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31 Dec2022
  • By Authored by CS Richa Gulati
  • Category Company and LLP Compliances
  • Views 846
Are you a business owner in India looking to understand the process of filing returns with the Registrar of Companies (ROC)? This blog post provides an overview of India's ROC annual filing process.
 
We will discuss the types of returns, the different filing deadlines, and the documents required to file your returns. By the end of this blog post, you will better understand the ROC annual filing process and how to complete it successfully.

What is ROC?

The ROC, or the Registrar of Companies, is a government agency responsible for registering and regulating businesses and companies in India. The ROC is tasked with ensuring that companies comply with the legal requirements set forth by the Companies Act, and it also serves as a watchdog, monitoring and enforcing compliance with the Act.
 
The ROC can take legal action against companies that violate the Act. It also provides a range of services to businesses, such as registering and incorporating companies, maintaining company records, and providing information to the public about registered companies.
 
Its main functions include:

* Incorporation of companies.

* Regulation of their financial activities.

* Regulation of corporate reorganization and amalgamation.

* Maintenance of company records.

* The inspection and investigation of companies.

The ROC is also responsible for filing returns with the Ministry of Corporate Affairs in compliance with the rules and regulations prescribed by the government. These returns are essential for a company's proper functioning and governance and must be filed regularly. It includes documents such as balance sheets, annual returns, audit reports, and other statutory forms required for regulatory purposes.

Documents required for ROC return

The following documents are some of the most commonly required documents for filing a ROC return:

* Balance Sheet: All companies must submit Form AOC-4 as part of their ROC filing. This Form includes financial details about the company, such as its assets, liabilities, and capital structure.

* Audit Report: As per sections 129 and 137 of the Companies Act 2013, each company should submit an audited financial statement and audit report as part of their annual filing with the Registrar of Companies (ROC).

* Director Report: This report contains details of the activities and performance of the company during the financial year, as well as the future plans and prospects of the company. The director report must be signed by the director of the company.

* Secretarial Audit Report: Filing of Secretarial Audit Report is mandatory for certain types of Company. This report contains details of the compliance with various laws and regulations applicable to the company, as well as any other information required to be disclosed in the report. The secretarial report must be signed by the company secretary or a practicing company secretary.

* List of Shareholders & Debenture Holders:  All the company needs to file its List of Shareholders & Debenture Holders through E-form MGT -7/7A.  As part of your responsibility to the company, you must keep a register of shareholders and debenture holders and record their information in the register.

* List of Directors:  All companies must submit the particulars of the Managing Director or director as the same to the List of Shareholders & Debenture Holders through E-form MGT- 7A.

* Profit & Loss Account: Similar to the balance sheet, Form AOC-4 must be submitted for ROC filing. This document includes detailed information about the company’s income and expenses, including profits or losses from the previous year.

* Cost Audit Report: Filing a Cost Audit Report (Form CRA 4) is mandatory for certain companies. This report assesses a company’s costs and expenses over the year and can help ensure accurate financial reporting.

E-Forms Required for Annual Filing With ROC

 
E-Form Purpose Due dates Penalties
Form ADT-1 Appointment of Auditor 15 days from the date of the AGM. Twice the normal fees up to 30 days
Form AOC-4 and Form AOC-4 CFS Filing of Annual Accounts 30 days from the date of the AGM. Rs. hundred per day
Form AOC-4 (XBRL) Filing of Annual Accounts in XBRL mode 30 days from the date of the AGM. Rs. hundred per day
Form MGT-7/MGT-7A Filing of Annual Return 60 days from the date of the AGM. Rs. hundred per day
Form CRA-4 Filing of Cost Audit Report 30 days from the receipt of the Cost Audit Report 2 times of normal fees up to 30 days
Form MGT-14 Its objective is to file the company's resolutions and agreements. 30 days from the date of the Board Meeting Five hundred rupees for each day,
Rs. 1 Lakh (continuing failure)

How to File ROC annual filing Online (https://www.mca.gov.in) 

1: Download E-forms

Go to the MCA website>> MCA services menu>> Company e-filing>> Company Forms download

2: Fill out the appropriate e-forms


1: First, fill out the appropriate e-forms applicable to your company. The forms must be filled out accurately, as errors can lead to delays in processing your application. The form should include details of your company's activities over the past year and information about any changes that have been made. You should attach pdf or XML documents per the form's requirement.

