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Penalty for late filing of Registrar of Companies Return

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Penalty for late filing of Registrar of Companies Return

Company pay Penalty for late filing of Registrar of Companies Return. Companies Act, 2013 has drastically increased the number of compliances for companies, be it private limited company or public. As per Section 92 of the Act a company mandatorily needs to file a copy of its annual return with the Registrar of Companies (ROC) within 60 days of holding its Annual General Meeting (AGM).

In case a company hasn't held its AGM in a year then it needs to file the copy within 60 days from the date it should have been held. Failure to do so will not only attract additional fees but also penalty on company and person or persons responsible for the default.

The copy of annual return is filed in Form No. MGT7 along with the prescribed fees. Every company, viz. public, private, one person and small is required to file in the same form. The normal fees that is required to be paid depends upon the authorized capital of a company.

For companies having their authorized capital less that ₹1 lac need to pay a fees of ₹200 while those having capital of ₹1 crore or more must pay ₹600. 

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If the company is late in submitting the annual return with ROC then certain fine is attracted that is calculated on the basis of number of days the submission is delayed by and the normal fees that is required to be paid.

For instance if the delay is up to 30 days then the additional fees to be paid is twice the amount of normal fees. Similarly, if the delay is of more than 180 days then a company needs to pay a fine amounting to twelve times its normal fee.

If a company fails to file an annual return with ROC even after 270 days from the date it should have been, then it needs to pay a fine of at least ₹50,000 which may even extend to ₹5 lacs as per Section 403 of the Act.

Also every officer that has made default shall be penalized with imprisonment up to 6 months or fine up to ₹5 lacs which shall not be less than ₹50,000 or both.

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