Form AOC-4

What is Form AOC-4?

Form AOC-4 is a significant annual compliance form which an organization incorporated under the Companies Act, 2013 of India will submit to the Ministry of Corporate Affairs (MCA). It is applied in filing financial statements of a company, which include:

• Balance Sheet

• Profit and Loss Book

• Cash Flow Statement (where present)

• Changing of Equity Statement (where necessary)

• Director’s Report

• Auditor’s Report

• Related documents Other

The form will make sure that the financial position of a company is reported in a standardised manner to the Registrar of Companies (ROC).

Who Needs to File AOC-4?

• All Companies (Private Limited, Public Limited, One Person Companies, etc.) registered under the Companies Act are required to file Form AOC-4 annually.

• Nevertheless, there are several different forms of AOC-4 according to the nature of the company:

1. AOC-4 (Standalone) : for regular companies
2. AOC-4 XBRL : for companies required to file in XBRL (Extensible Business Reporting Language)
3. AOC-4 CFS : for companies that have subsidiaries and are filing consolidated financial statements

Due Date for Filing AOC-4

• The form AOC-4 must be filed within 30 days of Annual General Meeting (AGM).

• When a company does not take an AGM, then the due date is within a period of 30 days after an AGM was supposed to be taken according to the law.

Documents Required for AOC-4 Filing

• Board’s Report

• Auditor’s Report

• Director-signed Financial Statements

1. Balance Sheet
2. Profit and Loss Account
3. Cash Flow Statement (at that)
4. Accounts Notes

• Subsidiary statement (prefers in case of consolidation accounts)

• Information (where applicable) of CSR activities

• MGT-9 extract (if applicable)

• Other additional attachments, as may be required

Filing Process of Form AOC-4

• Make up Financial statements in accordance with the Companies Act Schedule III.

• The Board Meeting should approve the statements.

• Obtain an Auditor Report and do the audit.

• Meet at the Annual General Meeting (AGM) to pass the financial statements.

• Online Transferring Digital signatures and documents on the MCA portal (Fill and Submit Form AOC-4).

Penalties for Late Filing

Late submission of the Form AOC-4 attracts huge penalties:

• In India, Rs.100 of default (no upper limit) per day would be in the form of an additional fee.

• The company and its directors can also incur additional fines under the Companies Act.

Exemptions and Special Cases

• One Person Company (OPC): OPCs are exempted from AGM, yet they should submit AOC-4 within 180 days of the end of the financial year.

• Dormant Companies: They are still required to file, although there may be some relaxations.

Key Points to Remember

• This form is called AOC-4 and it is compulsory and is supposed to be filled each year.

• It provides visibility and accountability for a firm's financial stability.

• Compliance in time will prevent legal sanctions and will enable one to remain on good terms with MCA.

Conclusion

The AOC-4 form is an essential part of corporate compliance in India. When companies comply with this form in time and in the correct manner, it is able to achieve legal requirements and also enhance credibility in the eyes of stakeholders. This is because as a businessman, company secretary or professional accountant, you have to understand AOC-4 in a bid to uphold corporate governance in your business.

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