Annual Compliances For OPC

Income Tax Return
5900
ROC Filing
13800
ITR & ROC Filing
17700

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Income Tax Return
Roc Filing
Compliance
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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 20%

Step 1

Documentation

Step 2

Finalization of Balance Sheet and Income Tax return

Step 3

Preparation of Notice, Board Resolution and Minutes of AGM

Step 4

Form ADT-1

Step 5

Form AOC-4

Step 6

Form MGT-7

Required documents are provided by client

Balance Sheet and Profit and Loss is finalized based on data provided and Income Tax Return is filed

Preparation of Notice, Board Resolution and Minutes of AGM and getting them signed by Directors

Appointment of Auditor and filing of form ADT-1 within 15 days of AGM

Filing of Annual accounts with ROC within 30 Days of AGM

Filing of Annual Return with ROC within 60 Days of AGM

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

FAQ

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..

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..

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..

No, FDI is not allowed for One Person Company, if it does then it will lose its very nature of One Person Company..

Yes, it can be converted into Private Limited Company, if the One Person Company has exceeded the threshold limit by filing necessary forms..

No, a One Person Company exempted from holding Annual General Meeting..

 

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..

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 Directors .

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 Certificate .

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..

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..