Annual Compliances For OPC
Documents Required for Annual Compliances For OPC
- 1 Invoices of Purchases and Sales during the year
- 2 Invoices of expenses incurred during the year
- 3 Credit Card Statements if Expenses are incurred by Director on behalf on Company
- 4 Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
- 5 Copy of VAT or Service Tax returns filed (If Any)
- 6 Copy of TDS Challans Deposited (If Any)
- 7 Copy of TDS Returns filed (If Any)
Process Involved
Annual Compliance for One Person Company
- Every OPC shall comply with Annual Requirements of ROC and Income Tax and shall file
- Income Tax Return every year before 30th Sep
- File Form MGT-7 - Statement of Disclosure of ShareHolders and Directors - within 60 days from Date of Annual General Meeting (AGM)
- File Form AOC-4- Annual Accounts of Companies before 30th October every year.
Procedure For Annual Compalince fulfilment Procedure
- Maintain Proper Books of Accounts.
- Prepare and File Balance Sheet.
- Get your accounts Audited by Chartered Accountant.
- File Form ADT-1, AOC-4 and Form MGT-7 with ROC.
- File Income Tax Returns with Income Tax Department.
Need for Annual Complaince
- Late filing or non-filing of Annual Return before the due date will attract a penalty 12 Times of Normal Fees.
- Further, the Company cannot be wound-up or closed without filing of the return.
- Therefore, it is best to file the Annual Return within the due dates
FAQs
FAQs
What are the MINIMUM REQUIREMENTS ?
What is the incorporation process?
What is One Person Company?
How much capital do I invest to start a One Person Company?
Who can be a nominee for a One Person Company?
Can form more than one One Person Company?
Can Foreign Direct Investment allowed for One Person Company?
Can a One Person Company converted into Private Limited Company?
How can a One Person Company hold a Annual General Meeting?
How can a One Person Company converts itself into Private Limited Company?
I can answer any questions you have about starting a business or taxation or funding. You can click on the questions to the left or write your question below
I can answer any questions you have about starting a business or taxation or funding. You can click on the questions to the left or write your question below
FAQs
Is there any Tax Flexibility and Savings in OPC?
In an OPC, it is possible for a company to make a valid contract with its shareholder or directors. This means as a director you can receive remuneration, as a lessor you can receive rent, as a creditor you can lend money to your own company and earn interest. Directors’ remuneration, rent and interest are deductible expenses which reduces the profitability of the Company and ultimately brings down taxable income of your business.What are the MINIMUM REQUIREMENTS ?
Minimum 1 Shareholder • Minimum 1 Director • The director and shareholder can be same person • Minimum 1 Nominee • Minimum Share Capital shall be Rs. 1 Lac (INR One Lac) • DIN (Director Identification Number) for all the Directors • DSC (Digital Signature Certificate) for all the DirectorsWhat is the incorporation process?
After ROC's approval for name of the Company, filing all the Incorporation documents with the ROC • Online uploading of e-Forms • Payment of Registration fees • Receiving Incorporation CertificateWhat is One Person Company?
One Person Company a new company structure, contains the benefits of sole proprietorship and corporate status. It has only one member, as the Member cum Director and a nominee.How much capital do I invest to start a One Person Company?
The minimum capital requirement is Rs. 1,00,000/- but this amount differ from your investment. Authorised capital and investment are not one and the same. You can invest as many as you can, but when you want to incorporate a company legally, it has to be started with Rs. One lakh as capital.Who can be a nominee for a One Person Company?
Nominee can be anyone, such as your spouse, father, mother, daughter, brothers, sisters etc., but they should hold proper identity proofs such as PAN card, Voter id or Passport or Driving License etc., in order to be appointed as Nominees for One Person Company.Can form more than one One Person Company?
No, you are not allowed to form more than one OPC and nominee in your company cannot be appointed as nominee in any other One Person Company.Can Foreign Direct Investment allowed for One Person Company?
No, FDI is not allowed for One Person Company, if it does then it will lose its very nature of One Person Company.Can a One Person Company converted into Private Limited Company?
Yes, it can be converted into Private Limited Company, if the One Person Company has exceeded the threshold limit by filing necessary forms.How can a One Person Company hold a Annual General Meeting?
No, a One Person Company exempted from holding Annual General Meeting.How can a One Person Company converts itself into Private Limited Company?
One Person company can convert itself to Private Company, when the paid up capital exceeds Rs. 50 lacs or its average turnover exceeds Rs. 2crores for the relevant period.- Import Export Code IEC
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