The Ministry of Corporate Affairs (MCA) in a notification has allowed companies to file their financial statements and annual returns for FY 2024–25 using the newly revised e-forms on the MCA-21 version 3 portal without paying additional fees.
In view of deployment of new e-forms, and considering that companies may require some time to get familiarised with the filing process, and keeping in view the requests received from various stakeholders, the ministry has been decided that companies will be allowed to complete their annual filings for FY25 till December 31, 2025 without payment of additional fees, the ministry statement said.
As per the ministry, the revised e-forms on which the relaxations have been provided are MGT-7, MGT-7A, AOC-4, AOC-4 CFS, AOC-4 NBFC (Ind AS), AOC-4 CFS NBFC (Ind AS), and AOC-4 (XBRL).
Experts said that it’s a huge breather for companies which are still figuring out the new reporting mechanism, and the clarification would help them avoid paying hefty additional fees for the delay in annual filings. “This one-time extension will allow companies to adjust to the new requirements. This step is aligned with the government’s vision to promote ease of doing business,” said a company law expert.
While the MGT-7 is for annual return submission, AOC-4 is a mandatory e-form which is used to file financial statements with the registrar of companies (RoC). AOC-4 (XBRL) is used by certain companies to file their financial statements and other official documents in the Extensible Business Reporting Language (XBRL) format with the ministry.
In the notification, the MCA, however, said that this particular circular should not be construed as conferring any extension of statutory time for holding of annual general meetings (AGMs). “The companies which have not adhered to the relevant statutory timelines shall continue to be liable to legal action under the appropriate provisions of the Companies Act,” it said.
