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The Ministry of Corporate Affairs (MCA) brings clarity in filing the requirement of Annual Return for One Person Company and Small Companies in India and amended The Companies (Management and Administration) Rules, 2014 (hereinafter referred to as the said rules) vide Notification dated 5th March, 2021.
Now, every One Person Company and Small Companies shall be required to file its Annual Return in e-Form MGT-7A from the financial year 2020-21 onwards. Every Company other than One Person Company and Small Company shall continue to file the existing e-Form MGT-7 as its Annual Return, which is also revised by the MCA in the above-mentioned Notification.
Further, the MCA has also added explanations in the Notification after Rule (20)2 of the said rules with respect to the meaning of Nidhi Company and describes various terms related to the e-voting such as agency, cut-off dates, cyber security, electronic voting system, remote e- voting, voting by electronic means, etc.
Earlier, the MCA vide Notification dated 28th August 2020, amended the said rules and removed the filing requirement of Form MGT-9 i.e. an extract of Annual Return, only if the Company discloses its Annual Return in its website and the link for such sites is given in the Board report.
From the financial year 2020-21, Every One Person Company shall be required to file the copy of Annual Return in e-Form MGT-7A along with documents within 180 days of the closure of the financial year to the Registrar of Companies with such fees as may be prescribed. Whereas, Small Companies are required to file their Annual Return in e-Form MGT-7A along with documents within 60 days from the date of holding of Annual General Meeting (AGM).
Therefore, for the financial year 2020-21, the due date of filing Annual Return for One Person Company is 27th September 2021. In the case of the Small Company, the due date of filing Annual Return shall depend upon the Annual General Meeting, which is to be conducted within six months from the closure of the financial year.
New e-Form MGT 7A: Every One Person Company and Small Company shall prepare its Annual Return in the e-Form MGT 7A. Following are the newly added details in the e-Form MGT 7A:
Annual General Meeting. As per section 96 of the Companies Act, 2013 One
Person Companies are not required to conduct AGM. Hence, this field would not be applicable to One Person Companies.
Through this amendment, the MCA has brought clarity in the Annual return filing requirements of One Person Company and Small Company. Recently, a lot of amendments have been brought and proposed by the Ministry relating to compliances required to be fulfilled by One Person Companies and Small Companies in India. These amendments and notifications are a welcome change as the business entities from time to time are getting clarifications with respect to the compliances that they have to fulfil from time to time and such clarity is in-turn helping them to run their business operations at ease.
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