Categories of person who are required to file NFRA Annual Returns

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Categories of person who are required to file NFRA Annual Returns 

 

NFRA Annual Return to be filed by 30th Nov:

  • A. National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards as per Sec 132 of the Companies Act 2013.
  • Auditor is required to file form NFRA-2 annually before 30th November every year.
  • Rule 3(1) of NFRA Rules specifies the class of Companies which shall be governed by NFRA. Following are the class of companies:
  1. Companies whose securities are listed on any stock exchange in India or outside india.
  1. Unlisted Public Company having Paid up capital of not less than Rs 500 Cr.
  1. Annual Turnover of not less than Rs 1000 Cr Outstanding Loans, deposits, debentures not less than Rs 500 Cr.
  1. Insurance Companies Banking Companies Companies engaged in the generation or supply of electricity Companies governed by any Special Act.
  1. Body Corporate incorporated by an Act in accordance with Section 1(4) with specified exception.
  1. Any other body corporate, person or class of persons as referred by Central Government to NFRA in Public Interest.
  1. Foreign Subsidiary or Associate Company of any Indian Company if net worth or Income of such foreign subsidiary or Associate Company is having more than 20% of the Consolidated income or net worth of such Indian Company.
  • Penalty is applicable of Rs 5,000 for any contravention and if the contravention continues then up to Rs 500 per day till form is filed.

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