaining the books of account?
The failure in complying with the requirement of preparing and maintaining the books of account of the company at the registered address results in Imprisonment of one year or with fine which shall not be less than 50,000 but may extend to 5,00,000.
Can I file a belated Income Tax Return for the Company?
In case the company could not file the ITR within its due date then still the ITR can be filed with a penalty ranging from Rs. 1,000/- to 10,000/-. However, late filed ITR is known as belated return. In case of belated ITR no loss of business or accumulated depreciation can be carried forward. It may be noted that the late ITR can be filed only upto 31st December of the of the assessment year (Changed with effect from AY 2021-22)
My company has no transaction, do I still have to file ROC Returns and ITR?
Yes, every company which is registered under the companies act must file the annual roc return and ITR within its due date. However, for newly incorporated companies, there is some relaxation on time of holding the AGM. To help companies with NIL or up to less than ten transactions during the financial year, we have straightforward pricing.
What are the documents required for filing an ROC Return for the company?
The essential documents are balance sheet, profit & loss account, and audit report for filing the ROC Returns. However, in the annual return of the company information concerning shares, registered address changes of any during the financial year. We would need all ROC filing done during the fiscal year.
When and where to conduct the AGM of the company?
The annual general meeting is generally conducted at the registered address of the company. However, an AGM can be held at any other address within the city where the company has its registered address. Please note that the AGM can not be held on a Sunday and public holiday and the best time is from 9:00 am to 6:00 pm.
What is the penalty if the company does not file its financial statement with the ROC?
According to 134 of the companies act, 2013, the company shall be fined any amount between Rs. 50,000 to Rs. 25,00,000 depending on case to case basis. Further, every key person in charge, including its directors, may be sent to imprisonment for a term of 3 years or fine between Rs. 50,000 to Rs. 5,00,000 or with both
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