How to File XBRL Annual Report with MCA-21 System

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Filing XBRL Annual Report with MCA-21 System can be a daunting task, but it is essential for companies to stay compliant with regulatory requirements. In this article, we will guide you through the process of filing XBRL Annual Report with MCA-21 System step-by-step.

Introduction

XBRL, or eXtensible Business Reporting Language, is a markup language used for digital reporting of financial and other business information. It simplifies the process of filing financial statements with regulatory bodies by standardizing the format of financial data. The Ministry of Corporate Affairs (MCA) in India has mandated the use of XBRL for filing Annual Reports by companies.

Step-by-Step Guide to File XBRL Annual Report with MCA-21 System

Register on MCA Portal

The first step to filing XBRL Annual Report with MCA-21 System is to register on the MCA Portal. To register, visit the MCA website and click on the "Register" button. Fill in the required details, including your email address and mobile number, and click on the "Submit" button.

Obtain Digital Signature Certificate (DSC)

A Digital Signature Certificate (DSC) is required to file the XBRL Annual Report. You can obtain a DSC from one of the certified agencies listed on the MCA website. Follow the instructions on the agency's website to obtain your DSC.

Prepare Financial Statements in XBRL format

To prepare your financial statements in XBRL format, you can use any of the MCA-approved software tools or hire a professional XBRL service provider. Make sure to include all the required information, including the Balance Sheet, Profit and Loss Account, Cash Flow Statement, and Notes to Accounts.

Validate and Generate XBRL Instance Document

Once you have prepared your financial statements in XBRL format, validate the file using the MCA's validation tool. The tool will check for errors and inconsistencies in the file. Once the file has been validated, generate the XBRL Instance Document.

Upload XBRL Instance Document

After generating the XBRL Instance Document, log in to the MCA Portal and navigate to the "XBRL" tab. Click on the "XBRL Filing" option and upload the XBRL Instance Document.

Pay Filing Fees

After uploading the XBRL Instance Document, you will be prompted to pay the filing fees. The fees can be paid online through the MCA Portal.

Track Status of Filing

After paying the filing fees, you can track the status of your filing on the MCA Portal. The status will be updated once the filing has been processed by the MCA.

Conclusion

Filing XBRL Annual Report with MCA-21 System can be a time-consuming process, but it is essential for companies to comply with regulatory requirements. By following the step-by-step guide outlined in this article, companies can easily file their XBRL Annual Report with MCA-21 System and avoid penalties for non-compliance.

Please find below the reference link for Microvista's XBRL software:

XBRL Filing Software

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