AOC-4 Financial Statement Filing: Deadlines, Requirements, and Penalties
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Introduction to AOC-4
AOC-4 is a mandatory form for companies registered in India to file their financial statements and other related documents with the Registrar of Companies (RoC). This filing is in compliance with the Companies Act, 2013, and helps maintain transparency and accountability in corporate governance.
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Who Needs to File AOC-4?
All companies incorporated under the Companies Act, 2013 or any previous company law in India, are required to file their financial statements using AOC-4. This includes:
- Private Limited Companies
- Public Limited Companies
- One Person Companies (OPCs)
- Small Companies
- Dormant Companies
- Section 8 Companies (Non-profit organizations)
Importance of Filing AOC-4
- Legal Compliance: It ensures that the company adheres to the statutory requirements set by the Companies Act, 2013.
- Transparency: Provides a clear picture of the company’s financial health to shareholders, investors, and other stakeholders.
- Corporate Governance: Helps in maintaining high standards of corporate governance by keeping financial records up-to-date and accessible.
- Avoid Penalties: Timely filing prevents hefty penalties and legal consequences for the company and its directors.
Deadlines for Filing AOC-4
The deadline for filing AOC-4 is 30 days from the date of the company’s Annual General Meeting (AGM). According to the Companies Act, the AGM must be held within six months from the end of the financial year. If the AGM is not held, the due date is 30 days from the last date on which the AGM should have been held.
Documents Required for AOC-4 Filing
When filing AOC-4, the following documents are generally required:
- Balance Sheet: Detailing the company’s financial position at the end of the financial year.
- Profit and Loss Account: Showing the company’s performance over the financial year.
- Cash Flow Statement: (Not mandatory for small companies and OPCs) Provides insights into the cash inflows and outflows.
- Statement of Changes in Equity: (If applicable) Reflects changes in equity during the reporting period.
- Auditors’ Report: The report from the company’s auditor.
- Directors’ Report: Report prepared by the company’s board of directors.
- Corporate Social Responsibility (CSR) Report: If applicable.
- Details of Subsidiaries and Associates: If any.
- Notes to Accounts: Any additional information necessary to understand the financial statements.
- Digital Signatures: Of the director and a practicing professional (CA, CS, or Cost Accountant).
Penalties for Non-Compliance
Failing to file AOC-4 within the stipulated time can lead to severe penalties:
- Company Penalty: A fine ranging from ₹1,000 to ₹10,000 for every day of default, subject to a maximum of ₹2,00,000.
- Officer Penalty: Every officer of the company who is in default shall be punishable with a fine ranging from ₹1,000 to ₹10,000 for every day of default, subject to a maximum of ₹50,000.
- Additional Fees: Late filing also attracts additional fees which increase over time, compounding the financial burden on the company.
Filing Process for AOC-4
- Preparation: Ensure all financial statements and reports are prepared and approved by the Board of Directors.
- Auditing: Get the financial documents audited by a certified auditor.
- AGM Approval: Hold the AGM and get the financial statements approved by the shareholders.
- Form Filling: Fill out the AOC-4 form available on the MCA portal.
- Attachment: Attach the necessary documents as per the requirements.
- Digital Signature: Affix the digital signatures of the directors and the practicing professional.
- Payment: Pay the applicable filing fees online through the MCA portal.
- Submission: Submit the form online and save the acknowledgment receipt for future reference.