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Due date for CFSS, 2020, Due date for LSS,2020, Extension of due dates, Ebizfiling

Companies Fresh Start Scheme 2020 and LLP Settlement Scheme 2020- Due Date extended to 31st December 2020

Important Updates in due date of AOC 4 and MGT 7 For FY 2021-2022

Keeping in view of various requests received from various stakeholders, the MCA has granted the relaxation on levy of additional fees for Annual Financial Statement filings required to be done in the Financial Year 2021- 22. The ministry of Corporate Affairs has extended the due date for filing of e-forms AOC 4, AOC 4(CFS), AOC 4 XBRL, AOC 4 Non-XBRL for the Financial Year 2021-22 till 15.02.2022, and for filing e forms MGT 7/MGT 7A is 28.02.2022.

 

Important Update

  • As per the MCA notification w.e.f. January 2021, on late filing of E-form MGT 7 and AOC 4/ AOC-4 XBRL/AOC-4 CFS/AOC-4 NBFC for the FY 2019-20, the additional fees will be applied.
  • The due date of form filing shall be computed based on the actual date of AGM or due date/extended due date of AGM as the case may be.
  • Post 31st December 2020, additional fee shall be applicable from the actual date of AGM or due date/extended due date of AGM + 30/60 days as the case may be and Rs.100 per day shall be charged starting from such day even if such date falls prior to 31st December 2020.
  • Also note that, the Field ‘SRN of the application filed for extension’ (GNL-1) in eform MGT-7 is made optional for FY 2019-20 w.e.f 01 January 2021 due to blanket extension provided for all companies to conduct AGM.
  • Also note that all the late filings of the DIR 3 KYC shall be done with the penalty of INR 5000/-.

 

As everyone is aware that the impact of COVID-19 pandemic has been harsh and the economy is struggling to come out of the crisis. The corporates are facing challenging times to meet the ends and function smoothly. Amid all of this a request was made to the Hon’ble Finance minister and Ministry of Corporate Affairs by various corporate bodies and Chartered Accountant Associations bodies for the extension of various due dates for filing form CFSS- 2020, LLP Settlement Scheme, 2020 (LSS 2020) and for various other annual filings till 31st December, 2020.

Keeping in view the requests received, the Finance Minister Nirmala Sitharaman went on twitter to announce the extension of the various schemes till 31.12.2020. where she said “The Ministry of corporate Affairs has extended the duration of several schemes till 31.12.2020 in view of the continues disruption in certain parts of the country and to provide greater Ease of doing business.” The series of tweets done by the official twitter handle of the Finance Minister are as follows:

 

 

 

 

She further announced the extension in the time period up to which companies can conduct their board meetings through VCs or other Audio Visual Mechanism for all items of Business and also the due date for the Charge related forms has been extended to 31.12.2020.

 

Read: Representation made by ICSI for further extension of Due date for CFSS 2020 and LSS 2020.

Table showing the list of the Extended Due Dates by the MCA

Scheme

Description

Earlier Due date

Extended due date

CFSS- 2020

Companies Fresh Start Scheme, 2020 (CFSS-2020) The Companies Fresh Start Scheme
(CFSS) was introduced on the 1st April, 2020 and was open till the 30th September, 2020. The scheme offers one-time opportunity to the defaulting companies’ to file all the pending documents including the annual tiling of the company without charging higher additional fees on any delay with the Ministry.

30.09.2020

31.12.2020

LSS- 2020

LLP Settlement Scheme, 2020 (LSS 2020) Special measures adopted to enable and support Limited Liability Partnerships constituted under Limited Liability Partnership Act, 2008 in view of COVID­19 outbreak. The LLP Settlement Scheme was introduced from 1st April, 2020 to 30th September, 2020.

30.09.2020

31.12.2020

DIR 3 KYC

DIR 3 KYC is part of the CFSS- 2020 and LSS-2020 schemes.

30.09.2020

31.12.2020

EGM through VCs / AVMs

Companies to hold EGMs or transact business through postal ballots through VC or OAVM as earlier announced by the MCA.

30.09.2020

31.12.2020

Form No. CHG-1 and Form No. CEIG-9

Filing of forms related to creation or modification of charges under the Companies Act 2013.

30.09.2020

31.12.2020

 

These announcements came exactly at the time where the Chartered Accountants and Corporate bodies including Companies were panicking to meet the compliance before the due dates. This will give a big relaxation to all the CAs, CSs and Auditors.

 

Another Important Announcement: Extension in Income Tax Return Filing Due dates

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One thought on “MCA extends various Due Dates to 31st December 2020- CFSS 2020 and LSS included”

  1. Hello sir,

    No, the extension for DIR-3 KYC is not applicable, though you can file your DIR-3 KYC every year on or before 30th September. We are sorry for being late.

    Thanks for connecting!

    Reply

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