ROC Compliance Calendar for year 2024-25 related to FY 2023-24

 

What are ROC compliances?

Depending on the context, ROC (Regulatory Compliance) can mean different things. For example, it can refer to "Report on Compliance" in the context of PCI DSS (Payment Card Industry Data Security Standard), or it can have a broader meaning that encompasses regulatory compliance in a variety of sectors and regions.

Who Requires a ROC?

Merchants at Level 1: Usually, businesses handling more than 6 million Visa or Mastercard transactions annually, or any business experiencing a data breach.

Levels 2-4 Merchants: Usually completing a Self-Assessment Questionnaire (SAQ), merchants may be asked to complete a ROC if a merchant bank or card association deems it necessary.

Importance of ROC Compliance

Security: Verifies that the appropriate security procedures are in place at your company to safeguard client information.
Trust: Establishes trust by showcasing a dedication to security with stakeholders, partners, and customers.

Legal and Financial: Assists in preventing possible fines and expenses related to data breaches.
For companies accepting credit cards, ROC compliance is essential, especially when considering PCI DSS. Noncompliance may lead to significant penalties, legal ramifications, and harm to an organization's image.

ROC Compliance Calendar for year 2024-25 related to FY 2023-24

Sr. no	Form	Particulars	Due Date
1	Disclosure u/s 184 and 164	MBP-1 and DIR-8	01.04.2024
2	MSME-1 (1st HY)	Reporting amount outstanding to MSME for more than 45 days (HY)	30.04.2024 (Oct 23 – Mar 24)
3	PAS-6	To be filed by unlisted public co. for reconciliation of share capital audit report (HY)	30.05.2024 (Oct 23 – Mar 24)
4	DPT-3 Return of Deposit	Return of Deposit	30.06.2024
5	FLA	Annual Return to RBI (Unaudited)	15.07.2024
6	KYC	KYC of Directors	30.09.2024
7	FLA	Annual Return to RBI (Audited)	30.09.2024
8	Demat for Private Companies	Applying for ISIN	30.09.2024
9	MSME-1 (2nd HY)	Reporting amount outstanding to MSME for more than 45 days (HY)	31.10.2024 (Apr 24 – Sept 24)
10	PAS-6	To be filed by unlisted public co. for reconciliation of share capital audit report (HY)	29.11.2024 (Apr 24 – Sept 24)
11	MGT-14	For Financials & Director Report	within 30 days from BM
12	ADT-1	Auditors Appt/Re-appt	within 15 days of Appt/Re-appt
13	AOC-4/ AOC-4 (XBRL)	Financial Statement	within 30 days of AGM
14	MGT-7/ MGT-7A	Annual Return	within 60 days of AGM

ROC Due Date Compliance Calendar FY 2024-25

Form	Compliance	Period	Due Date
MSME-01	Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises.	1st October 2023 to 31st March 2024	30th April 2024
Form-11	Annual Return of Limited Liability Partnership (LLP)	FY 2023-24	30th May 2024
PAS-06	Reconciliation of Share Capital Audit Report (Half-yearly)	1st October 2023 to 31st March 2024	30th May 2024
DPT-03	Form DPT-3 shall be used for filing return of deposit or particulars of transaction not considered as deposit or both by every company other than Government company.	FY 2023-24	30th June 2024
DIR-03 KYC	Form No. DIR-3-KYC is used for filing application for KYC of directors.	FY 2023-24	30th September 2024
ADT-01	Form-ADT-01 is filed for informing ROC about Appointment of Auditor. To be filed in 15 days from the conclusion of AGM. AGM for FY 2023-24 can be done upto 30th September 2024	FY 2023-24	14th October 2024
Form-08	Statement of Account & Solvency and Charge filing	FY 2023-24	30th October 2024
AOC-04	Form for filing financial statement and other documents with the Registrar. To be filed in 30 days from the conclusion of AGM. AGM for FY 2023-24 can be done upto 30th September 2024.	FY 2023-24	30th October 2024
MGT-07A	Form for Filling Abridged Annual Return for OPCs and Small Companies To be filed in 60 days from the conclusion of AGM. AGM for FY 2023-24 can be done upto 30th September 2024.	FY 2023-24	29th November 2024
MGT-07	Form for Filling Annual Return for companies other than OPCs and Small Companies To be filed in 60 days from the conclusion of AGM. AGM for FY 2023-24 can be done upto 30th September 2024.	FY 2023-24	29th November 2024
PAS-06	Reconciliation of Share Capital Audit Report (Half-yearly)	1st April 2024 to 30th September 2024	29th November 2024
MGT-14	Form for filling resolutions (Including resolutions for Adoption of Accounts) and/or agreements within 30 days after being passed at the meeting of the Board/Shareholders of the company or of the making of the agreement. AGM for FY 2023-24 can be done upto 30th September 2024	FY 2023-24	30th October 2024
MSME-01	Form for furnishing half yearly return with the registrar in respect of outstanding payments to Micro or Small Enterprises.	1st April 2024 to 30th September 2024	31st October 2024

