In the changing world of governance it is crucial for businesses operating in India to prioritize compliance with statutory regulations. An important aspect of this compliance is the submission of returns and financial statements, to the Registrar of Companies (ROC). In this article we will explore the details of filing ROC annual returns for FY 2023 24. We will discuss deadlines and essential information that businesses and Limited Liability Partnerships (LLPs) must be aware of to avoid penalties and legal repercussions.
What is ROC Compliance?
The Registrar of Companies (ROC) functions, as an authority, within the Ministry of Corporate Affairs (MCA). Its primary role involves the upkeep and administration of records pertaining to companies registered in India. Furthermore it ensures that these companies comply with the regulations specified in the Companies Act of 2013. ROC annual compliance primarily involves the submission of annual returns and financial statements, among other documents, within stipulated timelines.
What is ROC Annual Return for FY 2023-24?
The ROC Annual Return, also referred to as Form MGT 7 is a filing obligation, for companies that are registered in India according to the Companies Act, 2013. The ROC Annual Return, which is also referred to as Form MGT 7 is a filing obligation, for companies that are registered in India under the Companies Act of 2013. It serves as a document that contains details about the financial and operational activities of the company within a specific fiscal year. Submitting the ROC return for the FY 2023 24 is an aspect of complying with corporate regulations in India and it must be done within the prescribed time frame to the Registrar of Companies (ROC).
Here’s a detailed look at the ROC Annual Return for FY 2023-24:
Purpose of ROC Annual Return (Form MGT-7):
The purpose of ROC Annual Return is given below:
Statutory Compliance:
The primary purpose of filing ROC annual return for FY 2023-24 is to ensure statutory compliance with the Companies Act, 2013. It serves as a legal obligation that all registered companies must fulfill.
Transparency:
The filing ROC annual return for FY 2023-24 promotes transparency and accountability by providing detailed information about the company’s financial health, governance structure, and ownership.
Public Disclosure:
Certain information included in the filing ROC annual return for FY 2023-24 is available for public inspection, allowing stakeholders, investors, and creditors to make informed decisions about the company.
The ROC Compliance Calendar for FY 2023-24
For businesses in India, compliance with filing ROC annual return for FY 2023-24 deadlines is non-negotiable. Missing these deadlines can result in hefty fines and legal repercussions. Therefore, it is imperative for companies and LLPs to familiarize themselves with the crucial due dates. Let’s take a closer look at the ROC compliance calendar for the financial year 2023-24:
1. FORM MSME-1 (Half Yearly Form for Outstanding Payment To MSME)
The first compliance requirement we’ll discuss is the filing of FORM MSME-1. This form is used to submit information about amounts owed to Micro, Small and Medium Enterprises (MSMEs). It needs to be filed every six months. The following are the deadlines:
- October 2022, to March 2023; The deadline is April 30th, 2023.
- April 2023, to September 2023; The deadline is October 31st, 2023.
2. FORM 11 (LLP) (Annual Return of Limited Liability Partnership)
Limited Liability Partnerships (LLPs) are also required to comply with filing ROC annual return for FY 2023-24 obligations. The annual return, known as FORM 11, must be filed within 60 days from the end of the Financial Year. For FY 2023-24, the due date for FORM 11 is 30th May 2023. LLPs must ensure they submit this return in a timely manner to avoid penalties.
3. FORM DPT-3 (Return of Deposit)
FORM DPT-3 is used by companies to report deposits, and it must be filed on or before 30th June. This form is crucial for maintaining transparency regarding the funds received by a company. Missing the due date can result in regulatory issues and fines. Hence, companies must ensure they file FORM DPT-3 by 30th June 2023.
4. FORM PAS-6 (To Be Filed by Unlisted Public Company for Reconciliation of Share Capital Audit Report on Half Yearly Basis)
Unlisted public companies need to file FORM PAS-6 to reconcile their share capital on a half-yearly basis. There are two periods of filing ROC annual return for FY 2023-24 to consider:
- The deadline, for the year ending on March 31 2023 is May 30 2023.
- Similarly, for the year ending on September 30 2023 the due date is November 29 2023.
- It is crucial for companies to adhere to these dates in order to ensure documentation of share capital. Paying attention to these deadlines is of importance.
It is crucial for companies to comply with this obligation in order to ensure documentation of share capital. It’s important to pay attention to these dates.
