Every Private Limited Company (Pvt. Ltd.) in India ought to follow annual submitting requirements under the Companies Act, 2013. Two key filings for compliance are AOC 4 and MGT 7, which serve exclusive functions.
This article gives a broad detailing and differentiation of these two forms.
What is AOC 4?
AOC-4 is an obligatory form used to document the financial statements of a Pvt. Ltd. Business enterprise with the Registrar of Companies (ROC).
Key Details in AOC 4
- Includes Balance Sheet, Profit & Loss Statement, and Cash Flow Statement (if relevant).
- Contains Auditor's Report and Board's Report.
- Requires information on subsidiaries, if any.
Due Date for AOC-4 Filing
- It should be submitted within 30 days after the Annual General Meeting (AGM).
- If no AGM is held, the cut-off date is 30 days from the due date of the AGM.
Penalty for Late Filing
Rs 100 per day of delay until the form is filed.
What is MGT-7?
MGT-7 is used to file the Annual Return of a Pvt. Ltd. Employer, detailing its shareholding shape, directorship, and typical governance.
Key Details in MGT 7
- Includes information about the employer's registered office and business status.
- Contains names of directors, shareholders, and debenture holders.
- Mentions changes in directorship and shareholding sample.
Due Date for MGT-7 Filing
It must be filed within 60 days after the AGM date.
Penalty for Late Filing
Rs 100 per day of delay until the form is filed.
Key Differences Between AOC 4 and MGT 7
- Purpose: AOC 4 is for financial statement submission, as MGT 7 is for annual return submission.
- Details Required: AOC 4 includes financials, audit reviews, and board reports, whereas MGT 7 includes shareholding, governance details, and directorship modifications.
- Due Date: AOC 4 ought to be filed within 30 days of the AGM, whilst MGT-7 must be filed inside 60 days of the AGM.
- Late Fees: Both forms require a penalty of Rs 100 per day if filed late.
Conclusion
Both AOC 4 and MGT 7 are essential for Pvt. Ltd. annual filing. While AOC 4 specializes in financial reporting, MGT 7 guarantees the right governance disclosure. Timely submission of these forms helps avoid legal penalties and consequences.
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