CONTACT US 

AIAT INSTITUTE

Address: AIAT Institute, 15 Bhande Plot Umred Road Nagpur.

Phone: 9604121000

Website: www.aiatindia.com

Question & Answer

1. What does ROC stand for in the context of compliance?

a) Report on Compliance

b) Regulatory Oversight Committee

c) Return of Capital

d) Record of Compliance

Answer: a) Report on Compliance

2. Which level of merchants typically requires a ROC (Report on Compliance) according to PCI DSS?

a) Level 1

b) Level 2

c) Level 3

d) Level 4

Answer: a) Level 1

3. What is the primary purpose of ROC compliance?

a) Ensuring efficient resource allocation

b) Enhancing customer service

c) Safeguarding client information

d) Reducing operational costs

Answer: c) Safeguarding client information

4. When is the due date for filing the MBP-1 and DIR-8 forms for disclosure under section 184 and 164?

a) 30th April 2024

b) 01st April 2024

c) 30th June 2024

d) 30th September 2024

Answer: b) 01st April 2024

5. Which form is used for reporting outstanding payments to Micro or Small Enterprises on a half-yearly basis?

a) PAS-6

b) DPT-3

c) MSME-1

d) MGT-14

Answer: c) MSME-1

6.  What is the due date for filing the FLA (Foreign Liabilities and Assets) annual return to RBI for unaudited statements?

a) 15th July 2024

b) 30th June 2024

c) 30th September 2024

d) 30th April 2024

Answer: a) 15th July 2024

7. Which form is used for the reconciliation of share capital audit report for unlisted public companies on a half-yearly basis?

a) PAS-6

b) MSME-1

c) MGT-7

d) DPT-3

Answer: a) PAS-6

8. What is the deadline for filing the KYC of Directors form?

a) 30th April 2024

b) 30th June 2024

c) 30th September 2024

d) 30th November 2024

Answer: c) 30th September 2024

9. When should the Form-11, which is the annual return of Limited Liability Partnership (LLP), be filed for FY 2023-24?

a) 30th May 2024

b) 30th June 2024

c) 30th April 2024

d) 30th October 2024

Answer: a) 30th May 2024

10.Which form is used for informing the ROC about the appointment of an auditor within 15 days of the appointment?

a) MGT-14

b) ADT-1

c) AOC-4

d) FLA

Answer: b) ADT-1

Impact of the 45-Day MSME Payment Rule Starting April 1

 

The 45-day MSME (Micro, Small, and Medium Enterprises) payment rule, also known as the TReDS (Trade Receivables Discounting System) rule, is a regulation that mandates large companies to make payments to MSMEs within 45 days of the confirmation of goods or services. This rule is significant because MSMEs often face cash flow issues due to delayed payments from larger companies, which can hamper their operations and growth.

The implementation of the 45-day MSME (Micro, Small, and Medium Enterprises) payment rule from today marks a significant step towards enhancing liquidity and ensuring the financial health of MSMEs. This rule mandates that payments to MSMEs for goods and services must be made within 45 days from the date of acceptance or the date of deemed acceptance.

Here's what the implementation of the 45-day MSME payment rule means and the changes it brings:

Faster Payments to MSMEs: With the implementation of the 45-day rule, MSMEs can expect to receive payments for their goods and services within a shorter timeframe. This will improve their cash flow, enabling them to meet their financial obligations, invest in growth, and operate more smoothly.

Reduced Financial Strain on MSMEs: Delayed payments from larger companies have been a significant challenge for MSMEs, often leading to financial strain and even bankruptcy in some cases. By enforcing a stricter payment timeline, the rule aims to alleviate this strain and provide MSMEs with more stability.

