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Posted on November 5, 2021
New Form MGT-7A Abridged Annual Return For Small Company & OPC
The Ministry of Corporate Affairs (MCA), has notified a new form MGT-7A which is an Abridged Annual Return for OPCs (One Person Company) and Small Company for the FY 2020-2021. This was notified through Companies (Management and Administration) Amendment Rules, 2021 with effect from 05th of March 2021.
Form MGT-7A is the form prescribed for Annual Return of One Person Company and Small companies. This form is applicable in Annual Return for the F.Y. 2020-21 of OPC and small companies. All other companies shall continue to file their Annual Return in Form No. MGT-7. All the registered companies in India must file this e-form every year doesn’t matter if company is private or public. The requirement of filing the Form MGT 7 by the company is for its annual return.
As per this in accordance with this amendment notification, Rule 11(1) of the Companies (Management and Administration) Rules, 2014 shall be substituted with:
“Every company shall file its annual return in Form No.MGT-7 except for One Person Company (OPC) and Small Company. One Person Company and Small Company shall file the annual return from the financial year 2020-2021 onwards in Form No.MGT-7A”
Applicability of Form MGT-7A
Form MGT-7A as stipulated before is applicable to OPC and Small Companies from FY 2020-21 onwards.
The small company here means the one defined under section 2(85) of the Companies Act, which is a private limited company with:
- Paid-up capital does not exceed INR 2 Crores and
- Turnover does not exceed INR 20 Crores.
It shall further be noted that a company is not a small company if:
- It is a Public Company
- It is a Holding Company of another company
- It is a Subsidiary Company of another company
- It is a Section 8 company
- It is a company governed by a Special Act.
While OPC or One Person Company is defined under section 2(62) of the Companies Act and means a company that has only one person as a member.
Due Date for Filing Form MGT-7A for FY 2020-21
– For Small Company:
The last date for filing Form MGT-7A for the small company during FY 202-21 is the 29th of January 2022. In general terms Form MGT-7Ais required to be filed by Companies with 60 days from the date of the Annual General Meeting or AGM of the company. So, the due date for AGM is 30th of September of the relevant Ay (Assessment Year) and this forms the base for the filing due date of Form MGT-7A and this shall be 30th of November every year.
But the respective ROCs (Registrar of Companies) have notified the extensions for conducting AGM for the FY 2020-21 by the period of 2 months making the same to 30th of November 2021. Hence, the due date for filing Form MGT-7A shall fall on the 29th of January 2022.
– For OPC:
The last date for filing Form MGT-7A by OPC shall be 28th November 2021. As OPC is not mandated or required to hold AGM, the due date for filing the MGT-7A in case of OPC shall be within 60 days or 2 months from the completion of 6 months from the end of the relevant financial year. And by this, we can say the last date would be 28th of November 2021.
Filing Fees for Form-MGT7A
|SL. NO.||COMPANY HAVING AUTHORISED/NOMINAL SHARE CAPITAL OF||APPLICABLE FEES|
|1||Less than INR 1 Lakh||INR 200|
|2||INR 1,00,000 – INR 4,99,999||INR 300|
|3||INR 5,00,000 – INR 24,99,999||INR 400|
|4||INR 25,00,000 – INR 99,99,999||INR 500|
|5||1,00,00,000 or more||INR 600|
In case of any late filing, a fee of INR 100 per day shall be applicable after the respective due date for filing of the form by OPC and Small Company.
Features of Form MGT-7A
- It is an Annual Return to be filed by Small companies and OPC.
- It does not need certification of Company Secretary and can be filed with DSC of Directors only.
- It shall be applicable from FY 2020-21 onwards, while all other companies should be filing Form MGT-7
Information not Included under Form MGT-7A
Following information’s need not be included or applicable in Form MGT-7A:
– Date of AGM
– Particulars of Associate companies like holding or subsidiary (including joint ventures)
– Details of unclassified share capital
– Break-up of share capital
– Details of Shares or Debenture transfer
– Shareholding pattern (promoter/ non-promoter)
– Member/ other meeting details
– Details of board meeting
– Attendance of directors.
So, what is e-form MGT-7A?
Form MGT-7A is the form prescribed for Annual Return of One Person Company and Small companies. And this form is applicable in respect of Annual Return for the FY 2020-21 onwards and would be applicable only for OPC and small companies, while all other companies are expected to file Form MGT-7 with the ROC or MCA.
Thus, for all other companies, their Annual Return shall be filed or continue to be filed in Form No. MGT-7 as prior to this amendment, even One Person Company and Small Companies also used to file their Annual Return in Form MGT-7.
Form No. MGT-7A is required to be filed to ROC along with prescribed fees which have been stipulated in the table along with any late fee if applicable.