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All About Filing Form – 23AC

Updated on :  

08 min read.

The companies registered under the Companies Act, 1956 were required to file certain returns every year with the Registrar of Companies (ROC). The companies had to file their annual return, balance sheet and profit and loss account. They needed to file their balance sheet in form-23AC to the ROC.

However, after introducing the Companies Act, 2013, every company must file their balance sheet as provided under the Companies Act, 2013 and its Rules. Thus, all companies must currently file the balance sheet details in form AOC-4 every year under the Companies Act, 2013.

Applicability of Form-23AC

All companies must file the balance sheet, i.e. e-form 23AC after it has been laid down at the Annual General Meeting (AGM) of a company. The company must file the balance sheet within 30 days from the date of AGM with the ROC.

Particulars of Form-23AC

The company must disclose the following particulars in e-form 23AC relating to the following details found in the balance sheet laid down at the AGM:

  • General information of the company, including CIN
  • Details of balance sheet items, such as assets, equities and liabilities and their total amount
  • Detailed balance sheet items, long term borrowings, short term borrowings, long term loans and advances, short term loans and advances and trade variables
  • Financial parameters of balance sheet items, such as share application money given, paid-up capital held by a foreign company, deposits accepted, deposits matured, debentures claimed, debentures matured, unpaid dividends, capital reserves, the net worth of the company, etc
  • Share capital raised during the reporting period
  • Details regarding Companies (Auditor’s Report) Order, 2003 (CARO)
  • Details related to cost audit of activity groups or principal products under cost audit
  • Membership number or certificate of practice number of the Chartered Accountant, Cost Accountant or Company Secretary, certifying the form

The companies must provide information on e-form 23AC as on the balance sheet date. 

Documents Required to File Form-23AC

  • Balance sheet copy duly authenticated according to section 215 of the Companies Act, 1956 (including auditors’ report, Board’s report and other documents) 
  • Statement of subsidiaries 
  • Statement of the reasons and facts for not adopting balance sheet in the AGM, if applicable
  • Statement of the reasons and facts for not holding the AGM, if applicable 
  • Approval letter for extension of financial year or AGM 
  • Supplementary or test audit report under section 619(3)(b) of the Companies Act, 1956 
  • Optional attachments, if any 

Filing of Balance Sheet Under the Companies Act, 2013

The Companies Act, 2013 replaced the Companies Act, 1956. Thus, all the companies registered under the Companies Act, 1956 had to follow the provisions and file returns as prescribed by the Companies Act, 2013. Currently, all companies have to file form AOC-4 to file the balance sheet with the ROC as per the Companies Act, 2013 and not form 23AC.

The companies had to file two different forms for filing the balance sheet and profit and loss account with the ROC under the Companies Act, 1956. However, the Companies Act, 2013 introduced the form AOC-4 for filing financial statements and other documents. In the form AOC-4, the companies have to file both the balance sheet and profit and loss account in the single form AOC-4 with the ROC. The details to be provided in the form AOC-4 are:

  • General information and particulars of the company
  • Information and details regarding balance sheet
  • Information and details regarding profit and loss account
  • Reporting of corporate social responsibility

Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice and should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.

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