XBRL filing Difficulties and Technical Glitches on MCA Portal: ICSI requests MCA to Extend Filing Deadline of various Annual Forms
In a letter dated October 28, 2024, addressed to MCA Secretary Ms. Deepti Gaur Mukerjee, ICSI President CS B. Narasimhan outlined multiple reasons for the requested extension
The Institute of Company Secretaries of India ( ICSI ) has formally requested the Ministry of Corporate Affairs ( MCA ) to extend the filing deadline for several annual compliance forms, including AOC-4 ( XBRL ), MGT-7, and related filings, to December 31, 2024.
This request comes in response to widespread challenges faced by companies, especially with the complex XBRL filing process, and ongoing technical issues with the MCA portal during the peak filing period.
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Among the primary concerns are the intricate requirements of XBRL filing, which demands precise tagging and data formatting, often posing significant time constraints for companies. The letter stated that the XBRL format requires meticulous attention to detail, making the process more time-consuming than standard filings.
Adding to the logistical issues, ICSI highlighted that the October filing period coincides with major festivals such as Diwali and Bhai Duj, which traditionally cause business delays. This festive overlap has compounded difficulties for companies and professionals striving to meet the statutory deadlines.
The request further noted frequent technical challenges on the MCA website, with frequent downtimes and slow processing speeds, particularly during peak filing windows. Such recurring issues with the portal have hindered timely document uploads, adding to the complexity of meeting filing requirements.
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ICSI also pointed out the increased compliance burden due to recent form changes, including mandatory MSME filings, which have created additional bottlenecks for companies. Referencing a similar extension granted by the Central Board of Direct Taxes (CBDT) for income tax return filings, extended to November 15, 2024, ICSI officially expressed the need for a comparable relief period for corporate filings under the Companies Act.
The requested deadline extension aims to alleviate filing pressures, improve compliance rates, and enable companies to fulfill their regulatory obligations without incurring penalties.
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The ICSI has indicated its willingness to provide further clarification to MCA, expressing hope that this extension will address the practical difficulties currently faced by companies and practitioners.
To Read the full text of the Order CLICK HERE
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