What is XBRL?
It is a language for e-communication of financial and business information for reporting the business. The companies through this standardised communication language which is in electronic form can express, report or file financial statements. But the only way of presentation and reporting is XBRL. It does not try to execute any modifications in the content to be published. However, these all can be done with the help of a solid XBRL software. XBRL filing is required to be done on time and here we are engraving the timeline and due dates for filing XBRL according to the MCA’s demand.
Applicability of XBRL filing
The published types of firms will furnish the financial statements and other documents under section 137 of the Companies Act, 2013 with the Registrar in E-form AOC-4 XBRL
- All public companies listed on the stock exchange in India and their Indian subsidiaries.
- All businesses who have a turnover of Rs 100 crores or exceed.
- All companies who possess a paid-up capital of Rs 5 crores or exceed it.
- The businesses are urged to build the financial statements as per the norms of Companies ( Indian Accounting standards) rules, 2015.
But the Non-banking financial companies, Housing finance companies and Companies involved in the business of the banking and insurance sector are privileged from the furnishing of the financial statements beneath these regulations:
Beneath section 137 the firms who have furnished their financial statements in XBRL can carry on furnishing their financial statements along with the other credentials in XBRL only, however, they might cease to fall beneath the section of the firms as listed below.
How does XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE) run?
XBRL exhibits the data readable, through the guidance provided from two documents
- Taxonomy and
- Instance document
Taxonomy states upon the objectives and their relationships based on the needs of law. Using the taxonomy prescribed through the regulators, firms to navigate the reports and create a valid XBRL quicker document. The steps of mapping consist of matching the concepts as reported through the firms to the identical element in the taxonomy. Moreover to assign an XBRL tag through taxonomy, details such as measurement unit, period of data, the scale of reporting etc. is urged to be engaged in the instance document.
The Credentials Needed for XBRL for MCA
Below are the mentioned documents required to furnish inside the XBRL format:
- Balance Sheet
- Profit and Loss Statement
- Cash Flow Statement
- Schedules associated with Balance Sheet and Profit and Loss Statement
- Notes to Accounts
- Statement following Section 212 of the Companies Act, 1956 relating to subsidiaries
- Audit and Annual Report
XBRL Filing Due Dates for FY 2022-23
|Name of E-form||Purpose of E-form||Due date of Filing||Due date for FY 2022-23|
|Form AOC-4 (XBRL)||Filing of Annual Accounts in XBRL mode||30 days from the conclusion of the AGM||29 October 2023|
|Form AOC-4 (XBRL) for IND AS based Financial Statement||Filing of Annual Accounts based on Indian Accounting Standard in XBRL mode||30 days from the conclusion of the AGM||29 October 2023|
|Form CRA-4||Filing of Cost Audit Report||30 days from the receipt of the Cost Audit Report||30 days from the receipt of Cost Audit Report|
| Form AOC-4 (NBFC)|
IND and Form AOC-4
CFS (NBFC) IND
| Filing of Annual Accounts based on|
Indian Accounting Standard for
Non-Banking financial institutions
| 30 days from the conclusion of the|
|30 days from the conclusion of the AGM|
- “MCA department has issued a circular no. 16 regarding due date extension for the filing of e-forms AOC-4, AOC-4 (CFS), AOC-4 XBRL AOC-4 Non-XBRL till 15th March 2022 and MGT-7, and MGT-7A till 31st March 2022. Read Circular
- “MCA has provided relaxation on the levy of additional fees for all AOC-4 e-forms for F.Y 2019-2020 till 15.02.2021”. Read PDF
- “The last date for filing E-form-MGT 07 is within 60 days from the date of Annual general Meeting for the F.y 2019-2020”
Company law Relevant Differences Due to COVID-19 by Govt. of India
- “Relaxation of additional fees and extension of last date of filing of CRA-4 (form for filing of cost audit report) for FY 2019-20 under the Companies Act, 2013”. Read circular no. 38/2020 | Read circular no. 29/2020
- A huge relief has given to the companies by the MCA department. The government has revised the timeline for holding Annual General Meeting till 31st December from 30th September. Read Official Press Release
- “Here is the clarification for the same as the last date of conducting the AGM (Annual General meeting) is not 31.12.2020 for every company it depends on the due date of the Annual General meeting of each company”. Read more
- “Clarification on Extension of Annual General Meeting (AGM) for the financial year ended 31.03.2020, Companies Act, 2013” Read Circular
- “No additional fees shall be charged for late filing during a moratorium period from 01st April to 30th September 2020, in respect of any document, return, statement etc., required to be filed in the MCA-21 Registry, irrespective of its due date, which will not only reduce the compliance burden, including financial burden of companies/ LLPs at large, but also enable long-standing non-compliant companies/LLPs to make a ‘fresh start’;”
- “The mandatory requirement of holding meetings of the Board of the companies within prescribed interval provided in the Companies Act (120 days), 2013, shall be extended by a period of 60 days till next two quarters i.e., till 30th September;”
- “Applicability of Companies (Auditor’s Report) Order, 2020 shall be made applicable from the financial year 2020-2021 instead of from 2019-2020 notified earlier. This will significantly ease the burden on companies & their auditors for the year 2019-20.”
- “As per Schedule 4 to the Companies Act, 2013, Independent Directors are required to hold at least one meeting without the attendance of non-independent directors and members of management. For the year 2019-20, if the IDs of a company have not been able to hold even one meeting, the same shall not be viewed as a violation.”
The Additional Late Fee Penalty:
NOTE: Additional Fee for E-form AOC-4 (XBRL and Non-XBRL) and E-form MGT-7 after the due date is INR 100 per day with effect from 1st July 2018.
For Other Documents, Files & Forms Etc
|Period of Delays||Fees|
|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|