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XBRL stands for Extensible Business Reporting Language. The government introduces XBRL as it provides good help in analyzing business and financial data. 

To file 23AC/ACA XBRL stakeholders have to use taxonomy as per the new Schedule VI of the Companies Act, 1956. To file AOC-4 XBRL stakeholders have to use a taxonomy that is based upon Schedule III of the Companies Act, 2013. 

Which Companies are Required to File XBRL in India?

XBRL filing is compulsory for each company in the country. There is a class of companies who have to file under XBRL format:

  • All the public companies that are listed in the stock exchange India along with their Indian subsidiaries.
  • All the companies that have a turnover of equal to or more than Rs 100 crores.
  • The companies that have a paid-up capital of equal to or more than Rs 5 crores.
  • All the companies that are asked to prepare financial statements in accordance with the Companies ( Indian Accounting Standards) rules, 2015.

What documents are required for XBRL Filing in MCA?

Here are the list of documents needed to file an annual report in XBRL Format:

  • Schedules related to Balance Sheet and Profit and Loss Statement
  • Audit and Annual Report
  • Notes to Accounts
  • Statement in agreement to Section 212 of the Companies Act, 1956 relating to subsidiaries
  • Cash Flow Statement
  • Profit and Loss Statement
  • Balance Sheet
  • Corporate Social Responsibility Report

What are the penalty provisions for XBRL ROC filing?

The Company will get a fine of Rs 1,000.00 per day until the default continues, but the maximum is Rs. 10,00,000.00.

The Directors will either get a fine of minimum Rs. 1 Lakhs to Maximum Rs. 5 Lakhs or imprisonment of maximum 6 months.

The CFO of the company will get the same punishment as directors.

The Authorised Director of the company will get the same punishment as the Directors of the company.

Which companies are exempted from XBRL filing?

Yes, there are few types of businesses that are exempted from filing XBRL. Insurance companies, power companies, banking companies, and NBFCs.

Some Frequently Asked Questions

No, EDGAR filing is necessary for every applicable company. The documents of XBRL filing can be used as exhibits for EDGAR filing under SEC’s EDGAR/IDEA filing system.
Yes, the companies which are using IFRS will have to file XBRL for Forms 20-F or 40-F.
Inline XBRL is to help filers embed the XBRL data directly into the HTML document.
Taxonomies are hierarchical dictionaries that define specific tags for data items, their interrelationships, and their attributes.
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