The Companies (Amendment) Act 2006 inserted Sections 61 OB to 610E which contain provisions for e-filing and payment of fees electronically by the companies. Accordingly, micro films, facsimile copies of documents, computer printouts and documents on computer media are admissible as documents and evidence under the Act (Sec. 610A).
The Amendment Act provides that such applications, balance sheet, prospectus, return, declaration, memorandum of association, articles of association, particulars of charges, or any other particulars or document or notice or communication as may be required to be filed or delivered under this Act or rules made there under, shall be filed, through the electronic form and authenticated in such manner as may be specified in the rules made by the Central Government. The Registrar of Companies is required to maintain the documents, statements and returns filed in the electronic form (Sec. 610B).
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XBRL Filing:
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Extensible Business Reporting Language (XBRL) is a standardised language for communication in electronic form to express report or file financial information. The Central Government has framed the Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011 under which the following class of companies have to file their Balance Sheet, Profit and Loss Account and other documents as required under Section 220 of the Companies Act, 1956 with the Registrar in XBRL only:
(i) Companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
(ii) Companies having paid up capital of Rs. 5 crore or above; or
(iii) Companies having turnover of Rs. 100 crore or above.
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The process of e-filing as devised by the Ministry of Corporate Affairs is as follows:
(a) Download a blank e-form from the MCA 21 portal.
(b) Fill-up the e-form offline using software that is free and widely available.
(c) Optionally carry out electronic pre-scrutiny in which the system will verify whether the form has been completed in all respects, though the system will not be able to intelligently judge the quality of contents.
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(d) Digitally sign the form – by one or more signatories.
(e) Submit the e-form (duly filled and digitally signed) for processing to the MCA 21 portal.
(f) Make necessary payments to complete the transaction-either at an authorised bank branch or through a credit card or through the Internet Banking facility.
The electronic documents that are submitted to the MCA 21 portal are taken up for processing by the RoC concerned as soon as payment authorization has been received from the authorised bank. If payments are not made within a week from the date of submission to the MCA 21 portal, the documents/e-forms will need to be re-submitted once again. The filing is done only through the portal MCA 21 and not through Email.
The transaction is deemed as completed only after clearance of the payment by the bank. E-stamping has also been introduced in the MCA 21. This has enabled the stakeholders to make payment of stamp duty electronically on MCA portal. The forms may be filled online or offline after downloading. MCA recommends that the forms be filled offline and then submitted on the portal.