XBRL is a mandatory requirement for nearly all corporate firms to ensure compliance with the Ministry of Corporate Affairs. Being a widely adopted format in the corporate world, XBRL provides an encrypted method for sharing crucial financial information with the government, done by specialized software. In this blog post, we delve into the XBRL filing process and learn about the important due dates associated with the MCA, providing valuable insights for businesses. In this blog post, we will explore the process of filing XBRL and provide information on the important due dates associated with MCA.

We have compiled a calendar that includes all the Important Statutory Due Dates for Public Limited Companies and Private Limited Companies. There are several deadlines on this calendar, including XBRL Annual Return Due Dates, Event-Based MCA Due Dates, AOC-4 due dates., AOC-4 (XBRL) for IND AS based Financial Statement due date., Form CRA-4 due date., Form AOC-4 (NBFC) IND due date. & Form AOC-4 CFS (NBFC) IND due date and more.

Introduction About XBRL?

BRL is a language used for electronically exchanging business and financial records that brings a transformative impact on business reporting worldwide. It offers significant advantages in terms of preparing, analyzing, and communicating business reports. It brings cost savings, increased efficiency, and enhanced precision and dependability for all stakeholders involved in the provision or utilization of financial records. XBRL can be referred to as an eXtensible Business Reporting Language. It is already being implemented in several countries and is experiencing rapid growth on a global scale.

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.

Which Companies Need to Submit Financial Statements to the Registrar using XBRL Taxonomy?

The categories listed below are obligated to file their financial statements and related documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL, as specified in Annexure-I:

(i) Companies listed on Indian stock exchanges and their Indian subsidiaries.

(ii) Companies with a paid-up capital of five crore rupees or more.

(iii) Companies with a turnover of one hundred crore rupees or more.

(iv) All companies that are required to prepare their financial statements under the Companies (Indian Accounting Standards) Rules, 2015.

It is important to note that companies making their financial statements under the Companies (Accounting Standards) Rules, 2006 should file their statements through the Taxonomy furnished in Annexure-II, while companies making their financial statements under Companies (Indian Accounting Standards) Rules, 2015, should submit their statements through the Taxonomy furnished in Annexure-II A.

Key Components of XBRL Filing:

Before delving into the due dates, let’s understand the key components of XBRL filing:

1. Financial Statements: Companies are required to convert their financial statements into XBRL format. This includes the balance sheet, profit and loss statement, cash flow statement, and other relevant documents.
2. Taxonomies: XBRL taxonomies are predefined frameworks that define the elements and relationships in financial statements. These taxonomies serve as a standardized dictionary for reporting financial information.
3. Instance Documents: The prepared financial statements in XBRL format are encapsulated in instance documents, which are then submitted to the MCA.

Read Also: ROC (MCA) MGT 7 Annual Return Due Date

How Does XBRL (EXTENSIBLE BUSINESS REPORTING LANGUAGE) run?

XBRL exhibits the data readable, through the guidance provided from two documents 

1. Taxonomy and 
2. Instance document

Taxonomy states upon the objectives and their relationships based on the needs of the law. Using the taxonomy prescribed through the regulators, firms can 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: 

1. Balance Sheet
2. Profit and Loss Statement
3. Cash Flow Statement
4. Schedules associated with Balance Sheet and Profit and Loss Statement
5. Notes to Accounts
6. Statement following Section 212 of the Companies Act, 1956 relating to subsidiaries
7. 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 NBFC	30 days from the conclusion of the AGM	30 days from the conclusion of the AGM

Latest Update:

• “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 the Annual General Meeting for the F.y 2019-2020”

The Additional Late Fee Penalty:

NOTE: The 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, effective 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

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Watch The Complete Demo For Gen XBRL Filing Software