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Annual Filing for OPC

All companies registered in India like Private Limited Company, One Person Company, Limited Liability Partnership Company, and Section 8 company must file their Annual filing forms each year i.e Form AOC-4 and Form MGT-7 with Ministry of Corporate Affairs (MCA).

A copy of Financial Statements (including Consolidated Financial Statements in case of holding company), shall be filed with Registrar of Companies (ROC) within 30 (Thirty) days from the date when the accounts were duly adopted at the Annual General Meeting (AGM) of the Company in Form AOC-4.

Every company shall file with the Registrar of Companies (ROC) a copy of the Annual Return, within 60 (sixty) days from the date on which the Annual General Meeting is held with the ROC in Form MGT-7.

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Scope of Work:

1. Preparation of Basic Directors Report

2. Preparation of e-forms AOC-4

3. Preparation of e-form MGT-7;

4. Arranging for Certification of e-forms;

5. Filing of forms with ROC.

Introduction

One Person Company (OPC) is the latest form of business entity that has been allowed in India where one man can form a company. This idea is especially helpful for people who run a business alone but wish to incorporate, not needing several shareholders. The following is a calendar of filing schedules of the OPC for the year.

Annual compliance requirements for OPC are as follows:

An OPC initially must submit the following documents and forms every year with the Registrar of Companies (ROC):

Financial Statements (AOC-4)
Annual Return (MGT-7 Form)
Income Tax Return (ITR)
Form DIR-3 KYC
Form ADT-1 (if applicable)

Financial Statements (AOC-4)

Content: They include the balance sheet, profit and loss account, cash flow statement if any, auditor’s report and the board report.
Due Date: AOC-4 needs to be filed within 180 days from the end of the financial year that is by 27th September.

Attachments:

Balance Sheet
Profit and Loss Account
Directors Report
Auditor's Report
Any other relevant documents

Annual Return (MGT-7)

Content: Guided by the information given, annual return contains data about the company’s shareholders, directors and any alterations made throughout the year.
Due Date: MGT-7 has to be filed within 60 days of filing for passing the AGM For OPCs it is not necessary to hold the AGM but filing of the return is mandatory within 180 days from the closing of the financial year.
Certification: While submitting an MGT-7 form the OPC doesn’t need to be certified by a Company Secretary (CS) if its paid up capital is less than fifty lakh or turnover is less than two crore.

Income Tax Return (ITR)

Form: ITR-6 is the form that is filled by companies which include OPCs.
Due Date: In most of the situations, the date to file the ITR is 31st July if the person is not eligible for tax audit and 30th September if he is otherwise eligible.
Tax Audit: An OPC has to get his accounts audited if the turnover of the company in the financial year is exceeding INR 1 Crore.

Form DIR-3 KYC

Content: Form DIR-3 KYC includes the personal details of the director of the company which includes PAN, Aadhaar, contact detail etc.
Due Date: It could be noted that the form has to be filed annually before September 30th.
Penalty: The failure to file DIR-3 KYC is well accompanied by a penalty of an amount equivalent to INR 5,000/-

Form ADT-1

Content: This form is used for communication to the ROC about the appointment of an auditor.
Due Date: Where the auditor is appointed this form must be filed within 15 days after the AGM.

Note: There is, however, a requirement to file this return only in the period when there is a change in the auditor.

Additional Compliance and Considerations

AGM: Of particular note is that OPCs have no legal requirement to convene and conduct an AGM. However, there is a requirement that the above stated financial statements are signed and by the sole director and filed at the stated dates.
Books of Accounts: It is mandatory for OPCs to keep and maintain their books of Account and get them audited at least once in a year.

Late Fees and Penalties

Late Filing Fees: Consequently, ROC fines any company submitting its AOC-4 and MGT-7 after the statutory deadline INR 100 daily.
Other Penalties: Sanctions include, fines, prosecution of the director and striking off of the name of the company from the register of companies.

Filing Process

Step 1: Preparation of Financial Statements and Annual Return.
Step 2: If it is required to perform a board meeting for approval then, conduct it here.
Step 3: Filing AOC-4 & MGT-7 on the portal of the Ministry of Corporate Affairs.
Step 4: Filing the return this ITR 6 with the Income Tax Department.
Step 5: Filing of DIR 3 KYC and ADT 1 with ROC.

OPC Checklist for Annual Filing

Such records include Balance Sheet, P&L Account or any other account of that organization or business.

Prepare the Director's Report.
AOC files AOC-4 within 180 days from the end of the financial year.
Submit MGT-7 within 180 days from the financial year-end.
Form ITR-6 is filing income tax returns for companies.
Any person who wants to become or is a director must fill DIR-3 KYC.
File Form ADT-1 only if relevant.

Why Choose Instabiz Filings

Our goal at InstabizFilings is to make business solutions more affordable and easily accessible to everyone in India. We have a seasoned group of experts on hand to help you at every stage of your business venture. Having worked with companies of all sizes, from startups to multinational enterprises, for more than 40 years of collective experience, we are experts at streamlining the compliance process and making it less burdensome for business owners.

While we will assure timely filings and offer knowledgeable counsel to help you avoid penalties and remain on top of regulations, our goal is to remove the pain out of expense report so that you can spend more time on the growth of your business. You may benefit from a simplified, stress-free compliance experience with InstabizFilings, which will help you keep your business running smoothly.

Are you set to simplify your annual filings? Get started with InstabizFilings today!

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FAQs

Since the statutory audit is mandatory to be conducted for an OPC. An OPC must also appoint a statutory auditor to be appointed for 5 years via form ADT-1 within 15 days of the first Annual General Meeting (AGM).

OPC does not require to hold Annual General Meeting.

OPC can have a maximum of 15 (fifteen) directors and if required, OPC can appoint more directors after passing a special resolution to that effect.

The company shall be having one member and shall appoint one nominee to act as member in case of death or incapacity of the member at the time of conversion into OPC.

An OPC, having only a single member, cannot raise funds by issuing shares or other convertible instruments. This can however be possible if the OPC gets converted into a public or private limited company. An OPC can ideally raise funds only through loans or by means of non-convertible debentures.

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