Annual Filing of Companies (Fresh Start Scheme, 2020)
MCA has introduced Company Fresh Start Scheme, 2020 Program. Great opportunity for Non complaint Companies to Complete annual filing without paying any Penalty. As per latest notification issued by Ministry of corporate affairs (MCA) all the defaulting companies can now file the pending e-forms without paying any penalty for delay. The e-forms can be filed on MCA portal with paying only normal fee applicable. This is a one time opportunity given to defaulting companies for fresh start and comply with the mandatory compliance. The Scheme shall remain in force till 30.09.2020. The companies through this scheme will be able to file any belated e-form without paying any penalty. Also, this scheme provides immunity for initiation of prosecution for levying penalty. As per this scheme no additional fee or late fee will be levied on e-forms filed to ROC viz Form AOC-4, AOC-4 XBRL, AOC-4 CFS, Form MGT-7, Form MGT-14, ADT-1, Form DPT-3, Form DIR-12, Form 20A, INC 22.
All companies registered in India like private limited company, one person company, limited company, and section 8 company must file MCA annual return and income tax return each year. Before filing annual return, the company must conduct an Annual General Meeting at the end of each financial year. For newly incorporated Companies, the Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. Subsequent Annual General Meetings should be held within 6 months from the end of that financial year. In India, normally the financial year starts on April 1st and end on 31st March. So a Company's annual return would be due on or before September 30th.