Yes, in India, XBRL (eXtensible Business Reporting Language) is mandatory for certain categories of companies. The Ministry of Corporate Affairs (MCA) has made it mandatory for certain companies to file their financial statements in XBRL format through the MCA21 portal.
As per the Companies Act, 2013, the following categories of companies are required to file their financial statements in XBRL format:
- Listed companies
- Unlisted public companies with paid-up capital of Rs. 5 crore or more
- Private limited companies with paid-up capital of Rs. 5 crore or more and turnover of Rs. 20 crore or more
It is important for companies to comply with the regulations and to file their financial statements in XBRL format as required by the MCA. Failure to do so can result in penalties and other consequences., XBRL filling dont worry lets take help from CS NISHA GUPTA