When preparing, reviewing, or advising on annual financial statements for an Indian company.
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Accountant-reviewed. Reviewed by Mayur Deokar (615638) on Jun 6, 2026. Review does not create a client relationship and is not a guarantee for any specific taxpayer or transaction.
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Listed companies
Ind AS mandatoryMCA notification
Unlisted — net worth ≥ ₹250 crore
Ind AS mandatoryMCA notification
Unlisted — below ₹250 crore
AS (Indian GAAP) unless voluntaryMCA notification
Form
AOC-4 / AOC-4 XBRL / AOC-4 CFSCompanies Act s 137
AGM deadline
6 months from FY-endCompanies Act s 96
Listed companies — Ind AS Applicability
Ind AS mandatoryMCA notification
Unlisted — net worth ≥ ₹250 crore — Ind AS Applicability
Ind AS mandatoryMCA notification
Unlisted — below ₹250 crore — Ind AS Applicability
AS (Indian GAAP) unless voluntaryMCA notification
Form (Filing)
AOC-4 / AOC-4 XBRL / AOC-4 CFSCompanies Act s 137
AGM deadline
6 months from FY-endCompanies Act s 96
AOC-4 deadline
30 days from AGMCompanies Act s 137
XBRL mandatory if
Capital ≥ ₹5 crore OR turnover ≥ ₹100 crore; all listed; all companies implementing IND ASMCA Rules
Late fee
₹100/day of delayCompanies Act s 403
Statutory audit
ALL companies — mandatory (no size exemption)Companies Act s 139
CARO 2020 — small company
ExemptCARO 2020
Auditor rotation — individual
1 term of 5 years (listed)Companies Act s 139(2)
Auditor rotation — firm
2 terms of 5 years = 10 years (listed)Companies Act s 139(2)
Internal audit
Mandatory for every listed company. For unlisted public company: turnover ≥ ₹200 crore or loans > ₹100 crore or paid-up share capital ≥ ₹50 crore or deposits ≥ ₹25 crore. For unlisted private company: required if turnover ≥ ₹200 crore or loans ≥ ₹100 crore.Companies Act s 138
Reviewed against the cited tax authorities by Mayur Deokar on 2026-06-06. Items flagged for further clarification are tracked separately and excluded here. This block is generated from verified skill_facts — edit the facts, not the prose.
Quick Reference
| Field | Value |
|---|---|
| Country | India (Republic of India) |
| Currency | INR |
| Filing authority | Ministry of Corporate Affairs (MCA) — Registrar of Companies (ROC) |
| Primary legislation | Companies Act, 2013 (Sections 128–138) |
| Supporting legislation | Companies (Accounts) Rules, 2014; Companies (Audit and Auditors) Rules, 2014 |
| Accounting standards | Ind AS (Indian Accounting Standards — IFRS-converged) or AS (Accounting Standards) |
| Financial year | 1 April – 31 March (mandatory for most companies) |
| Filing deadline | 30 days from AGM (e-Form AOC-4); AGM within 6 months of year-end |
| Late filing penalty | Additional fee of INR 100 per day of delay |
| Digital filing | MCA21 portal (e-Form AOC-4 / AOC-4 XBRL / AOC-4 CFS) |
Reporting Framework
| Entity type | Applicable standard |
|---|---|
| Listed companies | Ind AS (mandatory) |
| Unlisted companies — net worth ≥ INR 250 crore | Ind AS (mandatory) |
| Unlisted companies — net worth < INR 250 crore | AS (Indian GAAP) unless voluntarily adopting Ind AS |
| Banking companies | Ind AS (mandatory from 2019) |
| Insurance companies | Ind AS (mandatory from 2023) |
| NBFCs — net worth ≥ INR 250 crore | Ind AS (mandatory) |
| Small companies (Section 2(85)) | AS (simplified requirements) |
| One Person Companies (OPC) | AS (simplified) |
Ind AS applicability (phased rollout)
| Phase | Companies covered | Effective from |
|---|---|---|
| Phase I | Listed + net worth ≥ INR 500 crore | 1 April 2016 |
| Phase II | Unlisted net worth ≥ INR 250 crore + listed on SME exchange | 1 April 2017 |
| Others | Voluntary adoption permitted; mandatory if thresholds met | Ongoing |
Small Company thresholds
| Criterion | Threshold |
