ICSI REQUESTED MCA TO WAIVE LATE FILING FEES FOR ANNUAL FILING FORMS TILL 31ST DECEMBER
Mybusiness Filings Latest Blog Post
ICSI REQUESTED MCA TO WAIVE LATE FILING FEES FOR ANNUAL FILING FORMS TILL 31ST DECEMBER
ICSI requested MCA to waive Late Filing Fees for Annual Filing Forms till 31st December
The Institute of Company Secretaries of India (ICSI) has requested MCA (Ministry of Corporate Affairs) to waive Late Filing Fees for Annual Filing Forms till 31st December 2024.
The Relevant Text is given below:
This has reference to the provisions of Section 137 and Section 92 of the Companies Act, 2013, which mandates the filing of financial statements and Annual Returns by every company with the Registrar within thirty days and sixty days, respectively, from the date of the annual general meeting.
We wish to submit that various communications have been received from the stakeholders requesting an extension of the last date for filing of annual forms citing below reasons:
- Practical difficulties faced by companies, particularly with respect to XBRL filings. The process of XBRL filing is not only time-consuming but also requires meticulous tagging of specific items and figures. Due to the technical nature of the format, it becomes challenging for companies to complete the filing on time.
- The month of October usually includes major festivals like Diwali and Bhai Dooj, causing additional delays in meeting filing deadlines.
- Frequent technical glitches on the MCA website, especially during peak filing periods. The system often faces downtimes and slow processing speeds, making it difficult for companies to upload their documents on time. This has become a recurrent issue, adding to the filing complexities.
- The Changes in the Forms and the Compliance requirements including the MSME Forms have increased the burden on the professionals and the Companies, creating a bottleneck in meeting the filing deadline.
- Central Board of Direct Taxes (CBDT) through its circular dated 26th October 2024, outlines the provision for extending the due date for filing income tax returns for the Assessment Year 2024-25, till 15th November 2024.
In view of the above, we request an extension for the annual filing Forms (AOC-4 CFS NBFC (Ind AS), AOC-4(XBRL), AOC-4, AOC-4(CFS), AOC-4 NBFC (Ind AS), MGT-7, MGT-7A with an extended deadline till 31.12.2024 without levying additional fee. This extension will greatly ease the burden on companies and improve compliance rates.
ICSI has requested MCA (Ministry of Corporate Affairs) to waive Late Filing Fees for Annual Filing Forms and extend the time period till 31st December 2024.
Comments :