Home Companies Act Due Date for filing NFRA-2 for FY 2022-23 today: Know More

Due Date for filing NFRA-2 for FY 2022-23 today: Know More

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Due Date for filing NFRA-2 for FY 2022-23 today: Know More

Due Date for submitting NFRA-2 for FY 2022-23 at present: Know Extra

The Due Date for submitting the obligatory e-form, NFRA-2 for the reporting interval 2022-23 (Audit stories signed through the interval 01.04.2022 to 31.03.2023) is thirtieth November 2023. Auditors/companies are suggested to file NFRA-2 at present itself, if not already finished so, as at present is the final day to file this annual return.

The annual return have to be filed in step with Rule 5 of the 2018 Nationwide Monetary Reporting Authority Guidelines. The auditors/audit companies of the category of firms designated in Rule 3 of the NFRA Guidelines 2018 should file the annual return on or earlier than November thirtieth of yearly. NFRA-2 kind is an annual return to be filed by the audit agency giving a bunch of particulars starting from its registration and PAN quantity to particulars of charge acquired, particulars of the companions and the variety of staff.

NFRA kind 2 is relevant solely the place the reporting agency is an auditor of the physique company lined underneath Rule 3(1) (e). For instance, in case an Indian agency audits the accounts of a physique company lined underneath Rule 3(1) (e), solely then the Indian agency be required to file this.

Within the earlier years, NFRA had found circumstances of non-compliance with the aforementioned statutory requirements and had notified defaulting firms. A listing of such companies/auditors was additionally revealed on the NFRA web site and forwarded to the Ministry of Company Affairs.

The eye of all defaulting audit companies/auditors is drawn to the truth that failure to file the NFRA-2 kind is a non-compliance lined by Rule 13 of the NFRA guidelines and attracts penal provisions. The rule has been revised additional by NFRA Modification Guidelines 2022, dated 17.06.22. The revised Rule 13 is now out there on the NFRA web site.

If NFRA 2 shouldn’t be filed, the Defaulters are liable to a superb of as much as Rs. 5,000, and the place the contravention continues, an additional superb of as much as Rs. 500 day-after-day after the primary will likely be relevant.

The Nationwide Monetary Reporting Authority (NFRA) was constituted on 1st October, 2018 by the Authorities of India underneath Sub Part (1) of part 132 of the Corporations Act, 2013.

As per Sub Part (2) of Part 132 of the Corporations Act, 2013, the duties of the NFRA are to:

  • Suggest accounting and auditing insurance policies and requirements to be adopted by firms for approval by the Central Authorities;
  • Monitor and implement compliance with accounting requirements and auditing requirements;
  • Oversee the standard of service of the professions related to making certain compliance with such requirements and recommend measures for enchancment within the high quality of service;
  • Carry out such different features and duties as could also be mandatory or incidental to the aforesaid features and duties.

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