Benefits of MGT 7A for Small Businesses
- Less Documentation : Compared to MGT 7.
- No CS Certification Needed : Cost savings for small businesses.
- Simplified Compliance : Easier and faster filing process.
Due dates for filing MGT7 / 7A
- For an OPC, MGT-7A follows the annual-return timeline under Section 92(4) where no AGM is held: within 60 days from the date on which the AGM should have been held. For a small company that holds an AGM, the annual return is filed within 60 days of the AGM.
- For filing MGT7, it is within 60 days from the annual general meeting.
Companies (Management and Administration) Amendment Rules, 2021
- MCA has named these amendments as the companies (Management and Administration) Amendment Rules, 2021.
- These amendments are applicable from the financial year 2020-2021.
- You should file a copy of the annual return with the registrar along with the specified fees.
- These rules prevent the disclosure of certain information.
Consequences of not filing MGT 7 / MGT 7A
- According to section 92(5) and 446(B), if a company fails to file its annual return within the specified deadline and its officers who are in default are liable to pay the amount of penalty.
- The penalty for not filing the annual return for One person company and Small Companies is ₹ 100 per day of default.
- All companies must ensure that they file their annual return before the due date.
- Companies may be liable to pay a specified fine.
- The MCA can issue legal notices on company for repeated non compliance.
- If the company fails to file an annual return for constant three years, it is possible that directors may be disqualified.
- If the company is failing to file annual returns for an extended period then, The MCA can strike off the company’s name from the register .
Conclusion
In conclusion, Form MGT 7A is introduced under the Companies (Management and Administration) Amendment act, 2021. The main purpose for introducing this form is to simplify the annual return filing for One Person Company and Small companies. This act ensures a streamlined compliance structure.
Suggested Read :
How to File Form MGT-7 and AOC-4 Online?
Documents to Start a Small Company
OPC Turnover Limit for Small Businesses
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