The Process of Financial Statement Filing for Companies

 

CA services in Bangalore and other metropolitan cities in India are rapidly reaching out to companies to aid their filing of financial statements. The process is tedious and requires extensive expertise in the field. This is why startups and major corporates alike seek services from the top CA Firms in Bangalore for their financial statement filing. 


The associated laws of Financial Statement Filing

A copy of a company's financial statements must be filed annually with the Registrar along with Form AOC-4 for each Financial Year, as per section 137 of the Companies Act, 2013. The fees or supplementary fees, as appropriate, should be filed within 30 days of the date of the annual general meeting. 

Rule 12 of Companies (Accounts) Law, 2014 requires each company to file its financial statements with the Registrar in e-Form AOC-4 and Consolidated Financial Statements, if applicable in e-Form AOC-4 CFS. It further states that it is mandatory to file its financial statement in XBRL format for the class of companies that may be notified by the Central Government from time to time.

E-Form AOC-4 must be digitally signed by each of the following key management staff of the organisation before filing on the MCA website: 

  • Director 

  • Manager 

  • Secretary 

  • CEO 

  • CFO 

In addition to the financial statements, certain other documents must also be filed with Form AOC-4. These documents include copy of financial statements, details of CSR activities, statement of subsidiaries, and much more. 

Financial statement filing requires extensive effort, knowledge, and patience and in case there is any discrepancy in the filing method, there could be severe consequences as laid down in Section 164 (2), Section 448, Section 455 (1), and Section 455 (4). 


Don't falter in your formal financial obligations. Choose one of the best Chartered Accountant Firms in Bangalore and get assistance with any financial service, including a professional CA for tax filing. Visit BCL India today. 


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