One Person Company was newly introduced by the new Indian Companies Act, 2013. An OPC is a legal entity and the annual compliances for an OPC is lesser as when compared to that of a private limited company. Therefore, the compliance cost is also minimum.
OPC annual filing process
- Annual return in Form MGT 7 – This filling has the details of the current updated information of the directors and shareholder of an OPC. The due date for filing this compliance with relevance to the Registrar of Companies is sixty days from the date of the Annual General Meeting.
- Financial Statements in Form AOC – This compliance gives information about the monetary transactions and finances made by the One Person Company during the mentioned financial year. The annual financial report of an OPC contains the following particulars – Balance sheet, profit and loss account, auditors report, consolidated financial statement. This compliance has to be filed with relevance to the ROC on or before 30th of October every year.
- Income Tax Returns in Form ITR-VI – If the annual turnover of the OPC is more than Rs 1 crore, tax audit will be statutory. This compliance has to be filed with the income tax department on or before 30th September of the following financial year.
- Event-based Annual Compliances – Deals with the internal administration and external business management.
- Annual Compliances under diverse Legal Authorities – This includes GSTN, Labour and employment laws, Intellectual property laws, Environmental laws, Excise and custom, Company and corporate laws, ESI and PF regulations.
Filings of the above-mentioned forms are mandatory for a One Person Company. If you require further assistance for filing purpose, get in touch with our dedicated staff and they will assist you throughout the process.