XBRL Filing – Overview
XBRL (Extensible Business Reporting Language) is a standardized language for electronic communication of business & financial data. It has transformed financial reporting by improving efficiency, accuracy, and reliability while reducing costs.
Benefits of XBRL Filing
- Standardized and automated financial reporting
- Improved accuracy & data validation
- Time-saving and cost-effective
- Easy data analysis and comparison
XBRL Filing in India
In India, the Ministry of Corporate Affairs (MCA) mandates filing financial statements in XBRL format using Form AOC-4 (XBRL). This ensures uniformity and transparency in financial reporting.
Who is required to file in XBRL format?
- Companies with paid-up capital ≥ ₹5 crore or turnover ≥ ₹100 crore
- Companies required to prepare financial statements under Companies (Indian Accounting Standards) Rules, 2015
- Note: Banking, Insurance, Power, and NBFC companies are exempt unless notified otherwise.
XBRL Filing Process
1. Prepare Financial Statements
Convert financial data into XBRL format using XBRL software.
2. Validate the XBRL Instance Document
Use MCA Validation Tool to check for errors.
3. File Form AOC-4 (XBRL) on MCA Portal
Attach the validated XBRL document to Form AOC-4.
4. Digital Signature & Upload
The form must be signed using a Digital Signature Certificate (DSC) of an authorized director or professional.
5. SRN Generation & Acknowledgment
After submission, MCA provides a Service Request Number (SRN) for tracking.
Eligibility for XBRL Filing in India
Companies Required to File in XBRL Format
- Publicly listed companies on Indian stock exchanges and their Indian subsidiaries.
- Companies required to prepare financial statements as per the Companies (Indian Accounting Standards) Rules, 2015.
- Companies with an annual turnover of ₹100 crore & above.
- Companies with a paid-up capital of ₹5 crore & above.
Companies Exempted from XBRL Filing
- Housing Finance Companies (HFCs)
- Non-Banking Financial Companies (NBFCs)
- Companies engaged in Banking and Insurance business
Exception: If a company has previously filed financial statements in XBRL format under Section 137, it must continue filing in XBRL format, even if it no longer falls under the required category.
Provisions for XBRL Filing in India
As per the Companies Act, 2013, companies required to file financial statements in XBRL format must comply with the following provisions:
| Company’s Position | Filing Requirement |
|---|---|
|
Financial statements approved at the AGM (including consolidated financial statements and attached documents)
|
Must be filed within 30 days of the AGM along with prescribed fees/additional fees under Section 403.
|
|
One Person Company (OPC)
|
Filing deadline is 180 days from the end of the financial year. |
|
If an adjourned AGM is held |
Financial statements must be filed within 30 days of the adjourned AGM with applicable fees. |
|
If financial statements are not adopted at the AGM
|
Must still be filed within 30 days of the AGM. (They will be treated as provisional until the adopted financial statements are submitted.)
|
|
If the AGM is not conducted
|
Financial statements must be filed within 30 days of the date the AGM was supposed to be held, along with applicable fees and reasons for non-conduct of AGM. |
Form AOC-4 Filing Deadline:
Due by 30th October for financial years ending on 31st March, as it must be filed within 30 days from the last date when the AGM should have been held (30th September under normal circumstances).
Documents required for XBRL Filing in India
Documents that need to be filed in XBRL Format are as follows:
- Balance Sheet
- Profit & Loss Statement
- Cash Flow Statement
- Notes to Accounts
- Audit and Annual Report
- Schedules associated with Balance Sheet and Profit & Loss Statement
- Statement related to Section 212 of the Companies Act, 1956 linked to subsidiaries.
Certification for XBRL Filing
For XBRL Filing through Form AOC-4, a certification is required from key company officials to ensure the accuracy and compliance of the submitted financial data.
Certification Requirements:
- Digital Signature (DSC) Required
- Director’s DIN (Director Identification Number)
- OR Manager/CEO/CFO’s PAN
- Declaration from a Practicing Professional:
- A full-time practicing Cost Accountant, Chartered Accountant, or Company Secretary must declare that all attached documents have been verified and the information is true and complete.
- The declaration must include:
- Membership Number
- Professional Status (Fellow or Associate)
Fees for XBRL Filing in India
The fees for XBRL Filing depend on the company’s authorized share capital as per the table below:
| Authorized Share Capital | Filing Fees (INR) |
|---|---|
|
Up to ₹1,00,000
|
₹200
|
|
₹1,00,000 – ₹4,99,999
|
₹300
|
|
₹5,00,000 – ₹24,99,999 |
₹400
|
|
₹25,00,000 – ₹99,99,999
|
₹500
|
|
₹1 Crore and above
|
₹600
. |
Additional Fees for Late Filing:
If Form AOC-4 is not filed on time, additional fees will apply as per Companies Act, 2013.