Abridged Annual Return explained: this guide covers what Abridged Annual Return means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Ministry of Corporate Affairs has issued a Notification on March 05, 2021, as Companies (Management and Administration) Amendment Rules, 2021, Chapter VII of the Companies Act, 2013. These rules came into effect on March 05, 2021.
Amendment in Rule 11 i.e. “Annual Return”: in rule 11 sub-rule 1 has been substituted:
Old Rule:
Every company shall prepare its annual return in Form No. MGT.7.
[1]New Rule:
Every company shall file its annual return in Form No.MGT-7 except
- One Person Company (OPC) and
- Small Company.
One Person Company and Small Company shall file the annual return from the financial year 2020-2021 onwards in Form No.MGT-7A.
One Person Company :
As per Section 2(62) "One Person Company" means a company that has only one person as a member.
Small Company:
As per Section 2(85) "small company" means a company, other than a public company,—
(i) paid-up share capital of which does not exceed fifty lakh rupees or such higher amount as may be prescribed which shall not be more than 32; 3
(ii) turnover of which as per profit and loss account for the immediately preceding financial year does not exceed two crore rupees or such higher amount as may be prescribed which shall not be more than 18 http://www.mca.gov.in/Ministry/pdf/CompaniesMgmtAdminAmndtRules_11032021.pdf