Cash Flow Improvement: MSMEs often operate with limited cash reserves. Timely payments can significantly improve their cash flow, allowing them to meet their operational expenses more efficiently.

Boost to MSME Sector: Timely payments will provide a significant boost to the MSME sector, which forms the backbone of many economies worldwide. Improved cash flow will allow MSMEs to take on more projects, expand their operations, and contribute more effectively to economic growth and employment generation.

Increased Compliance Pressure on Large Companies: Large companies will need to ensure compliance with the 45-day payment rule to avoid penalties and legal consequences. This may require them to streamline their payment processes, improve communication with MSME suppliers, and allocate sufficient resources to meet the payment deadlines.

Promotion of TReDS Platform: The implementation of the 45-day payment rule may lead to increased usage of TReDS platforms, which provide a digital marketplace for MSME receivables financing. These platforms facilitate early payment to MSMEs by allowing them to discount their invoices to receive immediate funds, thereby improving liquidity.

Better Relationships with Clients: The rule could lead to more disciplined payment practices, fostering better relationships between MSMEs and their clients. Reliable payment timelines can enhance trust and potentially lead to more business opportunities.

Increased Compliance Burden for Larger Companies: Larger companies may need to adjust their payment processes to comply with this rule. This could involve changes in their contract terms, invoicing processes, and cash management strategies.

Monitoring and Enforcement: Regulatory authorities will likely monitor the implementation of the 45-day payment rule closely to ensure compliance. Non-compliant companies may face penalties, which could include fines or other punitive measures.

Legal Recourse for MSMEs: The rule provides a clear legal framework for MSMEs to seek timely payments. This can empower them to enforce their rights without resorting to lengthy and costly legal battles.

Potential for Disputes: The definition of 'acceptance' and 'deemed acceptance' might lead to disputes between MSMEs and their clients, particularly if the quality of goods or services is contested.

Impact on the Economy: Prompt payments can significantly improve the liquidity in the MSME sector, which is often regarded as the backbone of the economy. This can lead to higher production, more employment opportunities, and overall economic growth.

Overall, the implementation of the 45-day MSME payment rule represents a positive step towards addressing the financial challenges faced by MSMEs and promoting a more equitable and efficient business environment. However, its effectiveness will depend on robust enforcement mechanisms and continued support for MSME development.

It's important for both MSMEs and their clients to fully understand the implications of this rule and to adjust their business practices accordingly. This might also encourage more businesses to formally register as MSMEs to avail themselves of the benefits offered by the government.

CONTACT US 

AIAT INSTITUTE

Address: AIAT Institute, 15 Bhande Plot Umred Road Nagpur.

Phone: 9604121000

Website: www.aiatindia.com

Question & Answer

1. What is the primary purpose of the 45-day MSME payment rule?

A) To extend the payment period for large companies

B) To ensure MSMEs receive payments within 45 days of invoice acceptance

C) To increase the tax on MSMEs

D) To reduce the number of MSMEs

Answer: B) To ensure MSMEs receive payments within 45 days of invoice acceptance

2.How does the 45-day payment rule benefit MSMEs?

A) By increasing their tax liabilities

B) By improving their cash flow

C) By extending the payment period

D) By reducing their market value

Answer: B) By improving their cash flow

3. What sector is expected to receive a significant boost due to the timely payments facilitated by the rule?

A) Large multinational corporatsions

B) Government organizations

C) MSME sector

D) Non-profit organizations

Answer: C) MSME sector

4. Which platform's usage might increase due to the implementation of the 45-day payment rule?

A) Social media platforms

B) TReDS platforms

C) E-commerce platforms

D) Cryptocurrency platforms

Answer: B) TReDS platforms

5. What might be a direct consequence for large companies failing to comply with the 45-day payment rule?

A) Receiving awards

B) Penalties and legal consequences

C) Increased popularity

D) Tax reductions

Answer: B) Penalties and legal consequences

6. How might the 45-day payment rule foster relationships between MSMEs and their clients?

A) By fostering distrust through delayed payments

B) By complicating the payment process

C) By enhancing trust with reliable payment timelines

D) By encouraging negotiations for longer payment terms

Answer: C) By enhancing trust with reliable payment timelines

7. What is a potential challenge in the implementation of the 45-day payment rule?

A) Simplifying business operations

B) Disputes over the definition of 'acceptance' and 'deemed acceptance'

