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| Document | Penalty for Company | Penalty for Directors | Other Actions |
|---|---|---|---|
| AOC-4 | INR 10,000 in case of continuing failure + INR 100 for each day of default subject to Max of INR 2 Lakhs | INR 1,00,000 in case of continuing failure + INR 1,000 for each day after the first during which such failure continues, subject to a maximum of INR 5,00,000 | Can be held liable for criminal prosecution under Section 447 of the Companies Act, 2013 |
| MGT-7 | INR 50,000 in case of continuing failure + INR 100 for each day of default subject to Max of INR 5,00,000 | INR 1,00,000 in case of continuing failure + INR 1,000 for each day after the first during which such failure continues, subject to a maximum of INR 5,00,000 | Can be held liable for criminal prosecution under Section 447 of the Companies Act, 2013 |
| Statutory Audit | INR 10,000 for each default | INR 1,00,000 for each default | Can be held liable for criminal prosecution under Section 447 of the Companies Act, 2013 |
| Income Tax Return | Penalty as per Income Tax Act, 1961 | Penalty as per Income Tax Act, 1961 | Can be held liable for criminal prosecution under Section 276C of the Income Tax Act, 1961 |
Please note that these are just the penalties and actions that may be imposed. The actual penalties and actions may vary depending on the specific circumstances of the case.
About Rohit Lohade
Rohit Lohade is a Chartered Accountant with 15+ years of experience. He has assisted more than 300 Gobal Companies with India Entry Strategy