Understanding AOC-4 Filing for Financial Statements

As the fiscal year progresses, companies must stay informed about their statutory compliance obligations to avoid penalties and maintain good standing with the Ministry of Corporate Affairs (MCA). One critical compliance requirement for every company in India is the filing of Form AOC-4, which relates to the submission of financial statements. In this blog post, we’ll discuss the importance of AOC-4, its due dates, and the consequences of non-compliance.

What is AOC-4?

AOC-4 is an annual compliance form mandated by the MCA for filing a company's financial statements. This includes the company's balance sheet, profit and loss statement, cash flow statement, and any relevant schedules. Form AOC-4 ensures transparency in the financial health of the company, making essential information accessible to stakeholders, regulatory authorities, and the public.

Due Date for Filing AOC-4

For each financial year, companies are required to file Form AOC-4 within 30 days from the date of their Annual General Meeting (AGM). For the Financial Year (FY) 2023-24, companies must conduct their AGM by September 30, 2024, following the end of the financial year on March 31, 2024. This means that the due date for filing AOC-4 for FY 2023-24 is October 29, 2024.

Who Needs to File AOC-4?

Every company incorporated under the Companies Act, including private limited companies, public limited companies, and small companies, is required to file Form AOC-4. Filing is mandatory even for companies that have not had any business activity or revenue during the fiscal year.

Documents Required for Filing AOC-4

To successfully file AOC-4, companies should gather the following documents:

  1. Balance Sheet and Profit & Loss Statement: These core financial documents offer a snapshot of the company's financial performance.
  2. Cash Flow Statement (if applicable): For companies following the cash flow approach, this is essential to report financial liquidity.
  3. Directors’ Report: A report summarizing the company’s performance, future plans, and CSR initiatives.
  4. Auditor’s Report: A certified report from the company’s auditor verifying the financial records.
  5. Notes to Accounts: Additional explanations or schedules relevant to the financial statements.
  6. Board Resolution: The board's resolution approving the financial statements.

Consequences of Non-Compliance

Failure to file Form AOC-4 by the due date can lead to significant penalties and reputational damage:

  • Late Filing Penalty: Companies face a daily penalty of ₹100 until the filing is completed.
  • Risk of Legal Action: Persistent non-compliance may result in legal proceedings from the MCA, which can adversely impact the company’s credibility.
  • Director Disqualification: In extreme cases, directors may be disqualified from holding positions in other companies.

Steps to File Form AOC-4

  1. Prepare Financial Statements: Ensure that all financial documents are accurate, audited, and approved by the board.
  2. Log in to the MCA Portal: Access the MCA portal using your credentials.
  3. Select the AOC-4 e-Form: Navigate to the compliance section to find the AOC-4 form.
  4. Fill in the Details: Enter the required details, attach relevant documents, and verify information for accuracy.
  5. Submit and Pay Fees: Submit the form, pay the necessary fees, and download the acknowledgment for your records.

Importance of Timely Filing

Timely filing of AOC-4 not only helps a company avoid penalties but also strengthens its reputation and trustworthiness. It demonstrates a commitment to transparency and good governance, which can attract investors and enhance business relationships.

Need Assistance?

Filing Form AOC-4 can be a detailed and complex process, especially for small businesses or new companies. At Taxla Services, our team of experienced professionals is here to guide you through every step of the process. Whether it’s understanding compliance requirements, preparing financial statements, or completing the filing process, we provide end-to-end support to ensure that your company remains compliant.

Contact Us Today! 📞 Phone: +91 9600076134 / 6374812546
📧 Email: auditsiva2@gmail.com
🌐 Website: www.taxlaservices.com

Stay compliant and avoid penalties with Taxla Services – Your trusted partner in corporate compliance!

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