written by | May 9, 2022

Steps to Filing Form AOC 4 - Eligibility, Due Date, Late fee

Form AOC 4 is necessary to file the company's financial statements each year with the Registry of Companies. The company is accountable for submitting this form in the first 30 days following the Annual General Meeting.

Furthermore, as per the Company Act 2013, all companies registered under the Act must complete Form AOC 4every financial year. In addition, any infraction or delay in completing the form can result in penalties or fines for the business.

Furthermore, in the case of the businesses covered by XBRL requirements in the Companies Rules 2015, financial statements should be uploaded to the MCA site using the XBRL format. 

Did you know? The penalty is imposed when an organisation fails to submit the AOC 4 forms and the monetary statements by the deadline. The company is punished with a fine of ₹1,000 per day. In case of a failure, it will be to the maximum sum that is ₹10 lakhs.

Furthermore, the directors, the Managing Director and the Chief Financial Officer of the business may be sentenced to prison. This could last for six months or a fine that cannot be lower than ₹1 lakhs to ₹5 lakhs.

Did you know?

XBRL filing is applicable for all public companies listed on the stock exchange in India and their Indian subsidiaries. All companies with a turnover of 100 crores or more. All companies with a paid-up capital of 5 crores or more.

Also Read: GSTR - 4: All You Need To Know

What is AOC 4 Form?

The AOC 4 is an electronic document (e-form) offered by the Ministry of Corporate Affairs (MCA) to submit the accounts of financials. The AOC 4 must be filed within 30 days after the company's Annual General Meeting (AGM). Also, the AOC 4 is a comprehensive listing of financial documents that include audited financial reports, board reports and various other documents.

As there is no board meeting, One Person Companies (OPC) have to file the AOC 4 within 180 days from the close of the fiscal year. AOC 4 must have the approval of a licenced Corporate Secretary or Chartered Accountant (CA).

All companies must complete AOC 4 within 30 days, and it must be submitted along with the auditor's report, board's report and other necessary documents. The confirmation from the Company Secretary (CS) and the practising CA of a business are essential for AOC 4.

Statements of financials for the business must be filed with the company's registrar each year.

You have learned about AOC 4 form, but do you know the exact entity that can file AOC 4 form XBRL? Check the following section.

Who Needs to File AOC 4 Form XBRL?

When filing an accounting statement in XBRL (Extensible Business Reporting Language) format, certain criteria are to consider.

Here is a list of companies that must submit AOC 4. XBRL each financial year:

  • They have paid capital of the amount of ₹5 crores or more.
  • Companies that have an annual turnover of more than ₹100 crores.
  • Companies that are listed on the stock exchange of India and its affiliates.
  • All businesses covered by the Companies Rules Of 2011.

Segment-Wise Information Is to Be Submitted in the AOC-4

The form AOC 4 is broken down into different segments where companies must enter the correct information. Read the following to know the segments more in-depth.

Segment I - Specifics and Information Relating to the Balance Sheet

Part-A: General Information About the Company

  • The company should enter its Corporate Identity Number (CIN) for the company and then select "Pre-Fill".
  • Fill in the date when the financial year started and the date of the financial year's end date correlated to financial statements.

Then, the Date of the Board of Directors, the meeting at which the financial statements were approved, will be accepted. The nature of the financial statements can be one of the following:

  • Provisional unadopted financial statements
  • Financial statements with approvement
  • Revised financial statements under the law of 130
  • Revised financial statements under 131

Additionally, the details of the company's director(s), secretary, CFO, manager, director and CEO that have completed the financial statements have to be submitted. Additionally, DIN in the case of directors and PAN for any other person signing those financial reports, the name and designation and date of signature of financial statements must be recorded.

The date of the Board of Directors' meeting at which the board's report was approved must be recorded together with designation, DIN name, name and the date of signature by the director. Also, the date of signing of the auditors' report financial statements by auditors needs to be in the records.

Additionally, the date of the AGM is recorded when the AGM occurred. If it was granted an extension to the fiscal year, or AGM was granted and entered, it must be recorded together with the AOC 4 due date for the AGM after the extension.

