XBRL Filing

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Many companies have to file their Annual Report on AOC-4 in XBRL format.

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XBRL stands for eXtensible Business Reporting Language. XBRL is a language for the electronic communication of business and financial data. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. It promotes paperless reporting and thus is in line with the green initiatives being promoted world over.

Applicability of XBRL Filing:

The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL:-

i. Companies listed with stock exchanges in India and their Indian subsidiaries;

ii. Companies having paid up capital of five crores rupees or above;

iii. Companies having turnover of one hundred crores rupees or above;

iv. All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015 Moreover companies which have filed their financial statements in XBRL format shall continue to file their financial statements and other documents though they may not fall under the class of companies specified therein in succeeding years.

Exemption from XBRL Filing:

Following class of companies are exempted from filing of financial statements in XBRL Format:

  1. -Non-banking financial companies
  2. -Housing finance companies
  3. -Companies engaged in the business of banking and insurance sector

Documents required for XBRL to file with MCA

The following Documents need to be filed in XBRL Format:

  • -Balance Sheet
  • -Profit and Loss Statement
  • -Cash Flow Statement
  • -Schedules related to Balance Sheet and Profit and Loss Statement
  • -Notes to Accounts
  • -Annual Report
  • -Director Report

We at ITATOrders.in ensure that a dedicated “Legal Partner” is assigned to you and you shall be given a Task link via meraoffice.in. All you need to do is upload the relevant details and documents through the task link and our Legal Partner shall be a one stop point of contact for all your queries and deliverables.

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