Time Extended for Reporting of Annual Accounts with Company Registrar in India
Sept. 11 – Reporting of the annual accounts and balance sheet for the financial year ending March 2012 can now be made in Schedule VI format, bringing Indian companies on par with global reporting standards. The reporting in extensible business reporting language (XBRL) is a mandate for companies having a paid up capital base of more than INR50 million for financial reporting.
The companies are required to report their annual accounts to the Registrar of Companies by electronically filing Form 23AC with the balance sheet and Form 23 ACA with the profit and loss account within 30 days from the date of their annual general meeting for approval of accounts.
For the current year, the Ministry of Corporate Affairs has extended the time for filing Form 23AC and Form 23ACA for the companies with paid up capital base less than INR 50 million, without any additional fees/penalty, up to October 15, 2012, or within 30 days from the date of their annual general meeting (whichever is later).
This initiative on the part of the Ministry has come as a relief to companies with a capital base of less than INR 50 million who were facing problems uploading their annual accounts due to the non availability of forms on the Ministry of Corporate Affairs portal.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
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