XBRL Filing

What is XBRL?

XBRL (eXtensible Business Reporting Language) is a reporting language which is used for filing of business and financial data with the authority. This language is beneficial for preparing, communicating and analyzing the business information.

Under the Companies Act, 2013 certain prescribed class of companies are compulsorily required to file their financial statements with MCA in XBRL mode only.

Overview
eligibility

WHICH COMPANY IS MANDATED FOR XBRL FILINGS?

Following classes of companies are required to file its financial statement in XBRL form:



  • Every listed company and their Indian subsidiaries.
  • Companies having a paid-up share capital of Rs. 5 crore or more.
  • Companies which have turnover of Rs. 100 crore or more.
  • Every company which is required to prepare its financial statement as per Companies (Indian Accounting Standards) Rules, 2015.

Process of XBRL Filing

  • STEP-1: Tagging of XBRL accounting (taxonomy) elements with various accounting heads in the Books of Accounts of the company. This will create the mapping of the taxonomy elements, so that, accounting data can be converted into XBRL format. This converted document is known as instance document.
  • STEP-2: XBRL validation tool should be downloaded from MCA website.
  • STEP-3: Load the converted document in the validation tool. This will validate the document.
  • STEP-4: pre-scrutiny the document before submitting.
  • STEP-5: Convert the instance document into pdf form to check the content of the documents.
  • STEP-6: After verifying attach the instance document with the AOC-4 XBRL form and submit it on the portal of MCA.
process-procedure
exempted

Exempted Companies

Below mentioned companies are exempt from filing financial statements in XBRL form:



  • NBFCs (Non-Banking Financial Companies).
  • HFCs (Housing Finance Companies).
  • Companies which are engaged in the sector of Banking and Insurance.

Document Required for Closure of LLP

  • Financial statement of the company.
  • Board’s report.
  • Auditor’s report.
  • DSC of the director authorized.
  • DSC of the professional certifying the form.
Documents
attachments

ATTACHMENTS OF AOC-4 XBRL

  • Financial statements of the company in XBRL form.
  • Consolidated financial statement of the company in XBRL form.
  • Statement of subsidiaries in AOC-1 form.

Fees

The fees for filing e-forms with the registrar of companies are:



S.No. Share Capital of the Company (in value) Fee (in Rupees)
1 Less than 1,00,000 200
2 1,00,000 to 4,99,999 300
3 5,00,000 to 24,99,999 400
4 25,00,000 to 99,99,999 500
5 1,00,00,00 or more 600

Additional fees:



S.No. Delay in Filing Additional fees
1 Delay beyond period provided under Section 92(4) of the Act Rs. 100 per day
2 Delay beyond period provided under Section 137(1) of the Act Rs. 100 per day
fees

What is XBRL?

XBRL (eXtensible Business Reporting Language) is a reporting language which is used for filing of business and financial data with the authority. This language is beneficial for preparing, communicating and analyzing the business information.

Under the Companies Act, 2013 certain prescribed class of companies are compulsorily required to file their financial statements with MCA in XBRL mode only.

Which company is mandated for XBRL filings?

Following classes of companies are required to file its financial statement in XBRL form:



  • Every listed company and their Indian subsidiaries.
  • Companies having a paid-up share capital of Rs. 5 crore or more.
  • Companies which have turnover of Rs. 100 crore or more.
  • Every company which is required to prepare its financial statement as per Companies (Indian Accounting Standards) Rules, 2015.

What is process of XBRL filing?

  • STEP-1: Tagging of XBRL accounting (taxonomy) elements with various accounting heads in the Books of Accounts of the company. This will create the mapping of the taxonomy elements, so that, accounting data can be converted into XBRL format. This converted document is known as instance document.
  • STEP-2: XBRL validation tool should be downloaded from MCA website.
  • STEP-3: Load the converted document in the validation tool. This will validate the document.
  • STEP-4: pre-scrutiny the document before submitting.
  • STEP-5: Convert the instance document into pdf form to check the content of the documents.
  • STEP-6: After verifying attach the instance document with the AOC-4 XBRL form and submit it on the portal of MCA.

What attachments are required with AOC-4 XBRL form?

  • Financial statements of the company in XBRL form.
  • Consolidated financial statement of the company in XBRL form.
  • Statement of subsidiaries in AOC-1 form.

Which companies are exempted from filing financial statements in XBRL format?

  • NBFCs (Non-Banking Financial Companies).
  • HFCs (Housing Finance Companies).
  • Companies which are engaged in the sector of Banking and Insurance.

What is fees of filing AOC-4 XBRL?

The fees for filing e-forms with the registrar of companies are:



S.No. Share Capital of the Company (in value) Fee (in Rupees)
1 Less than 1,00,000 200
2 1,00,000 to 4,99,999 300
3 5,00,000 to 24,99,999 400
4 25,00,000 to 99,99,999 500
5 1,00,00,000 or more 600

Additional fees:



S.No. Delay in Filing Additional fees
1 Delay beyond period provided under Section 92(4) of the Act Rs. 100 per day
2 Delay beyond period provided under Section 137(1) of the Act Rs. 100 per day

Which documents are required for filing financial statement?

  • Financial statement of the company.
  • Board’s report.
  • Auditor’s report.
  • DSC of the director authorized.
  • DSC of the professional certifying the form.

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