Annual Return of Small companies
Annual Return of Small companies & OPC – Form MGT 7A
Earlier, every Company (Public/ Private/ OPC) was required to file Annual Return in Form No. MGT-7. On 5th March 2021, The Ministry of Corporate Affairs (MCA) amended Companies (Management and Administration) Rules, 2014 and issued Companies (Management and Administration) Amendment Rules, 2021.
Further to the amendment, every company shall file its annual return in Form No. MGT-7 except One person Company (OPC) and Small company.
A new Form No. MGT-7A has been prescribed in respect of annual return of OPC and small companies.
| What is e-form MGT-7A ? |
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Who is required to file MGT-7A
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What is One Person Company
| As per Section 2(62) of Companies Act, 2013, “One Person Company” means a company which has only one person as member/shareholder. | ||||||||||||
What is Small Company
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and (b) Turnover as per P&L Account for the immediately preceding financial year does not exceed Rs. 20 crores or such higher amount as may be prescribed which shall not be more than Rs. 100 crores. Provided that: Nothing in this clause shall apply to- (a) A Holding company or a subsidiary company (b) A company registered under section 8 of the Companies Act (c) A company or body corporate governed by any special Act | ||||||||||||
| Gist of a company which is not a Small Company | A company is not a small company if:
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| Applicable | Form No. MGT-7A is applicable for Financial Year 2020-21 and onwards. | ||||||||||||
What are the features of Form MGT-7A
| Form MGT-7A is the form for Annual Return for One Person Company and Small Company. While filing MGT-7A, the company has to select the applicability out of two- (a) OPC (b) Small Company. One of the most important features of MGT-7A is that it does not need certification of Company Secretary. It can be filed with DSC of Directors only. | ||||||||||||
| Details NOT required | Following information are NOT applicable in case of MGT-7A:
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| Digital Signature | DSC of any one Director can be used to file Form MGT 7A | ||||||||||||
| Certification | Certification of Company Secretary is not required | ||||||||||||
| Due date | Form MGT-7A is required to be filed within 60 days from the date of AGM of the company | ||||||||||||
| Prescribed filing fees for Form MGT-7A |
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Conclusion:
In case of One Person Company (OPC) and Small companies, Form MGT-7 has been replaced with MGT-7A, whereas all other Companies continue to file Form MGT 7.
The E-Form MGT 7A is to be filed for F.Y. 2020-21. E-Form MGT-7A is a simplified form of Annual Return for OPC and small companies. In case of procedural difficulties in filing of MGT-7A, you may call Chhota CFO for assistance at: 991 666 8146/ 973 973 6999
