MCA Reporting
MCA Reporting
Ministry of Corporate Affairs' Requirements
In 2011, MCA mandated that Companies in India that meet any of the following criteria need to file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL.
All companies incorporated under the Companies Act, 1956 and having a paid up capital of Rs 50 million or more, or a turnover of Rs 1,000 million or more.
All companies that are listed in an Indian stock exchange and their Indian subsidiaries irrespective of their capital or turnover
Banking companies, Insurance companies, Power companies and Non-banking financial companies are exempt from this requirement.
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What are SEC Which companies should file in XBRL format with MCA?, and why are they important?
The MCA requirement of filing annual reports in XBRL format applies to :
The mandate for filing applicable to companies meeting the criteria above was released by MCA in March 2011. For updated information, please visit the MCA website
What documents need to be filed with MCA in XBRL format?
- Balance Sheet
- Profit & Loss Statement
- Cash Flow Statement
- Schedules related to Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement pursuant to Section 212 of the Companies Act, 1956 relating to subsidiaries
Recent Circular (Financial Year 2011-12):
- Cost Audit Report (Form I)
- Compliance report (Form A)
The MCA circular emphasizes that these reports, including overdue reports pertaining to previous years, are to be submitted in XBRL formats.
What taxonomy should be used in preparing XBRL documents for filing with MCA?
What is the deadline for filing XBRL documents with MCA?
What are the penalties for non-filing of AOC-4, and who is liable?
- Company: Faces a fine of Rs.1,000 for each day of default (up to a maximum of Rs.10,00,000).
- Directors, CFO, and Authorized Director: Liable to a minimum fine of Rs. 1 lakh and a maximum of Rs. 5 lakhs, or imprisonment for up to 6 months.