C) Increased investment in MSMEs

D) Decreased need for regulatory monitoring

Answer: B) Disputes over the definition of 'acceptance' and 'deemed acceptance'

8. Which aspect of large companies' operations is likely to change due to the new rule?

A) Their investment in stocks

B) Their product pricing strategies

C) Their payment processes

D) Their hiring practices

Answer: C) Their payment processes

9. What is an essential role of regulatory authorities in the context of the 45-day payment rule?

A) To decrease the number of MSMEs

B) To monitor and enforce compliance

C) To ensure MSMEs extend their payment terms

D) To promote delayed payments

Answer: B) To monitor and enforce compliance

10. Why might more businesses consider formally registering as MSMEs following the implementation of this rule?

A) To face more stringent regulations

B) To avail themselves of the benefits offered by the government

C) To increase their tax liabilities

D) To extend their payment periods for receivables

Answer: B) To avail themselves of the benefits offered by the government

What Are Indian Accounting Standards?

 Indian Accounting Standards

Indian Accounting Standards (Ind AS) are a set of accounting standards notified by the Ministry of Corporate Affairs (MCA), Government of India, in accordance with the Companies Act, 2013. These standards are largely converged with the International Financial Reporting Standards (IFRS), which are global accounting standards issued by the International Accounting Standards Board (IASB).

The objective of adopting Ind AS is to enhance the transparency, comparability, and quality of financial reporting in India. They provide guidelines on recognition, measurement, presentation, and disclosure of various financial transactions and events in the financial statements of companies.

Objectives of the Indian Accounting Standards

The primary Plan of the Indian Accounting Standards (IND AS) is to ensure that large-scale activities are correctly accounted for through continuous disclosure, treatment, and reformation.

IND AS standardizes accounting policies and principles for the nation's economy. Provides a unified framework for the preparation of books of account and promotes financial transparency. Indian Accounting Standards (IND AS) ensure that all institutions and governmental bodies are recognized overseas.

Benefits of Indian Accounting Standards

Global Recognition: Ind AS aligns Indian accounting practices with International Financial Reporting Standards (IFRS), allowing for easier comparison of financial statements to those of global peers. This increases the credibility and appeal of Indian businesses to international investors and stakeholders.
Improved Transparency: The Indian Accounting Standard requires companies to disclose relevant information, such as off-balance-sheet items, contingent liabilities, and related-party transactions. This allows investors and stakeholders to make better-informed decisions.
Enhanced Comparability: By adopting internationally recognized accounting standards, Ind AS helps the comparison of financial statements across companies, industries, and jurisdictions. This enhances the ability of investors, analysts, and regulators to evaluate entities' financial performance and position.

Better Decision-Making: Ind AS provides more relevant and reliable financial information to management, investors, creditors, and other stakeholders, allowing them to make better decisions. This is especially important when evaluating the financial health and prospects of businesses.
Access to Capital: Compliance with the Ind AS may improve access to capital by increasing investor confidence and lowering the perceived risk of investing in Indian companies. This can result in lower borrowing costs and greater availability of funding for growth and expansion.
Increased Investor Confidence: Ind AS encourages higher-quality financial reporting, lowering the risk of financial misstatements or errors. This increases investor trust and confidence, resulting in improved capital market efficiency.

