XBRL Filing Due Dates with MCA for FY 2020-21 | CA Portal

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XBRL Filing Due Dates with MCA for FY 2020-21

XBRL Filing Due Dates

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 the 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 in the stock exchange in India and their Indian subsidiaries.
  • All businesses who has a turnover of Rs 100 crores or exceed.
  • All companies who posses a paid up capital of Rs 5 crores or exceeding to it.
  • The businesses who 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 banking and insurance sector are privilaged from furnsihing of the financial statements beneath these regulations:

Beneath section 137 the firms who has furnished their fiscal 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 

  1. Taxonomy and 
  2. 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 creat a valid XBRL quicker document. The steps of mapping consists of matching the concepts as reported through the firms to the identical element in the taxonomy. Moreover to assign XBRL tag through taxonomy, details such as measurement unit, period of data, 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 to Balance Sheet and Profit and Loss Statement
  5. Notes to Accounts
  6. Statement following to Section 212 of the Companies Act, 1956 relating to subsidiaries
  7. Audit and Annual Report
XBRL Return Software

XBRL Filing Due Dates for FY 2020-21

Name of E-formPurpose of E-formDue date of FilingDue date for FY 2020-21
Form AOC-4 (XBRL)Filing of Annual Accounts in XBRL mode30 days from the conclusion of the AGM29 October 2021
Form AOC-4 (XBRL) for IND AS based Financial StatementFiling of Annual Accounts based on Indian Accounting Standard in XBRL mode30 days from the conclusion of the AGM29 October 2021
Form CRA-4Filing of Cost Audit Report30 days from the receipt of Cost Audit Report30 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 has provided relaxation on the levy of additional fees for all AOC-4 e-forms for FY 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 FY 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. 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 requirement to create a Deposit reserve of 20% of deposits maturing during the financial year 2020-21 before 30th April 2020 shall be allowed to be complied with till 30th June 2020.”
  • “The requirement to invest 15% of debentures maturing during a particular year in specified instruments before 30th April 2020, maybe done so before 30th June 2020.”
  • “Newly incorporated companies are required to file a declaration for Commencement of Business within 6 months of incorporation. An additional time of 6 more months shall be allowed.”
  • “Non-compliance of minimum residency in India for a period of at least 182 days by at least one director of every company, under Section 149 of the Companies Act, shall not be treated as a violation.”
  • “Due to the emerging financial distress faced by most companies on account of the large-scale economic distress caused by COVID-19, it has been decided to raise the threshold of default under section 4 of the IBC 2016 to Rs. 1 crore (from the existing threshold of Rs 1 lakh). This will by and large prevent triggering of insolvency proceedings against MSMEs. If the current situation continues beyond 30th of April 2020, we may consider suspending sections 7, 9 and 10 of the IBC 2016 for a period of 6 months
    so as to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default.”
  • “Detailed notifications/circulars in this regard shall be issued by the Ministry of Corporate Affairs separately”

Latest Update : Also the MCA has extended the due date for filing of e-forms AOC-4, AOC-4 (CFS) AOC-4 XBRL and MGT-7 till 30th June 2020 for all the companies in UT of Jammu & Kashmir and UT of Ladakh without any penalty through general circular no.09/2020.

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 DelaysFees
Up to 30 days2 times of normal fees
More than 30 days and up to 60 days4 times of normal fees
More than 60 days and up to 90 days6 times of normal fees
More than 90 days and up to 180 days10 times of normal fees
More than 180 days and up to 270 days12 times of normal fees

MCA/ROC Return Filing Software

Watch The Complete Demo For Gen XBRL Filing Software

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