Every company needs to file an Annual return with registrar of companies (ROC). Annual Return contains company information as on the closing date of financial year. Annual Return needs to be filed every year with ROC. Annual Return gives extensive disclosure and greater in sight into the non-financial matters of the company.
MGT 7 / 7A is an e-Form for filing annual return by a company. Starting from Apr 01st 2021, GOI, ROC made provisions to make the company compliance easier for small companies by introducing MGT 7A, a Self-serving form for the companies that fit into 'Small Company' definition.
This document covers
The concept of small company was introduced under Section 2(85) of the Companies Act was amended to make the compliance easier for around 2 Lakh companies who are at its infancy and / or startups or limited to lower turnover.
The new definition of Small Company was amended post budget BY 2021, that states, a company can be categorized as a small company if it's
The old definition of a Small Company states that a company can be called as a Small Company if company has a maximum paid up capital of Rs. 50 Lakh and turnover of Rs. 2 Crore for the immediately preceding fiscal.
Annual Returns are of 2 types i.e.,
For OPC: The due date for filing MGT 7A is 60 days from the completion of 180 days from the end of financial year
For Private Limited: The due date for filing MGT 7 / 7A is within 60 days from the date of Annual General Meeting (AGM).
Check latest due dates @ Tax Calendar
Every form which is filed with ROC will have Govt fee. The Government fee is as follows
|S.No||Share Capital||Fee Applicable|
|1||Less than Rs 1,00,000||Rs 200|
|2||Rs 1,00,000 to Rs 4,99,999||Rs 300|
|3||Rs 5,00,000 to Rs 24,99,999||Rs 400|
|4||Rs 25,00,000 to 99,99,999||Rs 500|
|5||Rs 1,00,00,000 or more||Rs 600|
Non filing of MGT 7 / 7A or belated filing of MGT 7 / 7A results in huge penalties. The penalty for belated or non-filing of form MGT 7 / 7A w.e.f 30/06/2018 is Rs 100 per day in default
The consequences for non-filing of Form MGT 7 / 7A needs to be borne by both company and directors
MGT 7 / 7A contains the following information.
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