List of Accounting Standards in India

Sr. NO	IND AS NO:		Name of Indian Accounting Standards (IND AS)
1.	Ind AS 101		Ind AS is being used for the first time.
2.	Ind AS 102		Shared Payment.
3.	Ind AS 103		Business Combination.
4.	Ind AS 104		Insurance Contracts.
5.	Ind AS 105		Non-current assets are for sale, and operations have been discontinued.
6.	Ind AS 106		Exploration and evaluation of minerals.
7.	Ind AS 107		Financial Instruments & Disclosures.
8.	Ind AS 108		Operating Segments.
9.	Ind AS 109		Financial Instruments.
10.	Ind AS 110		Consolidated Financial Statements.
11.	Ind AS 111		Joint Arrangements.
12.	Ind AS 112		Disclosure of Interests in Other object.
13.	Ind AS 113		Fair Value Measurement.
14.	Ind AS 114		Regulatory Deferral Accounts.
15.	Ind AS 115		Revenue from Contracts with Customers (Applicable from April 2018).
16.	Ind AS 116		Leases – Applicable from April 2019.
17.	Ind AS 1		Presentation of Financial Statements.
18.	Ind AS 2		Inventories.
19.	Ind AS 7		Cash Flow Statement
20.	Ind AS 8		Accounting Policies, Changes in Accounting Estimates, and Mistakes.
22.	Ind AS 11		Construction Contracts – Amendment Rules, 2018.
23.	Ind AS 12		Income Taxes.
24.	Ind AS 16		Property, Plant, and Equipment.
25.	Ind AS 19		Employee Benefits.
26.	Ind AS 20		Accounting for and disclosing government grants.
27.	Ind AS 21		The Effects of Foreign Exchange Rate Changes.
28.	Ind AS 21		The Effects of Changes in Foreign Exchange Rates.
29.	Ind AS 23		Borrowing Costs.
30.	Ind AS 24		Related Party Disclosures.
31.	Ind AS 27		Separate Financial Statements.
32.	Ind AS 28		Investments in Associates and Joint Ventures.
33.	Ind AS 29		Financial Reporting in Hyperinflationary Economies.
34.	Ind AS 32		Financial Instruments: Presentation.
35.	Ind AS 33		Earnings per Share.
36.	Ind AS 34		Interim Financial Reporting.
37.	Ind AS 36		Impairment of Assets.
38.	Ind AS 37		Provisions, Contingent Liabilities, and Contingent Assets.
39.	Ind AS 38		Intangible Assets.
40.	Ind AS 40		Investment Property.
41.	Ind AS 41		Agriculture.

CONTACT US 

AIAT INSTITUTE

Address: AIAT Institute, 15 Bhande Plot Umred Road Nagpur.

Phone: 9604121000

Website: www.aiatindia.com

Question & Answer

1. Which governmental body in India is responsible for notifying Indian Accounting Standards (Ind AS)?

A) Securities and Exchange Board of India (SEBI)

B) Ministry of Finance

C) Ministry of Corporate Affairs (MCA)

D) Reserve Bank of India (RBI)

Answer: C) Ministry of Corporate Affairs (MCA)

2. What is the primary objective of adopting Indian Accounting Standards (Ind AS)?

A) Minimize taxation for corporations

B) Enhance transparency, comparability, and quality of financial reporting

C) Reduce government oversight in financial reporting

D) Standardize accounting practices only for multinational corporations

Answer: B) Enhance transparency, comparability, and quality of financial reporting

3. Which international accounting standards are largely converged with Indian Accounting Standards (Ind AS)?

A) Generally Accepted Accounting Principles (GAAP)

B) International Accounting Standards (IAS)

C) International Financial Reporting Standards (IFRS)

D) Generally Accepted Auditing Standards (GAAS)

Answer: C) International Financial Reporting Standards (IFRS)

4. What is the benefit of aligning Indian accounting practices with International Financial Reporting Standards (IFRS)?

A) Decreased credibility of Indian businesses internationally

B) Limited access to global capital markets

C) Increased credibility and appeal to international investors

D) Greater regulatory burden on Indian companies

Answer: C) Increased credibility and appeal to international investors

5. Which Ind AS standard deals with the recognition, measurement, presentation, and disclosure of financial instruments?

A) Ind AS 107

B) Ind AS 103

C) Ind AS 1

D) Ind AS 116

Answer: A) Ind AS 107

6. When did the standard Ind AS 115, which deals with revenue recognition, become applicable?

A) April 2017

B) April 2018

C) April 2019

D) April 2020

Answer: B) April 2018

7. Which Ind AS standard governs the accounting treatment for leases?

A) Ind AS 101

B) Ind AS 102

C) Ind AS 116

D) Ind AS 113

Answer: C) Ind AS 116

8.Which Ind AS standard focuses on the presentation of financial statements?

A) Ind AS 103

B) Ind AS 1

C) Ind AS 112

D) Ind AS 107

Answer: B) Ind AS 1

9. Which Ind AS standard deals with accounting for employee benefits?

A) Ind AS 19

B) Ind AS 20

C) Ind AS 21

D) Ind AS 23

Answer: A) Ind AS 19

10. What does Ind AS 109 focus on?

A) Business combinations

B) Financial instruments

C) Joint arrangements

D) Regulatory deferral accounts

Answer: B) Financial instruments