|---|---|
| Paid-up share capital | ≤ INR 10 crore (INR 100,000,000) |
| Turnover (per last P&L) | ≤ INR 100 crore (INR 1,000,000,000) |
OPC thresholds
| Criterion | Threshold |
|---|---|
| Paid-up share capital | ≤ INR 50 lakh |
| Turnover | ≤ INR 2 crore |
Required Financial Statements
| Document | All companies | Small company exemptions |
|---|---|---|
| Balance Sheet | Required (Schedule III format) | Required |
| Statement of Profit and Loss | Required (Schedule III format) | Required |
| Statement of Changes in Equity | Required (Ind AS companies) | Not required (AS companies) |
| Cash Flow Statement | Required | Exempt (small companies and OPCs) |
| Notes to Financial Statements | Required | Required (simplified) |
| Directors' Report (Section 134) | Required | Abridged version permitted |
| Auditor's Report | Required (all companies must be audited) | Required (but CARO exempt) |
| Consolidated Financial Statements | Required if subsidiary/associate/JV exists (Section 129(3)) | Required if applicable |
Year-End Adjustments Checklist
| # | Adjustment | India-specific notes |
|---|---|---|
| 1 | Depreciation | Schedule II to Companies Act prescribes useful lives; component accounting under Ind AS |
| 2 | Provisions | Ind AS 37 / AS 29; present obligation, probable, reliably estimable |
| 3 | Employee benefits | Ind AS 19 / AS 15; gratuity (actuarial valuation mandatory); leave encashment |
| 4 | Expected credit losses | Ind AS 109 (ECL model); AS 4 (incurred loss) for non-Ind AS |
| 5 | Inventory | Ind AS 2 / AS 2; lower of cost and NRV; FIFO or weighted average |
| 6 | Deferred tax | Ind AS 12 / AS 22; temporary differences; effective rate ~25.17% (new regime) or 30%+ |
| 7 | Foreign exchange | Ind AS 21 / AS 11; monetary items at closing rate |
| 8 | Lease accounting | Ind AS 116 (right-of-use); AS 19 (finance/operating) for non-Ind AS |
| 9 | Revenue recognition | Ind AS 115 (5-step model); AS 9 for non-Ind AS |
| 10 | Government grants | Ind AS 20 / AS 12 |
| 11 | Gratuity provision | Payment of Gratuity Act 1972; actuarial valuation by qualified actuary |
| 12 | CSR provision | Section 135; if criteria met, provide for unspent CSR amount |
I. Revenue from operations (a) Sale of products (b) Sale of services (c) Other operating revenue
II. Other income
III. Total income (I + II)
IV. Expenses: (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of FG, WIP and stock-in-trade (d) Employee benefits expense (e) Finance costs (f) Depreciation and amortisation expense (g) Other expenses
V. Total expenses
VI. Profit before exceptional items and tax (III - V)
VII. Exceptional items
VIII. Profit before tax (VI + VII)
IX. Tax expense: (a) Current tax (b) Deferred tax
X. Profit for the period (VIII - IX)
XI. Other comprehensive income (Ind AS only) (a) Items not reclassified to profit or loss (b) Items that will be reclassified to profit or loss
XII. Total comprehensive income (X + XI)
EQUITY AND LIABILITIES
Shareholders' Funds (a) Share capital (b) Reserves and surplus (c) Money received against share warrants
Share Application Money Pending Allotment
Non-Current Liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions
Current Liabilities (a) Short-term borrowings (b) Trade payables - Total outstanding dues of MSMEs - Total outstanding dues of others (c) Other current liabilities (d) Short-term provisions
TOTAL
─────────────────────────────────────
ASSETS
Non-Current Assets (a) Property, plant and equipment - Tangible assets - Intangible assets - Capital work-in-progress - Intangible assets under development (b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets
Current Assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets
TOTAL
Note: Ind AS companies use Division II format which presents equity separately and has a different ordering.
