On 31st March 2021, FY 2020-21 will come to an end.
From 1st April 2021, all Indian companies are required to meet various compliances as per the rules laid out in Companies Act 2013. Failure to comply will lead to heavy fines and penalties on the company as well as the officer in charge of ensuring compliance.
If you are not sure of the various compliances to be done after 1st April 2021, this list is for you!
- E-form MSME FORM I
Filing due date
- For April to September period: Before 31st October
- For October to March period: Before 30th April
Applies to
All Indian companies that get goods or services from micro and small enterprises and whose payments to these suppliers exceed 45 days from the date of acceptance or deemed acceptance of the goods or services.
Non-compliance penalty
- The defaulting company will be liable to a penalty of 20,000 (twenty thousand) rupees
- In case of continuing failure, a further penalty of 1,000 (one thousand) rupees will be levied for each day of failure after the first, subject to a maximum of 3,00,000 (3 lakh) rupees
- E-form DIR-3 KYC
Filing due date
Before 30th April of immediate next financial year
Applies to
Every individual who has been allotted a Director Identification Number (DIN) on or before 31st March of a financial year.
Non-compliance penalty
- The DIN will become inactive
- DIN holder will not be eligible for appointment to, or resignation from any company
- Compliance failure after 30th April will attract a flat penalty of 5,000 (five thousand) rupees
iii. E-form DPT-3
Filing due date
Before 30th June of every year
File with
Registrar of Companies
Applies to
- Annual returns of deposits by companies that accept deposits
- Annual return particulars of transaction not considered deposits by all companies, other than Government companies
Non-compliance penalty
- Company’s defaulting officers punishable by imprisonment for up to 7 years
- They may also be fined an amount between 25,00,000 (25 lakhs) and 2,00,00,000 (2 crores)
- E-form AOC-4
Filing due date
Within 30 days of Annual General Meeting (AGM) every year
File with
Registrar of Companies
Applies to
- Form for filing financial statement and other documents with the ROC for previous financial year
Non-compliance penalty
- Fine of 100 (hundred) rupees per day after 30 days from the date of AGM
- Managing Director, CFO or any other Director charged with compliance shall be liable to a penalty of 10,000 (ten thousand) rupees
- In case of continuing failure, a further penalty of 100 (one hundred) rupees will be levied for each day of failure after the first, subject to a maximum of 50, 000 (50 thousand) rupees
- E-form MGT-7
Filing due date
Within 60 days of Annual General Meeting (AGM) every year
File with
Registrar of Companies
Applies to
- Form for filing annual returns
Non-compliance penalty
- Fine of 100 (hundred) rupees per day after 60 days from the date of AGM
- Defaulting officers shall be liable to a penalty of 10,000 (ten thousand) rupees
- In case of continuing failure, a further penalty of 100 (one hundred) rupees will be levied for each day of failure after the first, subject to a maximum of 2,00, 000 (2 lakh) rupees
Disclaimer: The information is provided purely for informational and educational purposes only. It should not be misconstrued as legal advice. Taxguru cannot take any responsibility for the result or consequences of any attempt to use or adopt any of the information presented herein.
Mytaxguru Consulting Services provides affordable compliance services that enable Indian firms to start, manage and grow their business. We also educate companies about India’s legal and regulatory requirements, and support them at every stage to ensure complete compliance and long-term growth.
Contact Mytaxguru to complete your compliance responsibilities without delay!
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