Vide General Circular No: 16/2012 dated 6th July 2012, Ministry of Corporate Affairs has decided that companies falling in the following categories will have to file their Balance Sheet and Profit & Loss Account under section 220 of the Companies Act, 1956 using the Extensible Business Reporting Language (XBRL) taxonomy for financial year commencing on or after 01.04.2011:-

1. all companies listed with any Stock Exchange(s) in India and their Indian subsidiaries; or
2. all companies having paid up capital of Rupees five crore and above; or
3. all companies having turnover of Rupees one hundred crore and above; or
4. all companies who were required to file their financial statements for FY 2010-11, using XBRL.

However, banking companies, Power companies, Non Banking Financial Companies (NBFC) and Insurance companies are exempted from XBRL filing till further order. All XBRL filing companies are allowed to file their financial statements without any additional fee/penalty upto 15th December 2012 or within 30 days of the date of their AGM, whichever is later.

For details, kindly see Ministry’s General Circular No: 16/2012 dated 06.07.2012 and 34/2012 dated 25.10.2012