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The last date for filing Form ADT-1 for the financial year 2022-23 is February 28, 2024. If the form is not filed on time, the company may be liable for penalties from the ROC. The penalty for late filing of Form ADT-1 is Rs. 1,000 for the first day of delay and Rs. 500 for every subsequent day of delay.

It is important to note that the due date for filing Form ADT-1 may vary depending on the state in which the company is registered. It is always best to check with the ROC in your state for the latest filing deadlines.

Here are some tips for filing Form ADT-1 on time:

  1. Start early: Don’t wait until the last minute to file Form ADT-1. There may be delays in processing the form, so it is best to give yourself plenty of time to get it done.
  2. Gather all the necessary information: Before you start filling out the form, make sure you have all the necessary information on hand. This includes the name and address of the auditor, their category (firm or individual), and their PAN number. You can also check with your auditor to see if they have any additional information that you need to include in the form.
  3. Use a template or form guide: There are many templates and form guide available online that can help you fill out Form ADT-1 correctly. This can be a helpful resource, especially if you are not familiar with the form.
  4. Get help from a professional: If you are not comfortable filling out Form ADT-1 yourself, you can always get help from a professional. A chartered accountant or company secretary can help you ensure that the form is completed correctly and that it is filed on time.

ADVANTAGES

The last date for filing Form ADT-1 is February 28, 2024. There are several advantages to filing Form ADT-1 on or before the last date

  1. Compliance with legal requirements: Filing Form ADT-1 is a mandatory requirement under the Companies Act, 2013. By filing Form ADT-1 on time, companies can ensure that they are in compliance with the law.
  2. Avoidance of penalties: If Form ADT-1 is not filed on time, the company may be liable for penalties from the ROC. The penalty for late filing of Form ADT-1 is Rs. 1,000 for the first day of delay and Rs. 500 for every subsequent day of delay.
  3. Protection of shareholders’ and creditors’ interests: Form ADT-1 helps to protect the interests of shareholders and creditors by ensuring that there is an independent auditor to review the company’s financial statements. This helps to ensure that the financial statements are accurate and reliable, and that the company is being managed in a responsible manner.
  4. Enhanced transparency and accountability: Form ADT-1 helps to enhance transparency and accountability by requiring companies to disclose information about their auditors. This information includes the name and address of the auditor, their category (firm or individual), and their PAN number. This information can be used by shareholders and creditors to assess the auditor’s qualifications and experience, and to make informed decisions about the company.
  5. Improved credit rating: Lenders and other creditors often look at a company’s compliance with legal requirements when assessing its creditworthiness. By filing Form ADT-1 on time, companies can demonstrate their commitment to compliance and good governance, which can lead to a better credit rating.

DISADVANTGE

Filing Form ADT-1 after the last date has several disadvantages:

  1. Penalties: If Form ADT-1 is not filed on time, the company may be liable for penalties from the ROC. The penalty for late filing of Form ADT-1 is Rs. 1,000 for the first day of delay and Rs. 500 for every subsequent day of delay. The penalties can be significant, and they could damage the company’s reputation.
  2. Legal action: The ROC may also take legal action against the company for non-compliance. This could include issuing a show-cause notice, imposing a fine, or even winding up the company.
  3. Damage to reputation: Filing Form ADT-1 after the last date can damage the company’s reputation. Investors and creditors may view the company as being non-compliant and unreliable. This could make it difficult for the company to raise capital or attract new customers.
  4. Loss of benefits: The company may also lose out on certain benefits that are only available to companies that are in compliance with the law. For example, the company may not be able to get a loan from a bank or register a new product with the government.

CONCLUSION

The last date for filing Form ADT-1 is February 28, 2024. There are several advantages to filing Form ADT-1 on or before the last date, including compliance with legal requirements, avoidance of penalties, protection of shareholders‘ and creditors’ interests, enhanced transparency and accountability, and improved credit rating.

However, there are also some disadvantages to filing Form ADT-1 after the last date, including penalties, legal action, damage to reputation, and loss of benefits. It is important to file Form ADT-1 on time to avoid these risks