Notes to Financial Statements
| # | Disclosure | AS (non-Ind AS) | Ind AS |
|---|---|---|---|
| 1 | Significant accounting policies | Required (AS 1) | Required (Ind AS 1/8) |
| 2 | Property, plant and equipment | Required (Schedule III) | Required (Ind AS 16) |
| 3 | Share capital details | Required | Required |
| 4 | Borrowings (terms, security) | Required | Required |
| 5 | Trade payables (MSME ageing) | Required (MSMED Act) | Required |
| 6 | Related party transactions | Required (AS 18) | Required (Ind AS 24 — extensive) |
| 7 | Contingent liabilities and commitments | Required (AS 29) | Required (Ind AS 37) |
| 8 | Employee benefits / gratuity | Required (AS 15) | Required (Ind AS 19 — full actuarial) |
| 9 | Deferred tax | Required (AS 22) | Required (Ind AS 12) |
| 10 | Revenue recognition | Simplified (AS 9) | Required (Ind AS 115 — disaggregation) |
| 11 | Financial instruments | Not applicable | Required (Ind AS 107 — extensive) |
| 12 | Earnings per share | Required (AS 20) — listed only | Required (Ind AS 33) |
| 13 | Segment reporting | Required (AS 17) — listed | Required (Ind AS 108) — listed |
| 14 | CSR expenditure | Required (if Section 135 applies) | Required |
Filing Requirements
| Item | Detail |
|---|---|
| Filing authority | MCA (Ministry of Corporate Affairs) via MCA21 portal |
| Filing form | e-Form AOC-4 (standalone); AOC-4 CFS (consolidated); AOC-4 XBRL (if applicable) |
| AGM deadline | Within 6 months from financial year-end (i.e., by 30 September for March year-end) |
| Filing deadline (AOC-4) | Within 30 days from date of AGM |
| Latest possible date | Approximately 31 October (for March year-end companies) |
| XBRL filing mandatory for | Companies with capital ≥ INR 5 crore OR turnover ≥ INR 150 crore; all listed companies |
| Filing fee | INR 200–600 depending on authorised capital |
| Additional fee (late filing) | INR 100 per day of delay (no maximum cap) |
| Digital signature | DSC of director + practicing professional (CA/CS/CMA) |
| Format | Figures in absolute rupees (not in lakhs/crores) |
Statutory audit table
| Category | Audit requirement | CARO 2020 applicable? |
|---|---|---|
| Listed companies | Mandatory; audit + CARO | Yes |
| Public companies (non-listed) | Mandatory; audit + CARO | Yes (unless exempt) |
| Private companies (non-small) | Mandatory; audit + CARO | Yes (unless exempt) |
| Small companies | Mandatory; audit only | No — CARO exempt |
| OPC | Mandatory; audit only | No — CARO exempt |
| Section 8 companies (NPO) | Mandatory; audit only | No — CARO exempt |
Auditor rotation table (Section 139(2))
| Company type | Individual auditor | Audit firm |
|---|---|---|
| Listed / prescribed class | 1 term of 5 consecutive years | 2 terms of 5 years (total 10 years) |
| Small companies | Exempt from rotation | Exempt from rotation |
| OPC | Exempt from rotation | Exempt from rotation |
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Review status
Accountant-reviewed
Reviewed by a named licensed practitioner against the stated sources, as general reference material.
Accountant-reviewed · Guide version 10
Reviewed by Mayur Deokar · 6 June 2026
A named accountant reviewed this complete Guide version within the stated scope. It is not a guarantee.
View review record →Other India computations in the OpenAccountants Tax Library.
Rendered from the facts database · facts last reviewed Jun 6, 2026. General reference only — confirm with a qualified professional before acting.
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