Extended Due Date for Filing of Form 23AC & ACA with ROC and Filing of Form 23B by Statutory Auditor

[CS DHANAPAL, B.COM,B.A.B.L,A.C.S]

Dear All

Sub: Due Date for Filing of Form 23AC & ACA with ROC and Form 23B by Auditor 

        and filing of Cost Audit / Compliance Report through XBRL - Extended 

This is an updation about the requirements of Companies Act, 1956 with respect to  filing of annual accounts and annual return for the financial year 2011-2012 after conducting AGM for the FY 2011-2012.

 

FILING REQUIREMENTS UNDER PROVISIONS OF COMPANIES ACT 1956

1. As per Section 220 of the Companies Act, 1956, every company registered under the Companies Act 1956 must hold an ANNUAL GENERAL MEETING (AGM) every year and within 30 days of holding the AGM, copy of Balance Sheet and Profit & Loss Account needs to be filed with the ROC in e-form 23AC and ACA, digitally signed by any one director of the company.

 

2.Within 60 days of holding AGM, Annual Return/Schedule V (drawn up to the date of AGM) needs to be filed with the ROC in e-form 20B, digitally signed by any one director of the company pursuant to provisions of Section 159 and 160.

 

3.Companies having paid up capital of Rs.10,00,000/- and above but less than 5 crores need to obtain a Compliance Certificate from a Practising Company Secretary and a copy of the same needs to be filed with the ROC within 30 days of AGM in e-form 66, digitally signed by any one director of the company under Section 383A of the Companies Act 1956.

 

FILING REQUIREMENT FOR COMPANIES COMING UNDER NON-XBRL FILING

With regard to filing of annual accounts, the non XBRL form 23AC /ACA can be filed from now onwards as the revised forms have already been hosted by the MCA in their website owing to introduction of revised schedule VI format for preparation of Financial Statements for the above FY 2011-2012.Such MCA Circular issued in this regard is attached herewith for your reference.

In this connection, the Ministry had earlier issued General Circular No.21/2012, dated 02-8-2012 for extending time for filing e-form 23AC and 23ACA (non-XBRL) as per revised Schedule VI without any additional fees/penalty with different timelines. Whereas recently MCA came out with new circulars in relation to deadline for above annual filings. Recent Circular issued in this regard is attached herewith for your reference. 

 

Ministry of Corporate Affairs has recently issued circulars in relation to filing of non XBRL form 23AC /ACA vide circular number 30/2012 dated 28/09/2012 further extending the due date for filing Form 23AC and Form 23ACA in non XBRL mode in the following manner:

• Company which held AGM or whose due date of holding AGM is on or before 20.09.2012, time limit for filing will be 3rd November, 2012 or due date of filing, whichever is later.

• Company which held /holding AGM or whose due date of holding AGM is on or after 21.09.2012, time limit will be 22nd November, 2012 or due date of filing, whichever is later.

FILING REQUIREMENT FOR COMPANIES COMING UNDER XBRL FILING

Those Companies which fall in any of the below mentioned categories, need to file their balance sheet and P&L in XBRL mode compulsorily within deadline (date yet to be notified) 

 

1. Paid up capital in excess of Rs.5,00,00,000/-

2.Turnover in Excess of Rs.100,00,00,000/-

3.All listed companies and their Indian Subsidiaries

4.All companies to whom XBRL was applicable for the FY ended 31.03.2011 irrespective of whether those companies have filed or not and notwithstanding of any change in above Paid up capital /Turnover /Status in the subject FY 2011 - 2012 compared to the previous year.

FILING OF FORM 23B (INTIMATION OF APPOINTMENT OF AUDITOR) WITHOUT FILING FEES

Form 23B needs to be filed within 30 days of appointment under digital signature of the auditor, supported by appointment letter issued by the company.

Ministry of Corporate Affairs vide circular number 14/2012 dated 21.06.2012 had imposed fees on Form 23B (Information by auditor to Registrar) w.e.f. 22/07/2012 then the time limit of filing of Form 23B without fee had been extended upto 5th August, 2012 then again said timeline got extended. 

Now, the Ministry vide circular number 31/2012 dated 28/09/2012 has again extended the above due date for filing Form 23B without additional fee for accounting year 2012-13 upto 23/12/2012 or due date of filing whichever is later.

                                

Fees contemplated earlier to be calculated as per Schedule X to the Act” i.e. based on authorised capital of the company and late fees will be charged as per slab below after above due date:

  

PERIOD OF DELAY	FIXED RATE OF ADDITIONAL FEE
Upto 30 days	Two times of normal fee
More than 30 days and upto 60 days	Four times of normal fee
More than 60 days and upto 90 days	Six times of normal filing fee
More than 90 days	Nine times of normal filing fees

COMPANIES THOSE COVERED UNDER COST AUDIT AND COST COMPLIANCE REPORT 

        (Filing of Cost Audit Report and Compliance Report in XBRL Mode)

 

The Ministry of Corporate Affairs has decided that all cost auditors and the concerned companies will be allowed to file their Cost Audit Reports and Compliance Reports for the year 2011-12 [including the overdue reports relating to any previous year(s)] with the Central Government in the XBRL mode, without any penalty, upto 31st December, 2012. Recent Circular issued in this regard is attached herewith for your reference.

MCA vide circular dated 10th May,2012 [as amended on 29th June, 2012], already  mandated that all cost auditors and the concerned companies shall file their Cost Audit Reports and Compliance Reports for the year 2011-12 onwards [including the overdue reports relating to any previous year(s)] only in the XBRL mode. The actual date for enabling XBRL filing will be intimated separately

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Thanks and Regards

S.Dhanapal

Sr. Partner

S  D H A N A P A L & A S S O C I A T E S
(A firm of Practising Company Secretaries)
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Email Id. csdha...@gmail.com

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[pooja joshi]

Sir, thank you so much for the query but w.r.t your third circular attached, is it in case of XBRL filings only pls let me know sir.

Also w.r.t cost accountant appointment filing of 23C, in case of late filing stil is the penalty payable?

Regards,

Pooja

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[pooja joshi]

---------- Forwarded message ----------
From: pooja joshi <joship...@gmail.com>
Date: Wed, Oct 3, 2012 at 10:31 AM
Subject: Re: [CSMysore] Extended Due Date for Filing of Form 23AC & ACA with ROC and Filing of Form 23B by Statutory Auditor
To: csmy...@googlegroups.com


Sir, thank you so much for the update but w.r.t your third circular attached, is it in case of XBRL filings only pls let me know sir.