MGT 7 Form is to monitor the annual return details of a company. While the rest of the information is for general interest, the concerned individuals must know the upcoming filing form MGT 7 annual return Due Date for FY 2023-24 to avoid any penalties. The MGT 7 needs to be filled by all the businesses in electronic form provided by the Ministry of Corporate Affairs (MCA). The form is further managed via electronic modes by the Registrar of Companies working under MCA legislation.
Every year a registered company is required to file an annual return with ROC. The same return includes the basic data of the company, its shareholders, directors, etc. as of the deadline of the fiscal year 31st. For all registered companies it is crucial compliance to file the yearly return in Form MGT-7.
For filing the yearly return details MGT-7 is an electronic form furnished via the Ministry of Corporate Affairs to all corporates. Registrar of Companies maintains the same e-form through the electronic mode based on the statement of correctness provided by the company.
The annual return due date of MGT 7 has to be furnished in 60 days after the annual general meeting (AGM). The e-form is managed by the ROC (Registrar of Companies) by various tax solution companies including authorized Gen CompLaw (ROC & MCA filing software) as per the MCA rules and guidelines.
What is the Eligibility to Furnish Form MGT 7?
MCA mandates all private and public companies registered as a businesses in India to furnish MGT 7 each year for their annual returns. Now let us find the eligibility to furnish the MGT 7:
- Private Limited Company
- Public Limited Company
- One person Company
Who is obligated to file the form?
- All companies, whether public or private which are registered in India should file Form MGT-7 every year.
- One-person companies (OPC) introduced in the Finance Act 2021 are also mandated to file the annual return in Form MGT-7.
- A company files the Form MGT-7 for its annual return.
What are the results of non-filing the form?
In 2018 for not filing a yearly return the penalty surged to Rs 100 (Rupees Hundred) per day of default. Therefore, it must be assured that the annual return in this form is filed before the deadline.
The penalty for non-filing of Form MGT-7 for company and its every officer who is in default shall be Rs. 10,000 and in case of continuing failure, with a further penalty of Rs. 100 for each day during which such failure continues, subject to a maximum of Rs. 2,00,000 in the case of a company and Rs. 50,000 in the case of an officer who is in default.
Note: If a company secretary in practice certifies an invalid form then a penalty of Rs. 2,00,000 shall be applicable.
Format
Under the “Annual filing e-forms” category of the MCA portal, the form can be downloaded from here.
Which attachments are needed to file this form?
The same e-form could be filled by attaching the scanned copy of the documents under the attachments head. It is at the bottom of the form. The needed attachments are-
- List of shareholders, debenture holders
- List of Directors (In case of MGT-7A)
- Approval letter for extension of AGM;
- Copy of MGT-8;
- Optional Attachment(s), if any
What is the Objective of the E-Form MGT-7?
An annual return in the form MGT-7 is been prepared by every company that poses the details as they stood at the close of the fiscal year. Such information consists of-
- The registered office, principal business activities, particulars of its holding, subsidiary and associate companies;
- The shares, debentures, other securities, and shareholding pattern of the company;
- Company Indebtedness
- The members and debenture-holders including with alterations linked to them since the end of the previous fiscal year;
- The promoters, directors, and key managerial personnel including with alterations linked to them since the close of the previous fiscal year;
- Members meet or a class thereof, Board and its distinct committees including with the attendance information;
- Remuneration of directors and key managerial personnel;
- Penalty or punishment levied on the company, its directors or officers and particulars of compounding of offences and appeals made against such penalty or punishment
- The cases for the certification of compliances and disclosures as defined,
- Its Shareholding pattern
- These additional cases as needed in the form.
MGT 7 (MCA) Form Filing Fees
The filing fee depends upon the Nominal share capital of the company. Fee applicable for companies having different share capital are as follows:
| Nominal Share Capital | Fee applicable |
|---|---|
| Less than 1,00,000 | Rupees 200 |
| 1,00,000 to 4,99,999 | Rupees 300 |
| 5,00,000 to 24,99,999 | Rupees 400 |
| 25,00,000 to 99,99,999 | Rupees 500 |
| 1,00,00,000 or more | Rupees 600 |
Additional fee
| Period of delays | Fee applicable |
|---|---|
| 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 | 12 times of normal fees |
The amount of fee has been surged with a rise in the share capital of the company. You are enable to fetch the complete list here. The same should be paid by the company at the time of filing the yearly return MGT 7 with ROC. The MGT 7 filing Fee is Rs. 200 for the companies that do not secure a share capital.
What is The Deadline or MGT 7 Due Date for FY 2023-24:
- The filing of Form MGT 7 is required within 60 days starting from the date of the AGM.
- The annual general meeting must be conducted on or before September 30th following the close of each Financial Year.
- The deadline for filing Form MGT 7 for FY 2022-23 is November 28, 2023.
- Form MGT 7 must be filed by 28th November 2024, for FY 2023-24.
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