{"id":38916,"date":"2022-09-17T13:12:55","date_gmt":"2022-09-17T07:42:55","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=38916"},"modified":"2024-05-31T14:23:33","modified_gmt":"2024-05-31T08:53:33","slug":"xbrl-filing-in-india","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/xbrl-filing-in-india\/","title":{"rendered":"XBRL Filing: Procedure, Penalty and Exemption under Companies Act"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-38920 size-full\" title=\"XBRL Filing in India\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1.png\" alt=\"XBRL Filing in India\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2022\/09\/XBRL-Filing-Procedure-Penalty-and-Exemption-under-Companies-Act-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/>XBRL is used as an abbreviation for \u201cExtensible Business Reporting Language\u201d. It is a language that is used for electronic communication of business and financial data that revises the reporting of business across the world.<br \/>\n<\/span><span style=\"font-weight: 400;\">It provides a lot more benefits in regard to preparing, analyzing, and communicating business information. It saves costs by being highly efficient and improves accuracy. This is thoroughly reliable for all the persons that are involved in using and providing the financial data.<\/span><\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"border: 1px solid #555;\">\n<p style=\"text-align: justify;\"><b>Table of Contents<\/b><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Abstract\"><span style=\"font-weight: 400;\">Abstract<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#and\"><span style=\"font-weight: 400;\">Meaning and Purpose of filing XBRL<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#of\"><span style=\"font-weight: 400;\">Applicability of XBRL<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#The\"><span style=\"font-weight: 400;\">The Benefits of XBRL Filing<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#on\"><span style=\"font-weight: 400;\">MCA Rules on Cost Audit Report (CRA)<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Documents\"><span style=\"font-weight: 400;\">Documents Required<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#for\"><span style=\"font-weight: 400;\">Rules for XBRL Exemption<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#XBRL\"><span style=\"font-weight: 400;\">The procedure of filing XBRL<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#as\"><span style=\"font-weight: 400;\">Provisions as per Companies Act, 2013 for the deadline of Filing XBRL<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Penalty\"><span style=\"font-weight: 400;\">Penalty<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"#Takeaway\"><span style=\"font-weight: 400;\">Takeaway<\/span><\/a><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"Abstract\"><b>Abstract<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">XBRL is the only language that is used for the communication of data revolving around business and finance. It is as mentioned above used electronically for business reporting internationally.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It was introduced by the <\/span><span style=\"font-weight: 400;\">Ministry of Corporate Affairs (MCA)<\/span><span style=\"font-weight: 400;\"> for filing of financial statements to the Registrar of Companies (hereinafter referred to as ROC. It is placed at the portal of the Ministry of Corporate Affairs (MCA).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The <\/span><b>Companies Rules, 2011<\/b><span style=\"font-weight: 400;\"> for \u201cFiling of forms and documents in Extensible Business Reporting Language\u201d provides that some categories and classes of companies have to file their balance sheets and profit and loss accounts mandatorily with the ROC. And this has to be done using the XBRL taxonomy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Successively, the <\/span><b>Companies Rules, 2017<\/b><span style=\"font-weight: 400;\"> for \u201cFiling of documents and forms in Extensible Business Reporting Language\u201d further provided that the financial statements and other necessary documents shall be filed by certain categories\/classes of companies mandatorily under Section 137 of the Companies Act, 2013, which states that the copies of financial statements shall be filed with the Registrar. The e-form by which it is filed is \u2018<\/span><span style=\"font-weight: 400;\">AOC-4<\/span><span style=\"font-weight: 400;\">\u2019.<\/span><\/p>\n<h2 id=\"and\"><b>Meaning and Purpose of filing XBRL<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">XBRL is an international standard for reporting business digitally and it is operated by an international Non-Profitable Organization. It commits to improving the reporting in the general public interest.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">XBRL provides a language by which terms of reporting can be defined by the authority. These terms are used for the absolute representation of the contents of financial statements or other compliance forms, business reports, and Performances.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">It allows the accurate and digital quick flow of information between organizations.<\/span><\/p>\n<h2 id=\"of\"><b>Applicability of XBRL<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In accordance with the provisions mentioned under the Companies Act, 2013 (<\/span><b>Section 137<\/b><span style=\"font-weight: 400;\">) the class of companies that shall mandatorily file their financial statements with other necessary documents in the XBRL form are listed below;<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Companies that are listed with the stock exchanges and their respective Indian subsidiaries,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Companies that have their paid-up capital around five crore rupees (5,00,00,000\/-) or above, or<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Companies with a turnover of around a hundred crore rupees or above, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">All those other companies for which the Companies (Indian Accounting Standards) Rules, 2015 mandates the requirement of preparing financial statements.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The organizations who adequately furnished their <\/span><span style=\"font-weight: 400;\">business<\/span><span style=\"font-weight: 400;\"> and financial statements in XBRL following the provision under section 137 shall continue to carry on furnishing the financial statements with such other necessary documents as are required in general and conclusively shall eliminate the need to fall under any of the classes of companies as are listed above.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Similarly, the companies who furnished their financial statements in accordance with the Companies (Accounting Standards) Rules, 2006 shall furnish their business and financial statements through Taxonomy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Apart from it, the Companies which continue to furnish their financial statements in accordance with the Companies (Indian Accounting Standards) Rules, 2015 shall file the necessary financial statements through the \u2018IND-AS Taxonomy\u2019.<\/span><\/p>\n<h2 id=\"The\"><b>The Benefits of XBRL Filing<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Following are the benefits of filing XBRL:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">XBRL offers considerable advantages in all areas of company reporting and analysis. Advantages include automation, cost savings, quicker, more reliable, and accurate data handling, enhanced analysis, and better information and decision-making.