MGT-7 is an automated form or e-form provided by the MCA (Ministry of Corporate Affairs) for companies to register their Annual Return.
Companies have to register their Annual Return in 60 days following the AGM (Annual General Meeting). Usually, this meeting is scheduled on September 30th following an appropriate Financial Year. So, excluding exceptions, MGT 7 is scheduled for 29th November all year. This e-form is managed by the ROC (Registrar of Companies) through automatic mode. On the basis of the account of accuracy provided by the company.
Every Company registered under the Companies Act, 2013 or Companies Act, 1956. They are expected to register their Financial Statements in e-Form MGT-7 in 30 days-60 days respectively from the end of its AGM. All companies registered in India, let it be Public limited company registration or Private all must register their annual returns in e-form.
All of them are eligible if they are registered companies.
For every day of neglecting for filing the Annual return e-form. A penalty is charged for the company of Rs. 100. This penalty was increased by the government in 2018. So it is a necessity for companies to assure up-to-date filing of this MCA annual return or income tax return before the due dates.
In Form MGT-7, the company would have to submit the following details concerning the fiscal year for which the form is filed:
To make and file form MGT-7, several fiscal and operational details concerning the fiscal year would be needed. So, before making MGT-7 a copy of the audited financial statement of the company would be needed.
Go to given Link and download form from the official site of MCA.
Begin with mentioning of CIN no. of the company. Then practice the pre-fill facility. After that, click on no. of business activity. It will demand to fill the turnover of the business/company. That column will be displayed.
For filling additional details use the instruction kit. The documents required are mentioned above details which need to be filled are also as follows in the above paragraph.
After this, complete details of the person who are engaging the form. Do note form used to get the form fulfilled completely. On no error message, put digital signature and no direction. All details are accurate, the resulting data will display on the screen.
Make payment and fulfil the transaction. An SRN number will create which will display on another window. Keep the SRN number for future reference if any.
The MGT-7 e-form for Small Company and One Person Company need to be digitally signed with a Company Secretary(CS) in practice or class 2 Digital Signature.
The Form MGT-7 is to be registered in 60 days from the date of the AGM (Annual General Meeting) of the company.
This article is framed by Shrishti Jain. A content writer at Legalraasta.
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