New Delhi: The ministry of company affairs has requested companies to file their annual returns and monetary statements for FY23 by the due date to keep away from additional price.
In an recommendation posted on the web site, the ministry mentioned that firms need to observe their due dates which rely on their respective dates of holding annual normal assembly, as per provisions of the Firms Act.
Upon the conclusion of a monetary yr, companies have a six-month window to carry an maintain annual normal assembly (AGM). Publish-AGM, they’re granted a month to submit monetary statements and one other 60 days to file annual returns. If delayed, a penalty of ₹100 per day is imposed. Consequently, the deadline for monetary assertion submissions is the top of October, whereas annual returns have to be filed by the top of November. This yr, an estimated 1.5 million lively firms are mandated to submit these statutory paperwork.
The message from the ministry comes after the federal government determined to let firms file their annual studies and monetary statements utilizing the older model of the varieties (generally known as model two) somewhat than introducing the most recent excessive safety varieties simply earlier than the submitting season.
The thought was to keep away from any disruption in submitting these important statutory paperwork. Within the case of over 50 different statutory submitting necessities, the federal government has already migrated to the brand new excessive safety varieties. In these circumstances, the ministry had additionally given reduction by way of additional time to file the paperwork with out extra price.
The varieties for annual returns and monetary statements shall be migrated to the brand new model of the varieties with two-factor authentication after the present submitting season, a authorities official on situation of anonymity.
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Up to date: 20 Oct 2023, 06:17 PM IST
Supply: Live Mint