5. FLA (Annual Return to RBI)
Companies that have Foreign Direct Investment (FDI) or Overseas Direct Investment (ODI) must file the FLA (Annual Return to RBI). The due date for this annual return is 15th July 2023. This form helps the government monitor foreign investments in Indian companies.
6. DIR-3 KYC (KYC of Directors/Designated Partner)
Directors and Designated Partners of companies and LLPs must complete their KYC by filing DIR-3 KYC. For those holding DIN/DPIN as of 31st March 2023, the due date for KYC compliance is 30th September 2023. This ensures that the records of company officials are up to date and accurate.
7. FORM ADT-1 (Appointment of Auditor)
Appointing an auditor is a part of a company’s governance process. To document this appointment companies are required to submit FORM ADT 1 within 15 days after the Annual General Meeting (AGM) is completed. For AGMs held on 30th September 2023, the due date for filing FORM ADT-1 is 14th October 2023. Companies should make sure they adhere to this timeline to avoid any issues with their auditor appointments.
8. FORM AOC-4, FORM AOC-4 XBRL & FORM AOC-4 CFS (Filing of Annual Accounts)
Filing annual accounts is a core compliance requirement for companies. The due date for filing ROC annual return for FY 2023-24 these forms is as follows:
- Within 30 days of the conclusion of the AGM: Due by 29th October 2023.
- For One Person Companies (OPCs), within 180 days from the closure of the financial year: Due by 27th September 2023.
Companies, including OPCs, must ensure they meet these due dates to fulfill their financial reporting obligations.
9. FORM MGT-14 (Filing of Resolution of Board Report and Annual Accounts Adoption for Limited Company)
For limited companies, FORM MGT-14 is used to file resolutions of board meetings and the adoption of annual accounts. This form must be filed within 30 days from the date of the board meeting or within 30 days of passing the board resolution. Ensuring timely submission of FORM MGT-14 is vital for maintaining corporate records accurately.
10. FORM 8 (LLP) (LLP Statement of Account & Solvency)
LLPs are required to file FORM 8, known as the LLP Statement of Account & Solvency. This form must be filed within 30 days from the end of six months of the financial year. For FY 2023-24, the due date is 30th October 2023. LLPs should adhere to this timeline to report their financial status accurately.
11. FORM MGT-7/MGT-7A (FOR SMALL COMPANY/OPC) (Filing of Annual Returns)
Small companies and One Person Companies (OPCs) must file FORM MGT-7 or MGT-7A, depending on their category, for the filing of annual returns. The due date is within 60 days from the conclusion of the AGM, which, for AGMs held on 30th September 2023, is 28th November 2023. Compliance with this requirement is crucial for companies falling under these categories.
12. FORM CRA-4 (Filing of Cost Audit Report)
Companies receiving a cost audit report must file FORM CRA-4 within 30 days from the receipt of the report. Timely submission is vital for regulatory compliance, and companies should ensure they meet this deadline.
13. FORM BEN-2 (Return in respect of declaration u/s 90)
FORM BEN-2 is used to report declarations regarding beneficial interests. It must be filed within 30 days from acquiring such beneficial interest or within 30 days of the events occurring. Adherence to this timeline is essential for maintaining transparency in ownership structures.
Penalties and Additional Fees
Compliance with filing ROC annual return for FY 2023-24 deadlines is not to be taken lightly. Failure to file forms within the specified due dates can result in penalties and additional fees. The additional fees for E-form AOC-4 (XBRL and Non-XBRL) and E-form MGT-7 after the due date is Rs. 100 per day, effective from July 1, 2018. For other forms, the penalties are as follows:
- Up to 30 days: 2 times of normal fees
- More than 30 days and up to 60 days: 4 times of normal fees
- More than 60 days and up to 90 days: 6 times of normal fees
- More than 90 days and up to 180 days: 10 times of normal fees
- More than 180 days and up to 270 days: 12 times of normal fees
These penalties can add up significantly, underscoring the importance of meeting the filing ROC annual return for FY 2023-24 deadlines.
Conclusion
Adhering to ROC filing deadlines is not just a legal requirement; it is a fundamental aspect of corporate governance and responsible business conduct. The due dates for filing ROC annual return for FY 2023-24 are crucial milestones that businesses and LLPs must be vigilant about. Missing these deadlines can lead to financial penalties and legal complications, which can be avoided through meticulous compliance. In this ever-evolving regulatory landscape, staying informed and proactive is the key to ensuring seamless ROC compliance and maintaining the integrity of business operations.
