As the financial year progresses, it is crucial for businesses and directors to stay informed about upcoming compliance deadlines to avoid penalties and ensure smooth operations. Here is an overview of the key upcoming compliance requirements to be reported by Companies to the Ministry of Corporate Affairs (MCA) under the Companies Act, 2013 (Act):
| S. No. | Form Name | Applicability | Due Date | Details Required | Consequences of Non-Compliance |
| 1 | MSME Form I | MSME Form I is applicableto all companies thatreceive goods or servicesfrom micro or smallenterprises and whosepayments to theseenterprises exceed 45 daysfrom the date ofacceptance or the date ofdeemed acceptance of thegoods or services. | The ling of FormMSME-1 is required twicea year (half yearly):● For the period from01 April 2024 to 30September 2024,the due date is 31October 2024.● For the period from01 October 2024 to31 March 2025, thedue date is 30 April2025. | ●Total outstandingamount due to MSMEsuppliers as of thereporting date.● Name of the supplierand their PAN.● Date from which theamount is due.● The reasons for thedelay in payments. | Failure to le Form MSME-1can lead to penalties andnes for the defaultingcompany. The MCA canlevy nes on the companyand its ofcers in default,making it crucial forcompanies to adhere tothe ling requirementsdiligently. |
| 2 | Form DIR-3 KYC | Form DIR-3 KYC isapplicable to all individualswho have been allotted aDirector IdenticationNumber (DIN) and arerequired to update theirKYC details annually. Thisannual compliance ensuresthat the personalinformation of directors isaccurate and up-to-date onthe MCA database, therebyenhancing the transparencyand integrity of corporategovernance. | The due date for lingForm DIR-3 KYC for FY2024-25 is 30September 2024. | ● Personal mobilenumber and emailaddress.● Address proof andidentity proof.● Aadhar and PANnumbers.● Passport in case ofForeign Directors | Failure to le the FormDIR-3 KYC within the duedate results in thedeactivation of the DIN.Reactivation of DIN requiresling of Form DIR-3 KYCalong with a late fee of INR5,000/-. Thisnon-compliance canrestrict the director fromparticipating in anybusiness activities until theDIN is reactivated. |
| 3 | Form AOC-4 | All companies registeredunder the Companies Act,2013, including privatelimited companies, publiclimited companies,one-person companies, andsmall companies, must leForm AOC-4 annually. Thisform is used for ling thenancial statements of a company with the MCA. Thisincludes the balance sheet,prot and loss account, andother relevant documents. Itis a mandatory requirementunder Section 137 of theCompanies Act, 2013. | The due date for lingAOC-4 is within 30 daysof the date of the AnnualGeneral Meeting (AGM)for all companies exceptOPCs. (For OPCs – 180days from end of thenancial year). | ● Financial statementsincluding balancesheet and prot andloss account● Directors’ report● Auditors’ report● Details of related partytransactions● Corporate socialresponsibility (CSR)activities, if applicable | Non-filing of Form AOC-4,Form MGT-7/ Form MGT-7Awithin the due date canlead to heavy penalties andadditional fees. Continuednon-compliance may alsoresult in the companybeing struck off from theRegister of Companies bythe Registrar. Additionally, the directors of thecompany may facedisqualication underSection 164(2) of theCompanies Act, 2013. Thisdisqualication can preventthem from being appointedas directors in any othercompany for a period ofve years, signicantlyimpacting theirprofessional reputation andability to engage incorporate governance. |
| 4 | FormMGT-7 /FormMGT-7A | All Small Companies andOne Person Companies shallle Form MGT-7A. Everyother company registeredunder the Companies Act,2013 is required to le FormMGT-7 annually.This form is the annualreturn that companies mustle with the MCA, detailingthe company’s shareholdingstructure, changes indirectorship, and other keyinformation | The due date for lingMGT-7 is within 60 daysfrom the date of theAGM. | ● Registered ofce andprincipal businessactivities● Details of shares,debentures, and othersecurities● Particulars of holding,subsidiary, andassociate companies● Members anddebenture holders’information● Details of directors,key managerialpersonnel, andchanges therein● Meetings ofmembers/class ofmembers/board/committees of the board● Remuneration ofdirectors and keymanagerial personnel● Penalties andpunishments imposedon the company, itsdirectors, or officers |
Conclusion
Keeping up with compliance deadlines is essential for the smooth functioning and legal standing of any business. Companies must ensure timely reporting of forms with the MCA to avoid penalties and legal repercussions. It is advisable to maintain a compliance calendar and set reminders well in advance to ensure that the applicable lings are completed within the stipulated time frame.
