Companies get more time to file FY21 annual returns, financial statements

The due date for filing the annual financial statements, which was to end on Tuesday, has been extended till March 15, an official order showed. Accordingly, Annual Financial Statements in Form AOC-4 certified by a Chartered Accountant and Consolidated Financial Statements in the form of AOC-4 CFS can be filed up to 15th March without any additional charges. Additional time is also available for companies filing statements in Extensible Business Reporting Language (XBRL).

For small and one-person companies to file annual returns and abridged annual returns, the due date has been extended from February 28 to March 31. The annual return contains the details of the shareholders and directors of the company as on the last day of the financial year.

The extension was given on requests received from various stakeholders, the ministry said. The order states that during the period of extension only normal fee will have to be paid.

Businesses usually have one month to file their annual return after holding the Annual General Meeting, which is to be held within six months of the end of the financial year. However, the government has given additional time to meet the filing requirements in view of the disruption in normal life during the pandemic. The authorities had given additional time this financial year for filing income tax returns and GST annual returns, among many others.

Filing of annual returns is a major compliance requirement for businesses under the Companies Act. The government has given businesses many opportunities to make good defaults in the past. Also, from time to time, officers omit from the records of companies that have defaulted in filing their annual returns for two years. Currently around 35,000 companies that have closed down at the end of December and have not been able to meet their annual return filing obligations are being taken off the records of the Registrar of Companies. Mint Reported on 28 January.