MCA Specific FAQs
In case of Indian subsidiaries, financial statements are not separately required to be attached. SRN details of Form 23AC/ Form 23AC-XBRL filed by Indian subsidiary need to be mentioned in the instance document of the holding company. In case these eForms have not been filed by Indian subsidiaries then reason of not filing need to be provided (For eg: Different financial year followed by subsidiary, Extension of financial year/ AGM taken by subsidiary etc.)
In case of Foreign subsidiaries, annual accounts need to be attached as a separate PDF document in the eForm 23AC- XBRL of the holding company. In the XBRL document, in the element, you may mention 'Whether subsidiary has filed its balance sheet' as No and reason for not filing can be mentioned as 'Not applicable as it is a foreign subsidiary'.
Note: Attaching of annual accounts of foreign subsidiaries is not required in case exemption u/s 212 has been taken by the holding company.
There is no separate element for unclassified shares in the taxonomy. It needs to be provided either as equity or preference shares only. Necessary details/ clarifications can be provided as a footnote.
As per Circular No. 69/2011, a company is allowed to file the financial statements in XBRL mode without any additional fee up to 31st December, 2011 or within 60 days from the due date, whichever is later. In case of a company whose financial year is ending on 31-03-2011 and if its date of AGM is 30th September 2011, then its Due date for filing financial statements is 30 days from the AGM date i.e. upto 30th October, 2011. Hence, as per the time lines provided in the circular, the company can file its financial statements in XBRL mode without additional fees upto 31st December, 2011 or 60 days from its due date of filing, which is 29th December, 2011 (i.e. 60 days from due date of filing- 30th October, 2011) whichever is later
Similarly, In case of a company whose financial year is ending on 30-06-2011 and if its date of AGM is 31st December 2011, then its Due date for filing financial statements would be 30 days from the AGM date i.e. upto 30th January, 2012. Hence, the company can file its financial statements in XBRL mode without additional fees upto 60 days from its due date of filing, which is 30th March, 2012.
All NBFCs that are registered with RBI as NBFC and Housing Finance Companies that are registered with National Housing Bank are exempted from XBRL filings for the financial year 2010-11.
Gross turnover i.e. inclusive of duties and taxes are to be considered for determining Rs. 100 crores turnover threshold for phase 1 companies for XBRL filings.
In the Taxonomy, Section 4(1)(c) has been written as Section 4(1)c, therefore it is required to mention section as 4(1)c i.e. c is without brackets.
Companies that are engaged in generation or transmission or distribution of electric power as per their object clause are classified as power companies for XBRL filings. Such companies are exempted from XBRL filings this year irrespective of whether they prepare their accounts as per Schedule VI or not.