Vide Companies (Filing of documents and forms in Extensible Business Reporting Language) Rules, 2011, notified vide 748E dated 05.10.2011, Ministry of Corporate Affairs mandated that companies falling in the following categories will have to file their Balance Sheet and Profit & Loss Account under section 220 of the Companies Act, 1956 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year ending on or after 31.03.2011:
- all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
- all companies having paid up capital of Rupees five crore and above; or
- all companies having turnover of Rupees one hundred crore and above; or
However, banking companies, Power companies, Non Banking Financial Companies (NBFC) and Insurance companies are exempted from XBRL filing for FY 2010-11. All XBRL filing companies are allowed to file their financial statements without any additional fee/penalty upto 31st December 2011 or within 60 days of their due date filing, whichever is later.
For details, kindly see Ministry’s General Circular No: 69/2011 dated 30.11.2011.