Introduction:

XBRL stands for Extensible Business Reporting Language, is a language for electronic communication of business and financial data which has significantly revolutionized the reporting of business information, around the globe.

Major benefits include preparation, analysis and communication of business information in an cost efficient manner with greater efficiency and improves accuracy and reliability to all those involved in using these financial data. As per Indian Laws, XBRL is used to express, report or file financial statements by Companies, NBFCs and other major organisations. However, XBRL is only a method of presentation or reporting, it does not attempt to make any changes or modifications in the content reported.

Applicability of XBRL filing:

Below mentioned class of companies shall mandatorily file their financial statements and other annual documents, under section 137 of the Companies Act, 2013 with the Registrar in E-form AOC – 4 XBRL:

  • All public companies listed in the stock exchange in India and their Indian subsidiaries;
  • All Companies with a Turnover of Rs 100 crores or more;
  • All Companies with a Paid-Up Capital of Rs 5 crores or more;
  • All the companies which are required to prepare their financial statements in accordance with the Companies (Indian Accounting standards) rules, 2015 (Ind-AS)

However, Non-banking financial companies, Housing finance companies and Companies engaged in the business of Banking and Insurance sector are exempted from filing of financial statements under these rules.

Moreover, the companies which have once filed their financial statements through XBRL mode under section 137, shall continue to file their Financial Statements and other documents through XBRL Mode only, though they may cease to fall under the class of companies specified above.

Documents to be filed through XBRL Mode

The following Documents need to be filed in XBRL Format:

  1. Balance Sheet
  2. Profit and Loss Statement
  3. Cash Flow Statement
  4. Schedules related to Balance Sheet and Profit and Loss Statement
  5. Notes to Accounts
  6. Statement required under Section 129 of the Companies Act, 2013 relating to Subsidiaries

XBRL Filing Due Dates for FY 2020-21

Name of the E-formPurpose of the E-form  Due date of filingDue date for FY 2020-21
Form AOC-4 (XBRL)Filing of Annual Accounts in XBRL mode  30 days from the conclusion of the AGM30 January 2022
Form AOC-4 (XBRL) for IND AS based Financial StatementFiling of Annual Accounts based on Indian Accounting Standard in XBRL mode  30 days from the conclusion of the AGM30 January 2022
Form CRA-4Filing of Cost Audit Report30 days from the receipt of Cost Audit Report  30 days from the receipt of Cost Audit Report
Form AOC-4 (NBFC) IND and Form AOC-4 CFS (NBFC) IND  Filing of Annual Accounts based on Indian Accounting Standard for Non-Banking financial institutions NBFC30 days from the conclusion of the AGM30 days from the conclusion of the AGM

Fee: On the basis of the Paid-up Share Capital of the Company

Nominal Share CapitalFee applicable  
Less than 1,00,000Rupees 200 per document
1,00,000 to 4,99,999Rupees 300 per document
5,00,000 to 24,99,999Rupees 400 per document
25,00,000 to 99,99,999Rupees 500 per document
1,00,00,000 or moreRupees 600 per document

Additional Late Fee:

Additional fee of 100/- per day in case filing is delayed beyond due date.

Penalty for Non-Filing:

On the Company: 1,000/- per day of delay, Maximum 20,00,000/-

On the Managing Director or CFO or in absence of such, Director or other person authorize by Board – 1,00,000 Rs. and 100 Rs. per day of delay, in case of continuous offence, maximum up to 5,00,000 Rs.

Conclusion:

Reporting through XBRL mode is mandatory for certain categories of Companies and is pertinent to note that the filing shall be on time, to avoid penalties and late fee. The implementation of XBRL reporting for certain categories of Companies, can be understood as an effort to bring in transparency in the reporting of financial information and will eventually increase the categories covered.

Check out our website, if you need assistance in completing XBRL filing of your Company.