XBRL stands for “EXTENSIBLE BUSINESS REPORTING LANGUAGE”. XBRL is a language used for e-communication purpose of financial data and business data for business reporting. This is a standardized communication language in an electronic form used to express, report or file the Financial Statements of Companies incorporated under Companies Act, 2013. It is only a method for presentation or reporting of data.
The Ministry of Corporate Affairs (MCA) provides taxonomy for feeding all the financial as well non-financial data of the company like balance sheet, P&L, Board Reports, CSR Reports and other relevant taggings. XBRL is carried out through a software which helps us in tagging of all financial data electronically as provided in the taxonomy in a systematic manner.
XBRL filing is done for filing the annual financial statements and Cost Audit Reports with the Registrar of Companies. It is applicable to certain specified companies which we are going to describe later on this page.
Legal Window has a team of experts providing you the best assistance, timely delivery and guaranteeing the highest customer satisfaction with respect to XBRL Filing. You may get in touch with our team on 072407-51000 or email firstname.lastname@example.org.
Applicability of XBRL – Financial Statements
As per Companies Act, 2013, the following class of companies shall file their financial statements and other documents in XBRL form:-
The Non-banking financial companies, Housing finance companies and the Companies engaged in the business of Banking and Insurance sector are exempted from the purview of filing of financial statements under these rules.
Applicability of XBRL – Cost Audit
As per the Companies Act, 2013 Companies covered under the Companies (Cost Records and Audit) Rules, 2014 have to furnish the cost audit report and other applicable documents in XBRL Form.
Benefits of XBRL Filing
How Does XBRL Works
In XBRL the data can be made in a readable form with the help of two documents:
The XBRL documents are together made up of Taxonomy and Instance documents.
This process involves mapping, tagging of documents which are further reviewed, verified to validate the XBRL instance document. The generated documents are further scrutinized through a tool and an xml file is created to file with ROC.
Process of XBRL Filing
1. Complete the Application Form
You are requested to first fill the simple questionnaire provided by our expert team.
2. Document Processing
At the second step we will be requiring the documents as stated above in accordance with the questionnaire filled by you so that we can arrange them as per the requirement and for further processing and will also decide the due date of filing the same.
3. Reviewing and Validating the documents
At this step we carry out various steps like mapping of documents, tagging the same and which shall be further verified and validated with the help of XBRL tools by our experts team before submission.
4. Preparation and Filing of E-forms with ROC
This is the fourth step we will prepare the E-forms AOC-4 XBRL/CRA-4 and upload the same on the portal of the Ministry of Corporate Affairs on your behalf in the XML form specified.
5. Getting the Compliance done
The status of the form along with the challan generated online will be shared with you on the earliest basis specifying that the compliance has been made.
Get ROC XBRL Annual filings starting from ₹ 7000/-
Due Date of Filing
|Name of E-form||Due Date of Filing||Due Date for FY 19-20|
|AOC-4 XBRL||30 days from the conclusion of AGM||29th October, 2020*|
|CRA-4||30 days from the receipt of cost audit report||30 days from the receipt of cost audit report|
The dates are subjective to change as per the Financial Year
FAQ's on XBRL Filing
No, it is mandatory for the following companied registered under Companies Act, 2013 :-
- companies listed with stock exchanges in India and their Indian subsidiaries;
- companies having paid up capital of five crore rupees or above;
- companies having turnover of one hundred crore rupees or above;
- all companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015
In case of delay in filing the financial statement the following fees is applicable:
|Period of Delay||Additional fee payable|
|Delay beyond the period of thirty days from the date of Annual General Meeting||Rupees 100 per day|
It depends on the number of documents to be filed at MCA Portal and response time of MCA server for validation. It may take around 4 to 5 days to get it done.
The Non-banking financial companies, Housing finance companies and the Companies engaged in the business of Banking and Insurance sector are exempted from the purview of filing of financial statements under XBRL Rules.
Yes, it is mandatory to have software to perform XBRL Filing. The Government does not provide any free utility for performing this activity.
The following fees is applicable based on the share capital are as follows:
|Nominal Share Capital||Fee applicable|
|Less than 1,00,000||Rupees 200 per document|
|1,00,000 to 4,99,999||Rupees 300 per document|
|5,00,000 to 24,99,999||Rupees 400 per document|
|25,00,000 to 99,99,999||Rupees 500 per document|
|1,00,00,000 or more||Rupees 600 per document|
For the companies not having share capital Rs.200/- per document will be the fees.
|Defaulting Party||Penalty Imposed|
|Company||Rs.1000 for every day of default subject to Max of Rs.10 Lakhs|
Rs.100 for each day of default subject to Max of Rs.5 Lakhs
No, XBRL is a language used for e-communication purpose of financial data and business data for business reporting. It reflects data accurately reported under different standards and does not change them.
Our team will convert the XML format into pdf format and provide you for your verification.
Once the XBRL gets applicable and the company files the same, then it has to file the financials in XBRL only for later years whether it satisfies the criteria or not.