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Annual Compliances For OPC

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Why we need to do annual compliance of OPC?

As every OPC have to intimate ROC regarding the income and expenditure and other details of the company annually. we have to do the compliances and if we fail to do the compliance then the penalty is imposed for the same.
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What are the forms required to be filed for Annual Compliances?

Form AOC-4 for Financial statement and Form MGT-7A for annual return are required to be filed for Annual return.

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What are the Due date to file forms?

The financial statement of OPC are to be filed within 180 days from 31st March of the financial year and annual return within 60 days from the completion of AGM.

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Income Tax Return

Exclusive Government Fees
Starting at ₹ 10,000GST will be charged at 18%
  • Income Tax Return
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ROC Filing

Exclusive Government Fees
Starting at ₹ 5000GST will be charged at 18%
  • Roc Filing
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ITR & ROC Filing

Exclusive Government Fees
Starting at ₹ 15,000GST will be charged at 18%
  • Income Tax Return
  • Roc Filing
  • Compliance

Documents Required For Annual Compliances For OPC

Invoices of Purchases and Sales during the year
Invoices of expenses incurred during the year
Credit Card Statements if Expenses are incurred by Director on behalf on Company
Bank Statements from 1 April to 31 March for all bank accounts in the name of Company
Copy of GST returns filed (If Any)
Copy of TDS Challans Deposited (If Any)
Copy of TDS Returns filed (If Any)
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Process Involved

STEP – 1
Documentation

Required documents are provided by client

STEP – 2

Finalization of Balance Sheet and Income Tax return

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

STEP – 3

Preparation of Notice, Board Resolution, and List of Directors

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

STEP – 4

Form ADT-1

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

STEP – 5

Form AOC-4

Filing of Annual accounts with ROC within 180 Days from the Financial Year Close

STEP – 6

Form MGT-7A
Filing of Annual Return with ROC within 60 Days of AGM (considering the normal date of AGM)

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FAQs

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 the same person
  • Minimum 1 Nominee
  • There is No Minimum Share Capital requirement
  • 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

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.

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.

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.

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.

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