The Ministry of Corporate Affairs (MCA) in India has a set annual compliance calendar that all companies registered under it must adhere to. Missing these deadlines can lead to hefty penalties, which escalate the longer the delay in filing. Below, we break down the key components of the MCA filing calendar for the fiscal year 2023-2024 to ensure your business stays compliant.
Key MCA Filings and Deadlines
- MSME-1 Form: Filed twice a year, reporting dues to micro and small enterprises. Deadlines: April 30 and October 30.
- LLP Form 11: Annual Return form for LLPs, due by May 30.
- PAS-6: Filed semi-annually for share capital reconciliation, due by May 30.
- DPT-3 Form: Return of deposits, or particulars of transactions not considered deposits, due annually by June 30.
- DIR-3 KYC/KYC WEB: Directors must verify their KYC annually by September 30.
- CRA-2 Form: Appointment of a cost auditor must be reported by September 30.
- MGT-14 and AOC-4 Forms: For filing financial statements and annual returns within 30 days of the AGM, typically by October 30.
- MGT-7 and MGT-8 Forms: Annual return filing due within 60 days of the AGM.
- PAS-6-B-Only Form: For reconciliation of share capital, filed by November 30.
- BEN-2 Form: Reports beneficial ownership details within 30 days of receiving BEN-1.
Additional Fees for Delayed Filings
Filing after the due date incurs additional fees that increase with the delay:
- Up to 30 days: Two times the normal fee.
- More than 30 days up to 60: Four times the normal fee.
- More than 60 days up to 90: Six times the normal fee.
- More than 90 days up to 180: Ten times the normal fee.
- More than 180 days: Twelve times the normal fee.
Furthermore, the regular filing fee varies according to the authorized share capital of the company, ranging from ₹200 for companies with less than ₹1,00,000 in capital to ₹600 for companies with over ₹10,00,00,000.
Compliance Strategy for Businesses
To avoid penalties, businesses should:
- Maintain organized records to ensure all necessary data is readily available for filing.
- Monitor deadlines through a compliance calendar set with alerts well before the due date.
- Consult professionals like chartered accountants or company secretaries to assist with filings.
- Conduct regular compliance reviews to stay on top of any regulatory changes.
Conclusion
Adhering to the MCA Filing Calendar is crucial for the smooth operation of your business. Understanding and planning for these deadlines can save your business from unnecessary financial penalties and legal complications.