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">XBRL enables financial data producers and users to reallocate resources away from time-consuming manual procedures including data comparison, assembling, and re-entry. Because of technologies that can validate and comprehend XBRL data, they may concentrate their efforts on analysis.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">XBRL is a flexible language designed to cover all elements of reporting in a wide range of nations and industries. We may tailor it to meet unique business demands, even at the level of individual businesses, due to its extensible nature.<\/span><\/li>\n<\/ul>\n<h2 id=\"on\"><b>MCA Rules on Cost Audit Report (CRA)<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The organization is also required to file the Audit Report Cost with adequately required documents to the Central Government following Section 148, sub-section (6) of the Companies Act and the reports shall be furnished in accordance with the compliances.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Other additional documents would also be required, which shall be further filed through the costing taxonomy. This shall be for the fiscal year that starts prospectively from the 1<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\"> of April 2014.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The e-form CRA-4 shall be the format for the companies referring to the Companies \u201cCost Records and Audit\u201d Rules of 2014.<\/span><\/p>\n<h2 id=\"Documents\"><b>Documents Required<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The list of required documents that will be filed to furnish the information in regards to the business and financial statements of the company are as follows;<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Report of Auditor in word format,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Conclusive Financial Statements in word and PDF format,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Notes which are part of Accounts in word format,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Report of Director and Notice with additional annexures in word format,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Profit and loss account, Balance sheet, and recommended necessary notes of the previous year in PDF format,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Challan and ADT-1 Form,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">\u00a0List of Shareholders with <\/span><span style=\"font-weight: 400;\">PAN Card<\/span><span style=\"font-weight: 400;\">,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Company\u2019s PAN Card,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">AOC-4 and MGT-7 Forms of the previous year, and<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">PAN Card of Shareholders holding more than 5% of Shares<\/span><\/li>\n<\/ul>\n<h2 id=\"for\"><b>Rules for XBRL Exemption<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">There are some exemptions for the NBCs (<\/span><a href=\"https:\/\/www.cagmc.com\/non-banking-finance-company-in-india\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Non-Banking Financial Companies<\/span><\/a><span style=\"font-weight: 400;\">), HFCs (Housing Finance Companies), and the other Companies which are involved with the insurance or banking businesses.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The Company Secretary and Lawyers can also make sheets of XBRL by the software professionally.<\/span><\/p>\n<h2 id=\"XBRL\"><b>The procedure of filing XBRL<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The procedure by which XBRL shall be filed can be well understood by following the listed steps:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The first step initiates with claiming the XBRL tool from the trustable vendors,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">After which the master data is created of the Directors, companies, and the Auditor in the claimed tool,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Once the data is stored, attach whole of the Financials, Notes, <\/span><span style=\"font-weight: 400;\">Audit<\/span><span style=\"font-weight: 400;\"> Reports, Annual Reports, Schedules, and the Director\u2019s Report in the format of XBRL,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The next step includes generating the instance documents (in XML Format),<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Then download the tool of validation from the site of the Ministry of Corporate Affairs, after which you will have to choose the subject taxonomy,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">On the validation tool, upload the document and the maps. The documents then shall be validated through the same tool,<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Scrutinize the document with the help of a validation tool soon as the documents are mapped or validated, and lastly<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Attach the document that is pre-scrutinized in the Form of AOC-4 to furnish that to the Registrar of Companies within 30 days from the date of the Annual General Meeting.<\/span><\/li>\n<\/ul>\n<h2 id=\"as\"><b>Provisions as per Companies Act, 2013 for the deadline of Filing XBRL<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">Under the Companies Act 2013, the provisions specify the \u2018Duration within which Financial Statements shall be furnished with the Registrar of Companies. The extract of the provision provides that:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Companies shall file their position of the financial and business statements to the authority of the Registrar of Companies with consolidated financial statements along with additional documents that are mandatorily required with the financial statements.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Such financial statements must be taken at the time of the Annual General Meeting and submitted to the <a href=\"https:\/\/www.mca.gov.in\/content\/mca\/global\/en\/home.html\" target=\"_blank\" rel=\"noopener\">Ministry of Corporate Affairs<\/a> within 30 days of the specified Annual General Meeting along with the prescribed fee.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In case Annual General Meeting was not adopted or postponed, then the duration of filing shall be within 30 days since the Annual General Meeting was held.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When the Annual General Meeting is not held within 30 days of the last date before which the Annual General Meeting shall be initiated, in such case filing will be done after paying prescribed fees.<\/span><\/li>\n<\/ul>\n<h2 id=\"Penalty\"><b>Penalty<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">When the company fails to copy the financial statements to the Registrar of Companies within the mentioned duration, in such case the company shall be liable to attract a penalty of 10,000\/- (Ten Thousand Rupees).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">In case such failure to copy that financial statement with the ROC continues, the penalty shall be levied 100\/- (Hundred Rupees) for every consecutive day where such failure carries on to raise to a sum of 2, 00,000\/- (Two Lakh Rupees).\u00a0<\/span><\/p>\n<h2 id=\"Takeaway\"><b>Takeaway<\/b><\/h2>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">The XBRL (Extensible Business Reporting Language) is the language based on international standards to communicate financial and business statements through an electronic mode, joining which provides several benefits. It perfectly reflects the information reported in accordance with the listed accounting standards.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>XBRL is used as an abbreviation for \u201cExtensible Business Reporting Language\u201d. 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