Then, if the firm is a subsidiary of a company, the CIN of the holding firm has to be recorded. If the company has many subsidiaries, it must provide the number. The specifics of the auditor, the company's registration number, like name and auditor's membership number and the address are mandatory.

Complete the type of business and the scope in Schedule III of The 2013 Companies Act. Mention if consolidation of financial statements is mandatory or not? You must file the Form AOC - 4 CSF if your answer is a yes.

Also Read: Latest Updates in the Due Dates for GST Return

Part-B Specifics and Information About the Balance Sheet

Part B: Comprises various data relating to the financial details in the balance sheet. It is necessary to enter this information in addition.

Segment II - Specifics/Information About Profit and Loss Account

The specific profit/loss account and financial parameters are necessary for you to fill in this section. Segment III- Corporate Social Responsibility Reporting

Net profit average of the business for its last three financial years (as defined in the explanation to subsection (5) Section 135 under the Act)

  • Prescribed CSR expenditure
  • The details of the money 
  • Additionally, details of obstructions to agencies.

Segment IV- Information About Related Parties' Transactions

 Details of arrangements or contracts or transactions on an arm's length basis and those not on an arm's length basis are vital. In addition, the form can accept up to 20 pieces of information.

Segment V- Auditor's Report

Particulars of the remarks that the auditor didn't favourably provide and the application for the use of CARO to the business have to be outlined in this section.

Segment VI- Miscellaneous

Let us know if the report of the secretarial auditor is relevant. Also, inform if specific disclosures regarding directors' reports in subsection (3) in section 134 are present.

Also, you can learn the basics of accounting to understand the calculations in a better way better.

What is the AOC 4 Due Date?

In normal circumstances, the deadline for filing AOC 4 is 30 days following the date of the AGM. As an example, if the AGM is on 30th October, Form AOC 4 should be submitted before the 30th of October of the Assessment year. The Companies Act needs companies registered in India in 2013 to submit a copy of their financial statements. This includes all necessary documents to attach or file and adopt at an annual meeting for the business within thirty days of the holding of the Annual General Meeting.

Because One Person Company does not hold an Annual General Meeting, One Person Company must provide a copy of financial statements. Its members should have approved these within 180 days of the end of the year's financial year.

When the annual assembly in any given year hasn't been held, the financial statements and the required documents must be filed. These need signatures and accompanies by the declaration of facts. It should also contain the reasons not to hold the annual general assembly. You must submit it to the registrar no later than thirty days from the date of the annual general assembly.

How can You File Your AOC 4 form Correctly?

Despite being a per-year process, some issues arise when submitting the AOC forms with MCA.

Here are some tips that will help you finish your file efficiently.

  • Always download the new AOC 4 form from the MCA website.
  • Attach the document correctly. XBRL file must always be *.xml format.
  • Do not change the name or open an XML file generated by your software or provided by your provider.
  • Make sure that you ensure that the XBRL must be filed within the same time that it was submitted for validation by MCA. A delay could result in an error notice "Latest instance document should be attached with the AOC 4 form."
  • Select the correct taxonomy or accounting standard and ensure that required fields are filled in with accurate data.

Conclusion

The company must create the book of accounts and keep it in an office registered to the business. If the company plans to keep the books of accounts at another location, the same business must submit AOC 5 with the Registrar of Companies by adopting a board resolution. Do you want a robust solution to manage your business's credit and debit calculations? Login in Khatabook as the best platform available for you.
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FAQs

Q: What are AOC 4 filing fees per document?

Ans:

It is ₹400 per document.

Q: What are AOC 4 late fees?

Ans:

You cannot delay the AOC 4 fees for over 30 days.

Q: Do you need AOC 4 form for certification? If so, then who certifies it?

Ans:

Yes, form AOC 4 needs its certification in the cases of companies other than small or OPC. A full-time practising Chartered Accountant/Cost Accountant must sign it or a Company Secretary.

Q: What is AOC 4?

Ans:

Form AOC 4 is for filing any organisation's financial statement for each financial year with the company's registrar.

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