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Penalties for Non-Filing of E-Form INC-20A The penalty of Rs. 50,000/- will be imposed on the corporate in respect of non-filing of the said declaration. Also, each and every officer in default pays a penalty of Rs. 1,000/- for each day of default, up to a maximum of Rs.
Form 20A is a declaration that needs to be filed by the directors of the company at the time of the commencement of the business. It should be verified by a Chartered Accountant (CA) or Company Secretary (CS) or a Cost Accountant in practice.
What is form INC-20A ? INC-20A is a mandatory form that is to be filed by a company incorporated on or after 02/11/2018 with MCA. It is also known as Declaration of Commencement of Business. It should be filed by the directors within 180 days from date of incorporation of a company which has share capital.
According to this ordinance every Company incorporated on or after 02nd November, 2018 and having share capital is required to file e-form INC-20A with their respective Registrar of companies within 180 days from date of incorporation of company.