"Stay compliant, avoid fines!"
Introduction
At the start of each financial year, Indian companies must remember important deadlines for annual filings. This applies to all types: private limited, public limited, small, and large. Knowing these compliance-related due dates is crucial. This blog outlines key deadlines for Public and Private Limited Company Annual Filing for FY 2023–2024, including income tax, ROC filing, and more.
What Does Company Annual Filing Mean?
All Indian firms must file annual accounts and returns with the Registrar of Companies within 30 to 60 days after the annual general meeting (AGM). The Ministry of Corporate Affairs specifies deadlines for submitting ROC Annual Filing Forms. Missing these deadlines can result in significant fines in addition to regular fees.
Comprehensive Compliance Calendar and Penalties for FY 2023-2024
| Month | Form | Due Date | Description | Penalty for Non-Compliance | Responsible Person / Department | Actual Date of Compliance |
|---|---|---|---|---|---|---|
| June 2024 | Form DPT 3 | 30.06.2024 | Annual Return of Deposits | ₹5,000 per day of default | Company Secretary / Legal Department | |
| July 2024 | FLA Return | 15.07.2024 | Foreign Liabilities and Assets Annual Returns | Monetary penalties imposed by RBI | CFO / Finance Department | |
| September 2024 | Form DIR 3 KYC | 30.09.2024 | Director KYC | DIN deactivation and fines for late submission | Directors / Compliance Team | |
| October 2024 | Form ADT-1 | 14.10.2024 | Auditor’s Appointment | Late fees and potential penal provisions | Company Secretary / Audit Committee | |
| Form AOC 4 | 29.10.2024 | Financial Statements | ₹1,000 per day of delay | CFO / Accounts Department | ||
| Form MGT 15 | 29.10.2024 | Report of AGM (Listed Companies) | Late fees and penalties under SEBI regulations | Company Secretary / Compliance Team | ||
| Form MGT 14 | 29.10.2024 | AGM Resolutions | Late fees and penal provisions | Company Secretary / Legal Department | ||
| Form MSME-1 | 31.10.2024 | MSMEs Half-Yearly Returns | Fines for non-compliance with MSME Act provisions | CFO / Finance Department | ||
| November 2024 | Form MGT 7 & MGT 7A | 28.11.2024 | Annual Return | ₹100 per day of delay | Company Secretary / Compliance Team | |
| Form PAS-6 | 29.11.2024 | Reconciliation of Share Capital Audit Report | ₹100 per day of delay | CFO / Accounts Department | ||
| October 2024 | IT Return (Exempt) | 31.10.2024 | ITR filings for non-audited companies | Interest on unpaid tax, late filing fees, and penalties | CFO / Finance Department | |
| IT Return (Audited) | 31.10.2024 | ITR filings for audited companies | Interest on unpaid tax, late filing fees, and penalties | CFO / Finance Department |
Detailed Form Descriptions:
Form DPT 3:
- Due Date: 30.06.2024
- Description: File Annual Return of Deposits within 90 days of the end of the financial year.
- Penalty: ₹5,000 per day of default.
- Responsible Person / Department: Company Secretary / Legal Department.
FLA Return:
- Due Date: 15.07.2024
- Description: File FLA Return for Foreign Liabilities and Assets for the FY ending 31st March 2024.
- Penalty: Monetary penalties imposed by RBI.
- Responsible Person / Department: CFO / Finance Department.
Form DIR 3 KYC:
- Due Date: 30.09.2024
- Description: Submit Director KYC if you received a DIN before the end of the fiscal year.
- Penalty: DIN deactivation and fines for late submission.
- Responsible Person / Department: Directors / Compliance Team.
Form ADT-1:
- Due Date: 14.10.2024
- Description: Notify ROC of the auditor’s appointment within 15 days following the AGM.
- Penalty: Late fees and potential penal provisions under the Companies Act.
- Responsible Person / Department: Company Secretary / Audit Committee.
Form AOC 4:
- Due Date: 29.10.2024
- Description: File financial statements with ROC.
- Penalty: ₹1,000 per day of delay.
- Responsible Person / Department: CFO / Accounts Department.
Form MGT 15:
- Due Date: 29.10.2024
- Description: Submit Report of Annual General Meeting to ROC (Listed Companies).
- Penalty: Late fees and penalties under SEBI regulations.
- Responsible Person / Department: Company Secretary / Compliance Team.
Form MGT 14:
- Due Date: 29.10.2024
- Description: File resolutions from the AGM.
- Penalty: Late fees and penal provisions.
- Responsible Person / Department: Company Secretary / Legal Department.
Form MSME-1:
- Due Date: 31.10.2024
- Description: Submit half-yearly return for outstanding payments to Micro or Small enterprises.
- Penalty: Fines for non-compliance with MSME Act provisions.
- Responsible Person / Department: CFO / Finance Department.
Form MGT 7 & MGT 7A:
- Due Date: 28.11.2024
- Description: File annual return details with ROC.
- Penalty: ₹100 per day of delay.
- Responsible Person / Department: Company Secretary / Compliance Team.
Form PAS-6:
- Due Date: 29.11.2024
- Description: Submit Reconciliation of Share Capital Audit Report for unlisted public companies.
- Penalty: ₹100 per day of delay.
- Responsible Person / Department: CFO / Accounts Department.
IT Return (Exempt):
- Due Date: 31.10.2024
- Description: ITR filings for non-audited companies.
- Penalty: Interest on unpaid tax, late filing fees, and additional penalties.
- Responsible Person / Department: CFO / Finance Department.
IT Return (Audited):
- Due Date: 31.10.2024
- Description: ITR filings for audited companies.
- Penalty: Interest on unpaid tax, late filing fees, and additional penalties.
- Responsible Person / Department: CFO / Finance Department.
Conclusion
Indian companies must stay updated on legal deadlines for annual filings to avoid penalties and ensure compliance. Accurate and timely filings are essential to adhere to Ministry of Corporate Affairs rules. Assigning responsibilities clearly helps in managing compliance effectively.