2: Next, press ‘Check Form’ to ensure that all the details have been filled out correctly. If everything looks good.

3: Now attach the digital signature of the director and any practicing professional (if applicable; exempted for OPC and small companies). This will allow MCA to verify that the form has been completed by authorized personnel.

4: Finally, it is time to do the "pre-scrutiny.” It is essential as it ensures that all the information on your form is correct and up-to-date. Once satisfied with everything, you can click on ‘Submit’ and complete your ROC filing.

3: Get yourself Registered

Now all you need to do is register on the Ministry of Corporate Affairs (MCA) portal as either a Business User or a Registered User. 
 
Once registered with the MCA, you can log in using your credentials. It will provide access to the ROC Return Filing section, where you can begin the filing process. 

4: Upload the e-form

Once you have logged into your account, you can start filing a ROC return in India. You need to go to the ‘Upload E-forms’ section to do this. Here, you can browse for the filled and signed form from your system’s location. 

5: Make a Payment

After uploading the form, the system automatically generates a Service Request Number (SRN) and the option to go to the payment window.

Now you can make the payment for filing your ROC return. You can pay through credit/debit card or net banking. Once the payment is made, you will receive a confirmation email with your SRN.

After completing all the above steps, you can track your form's payment status by going under the MCA services menu.

Benefits of ROC annual filing in India

Filing the ROC return provides numerous benefits, some of which are outlined below.

* Compliance with the Law: Filing ROC returns is mandatory per the Companies Act, 2013, and failure to comply with this requirement can result in severe penalties. Thus, companies are advised to file their returns on time yearly to remain compliant with the law. 

* Gaining Credibility: Filing ROC returns every year also improves a company's credibility in the eyes of potential investors, lenders, and other stakeholders. They are more likely to invest in a company that is compliant with the law and transparent in its dealings.

* No worries about Penalties: The timely filing of ROC returns helps to ensure that all tax deductions, rebates, and other benefits are availed on time and thus reduce the overall expenses incurred by the company.

* Access to Credit: Companies that comply with ROC filing requirements are more likely to access credit from banks and other financial institutions since they are more reliable and credible. 

* Transparency: Filing ROC returns ensures that all financial transactions and other information related to the company are made available publicly. It helps to promote transparency and accountability within the organization.

Overall, filing ROC returns is essential for any company operating in India and can provide numerous benefits if done correctly. Therefore, businesses should ensure that they comply with this requirement and file their returns on time yearly.

Common challenges in ROC annual filing in India

Many challenges associated with the ROC filing process can make it difficult and frustrating. Here are some of the common challenges faced while filing ROC returns:

* Deadline: Missing the filing deadline can lead to heavy penalties and charges imposed by the government. 

* Documentation: Preparing the required documentation can be tedious as numerous forms and documents must be filled.

* Formats: The forms should be filed in the prescribed format specified by the government.

* Signature: All documents must be signed by authorized personnel or company directors, depending on the document.

* Fees: An applicable fee must be paid when submitting ROC returns. Late fees may also apply if the documents are not submitted within the specified deadline.

With all these challenges, it is vital to seek professional help to ensure the accurate and timely filing of ROC returns. A professional service provider can help you stay updated with the latest filing requirements and avoid fines and penalties due to non-compliance.

Wrapping Up

The Companies Act 2013 requires all companies registered in India to file an annual return with the Registrar of Companies (ROC) as part of their corporate compliance requirements.
 
The ROC annual filing process involves filing an e-form known as the AOC - 4 & MGT - 7 containing financial information about the company's performance and other essential details.
 
The process can only be done online via the MCA portal, and the company must ensure that all relevant documents are submitted along with the form. Failing to comply with the requirement may result in a penalty or other legal action.
 
Overall, companies must understand and adhere to the ROC annual filing process for a successful corporate compliance regime in India.

Ready to file your ROC annual return? Stay compliant with the Companies Act and avoid penalties. Get a step-by-step guide and professional assistance here. Contact us today at info@manishanilgupta.com

Disclaimer: The information given above is to provide general guidance to the readers. This information should not be sought as a substitute for legal opinion

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