Annual Compliances Filing for OPC in India - What are Annual Compliances Filing for One Person Company
The annual compliances for opc in India are only few, and include the following main compliances: ---
- Filing of the Annual Return
- Filing the Financial Statements
- Filing Income Tax Returns
The procedures involved in annual compliances for opc are separately described in the section below. Noteworthy here also is the fact that the compliance costs of an OPC in India are just medium and considerably less than those required for a private or public limited company of India. Again, a one person company (OPC) is exempt from holding the annual general meeting (AGM) and making rotation of the auditors. The hassles related with the board meeting are also substantially reduced if the OPC has only one director/shareholder. However, some periodic or annual event-based compliances (related with appointment of auditor, maintenance and audit of accounts, etc.) may additionally be made by an OPC, besides the mandatory annual compliances stipulated above.
Our full-service law firm of Delhi offers compliance services on behalf of various types of companies located in India, as an auxiliary service. These annual and periodic compliance services essentially include the opc compliance requirements, as the OPCs are now among the most popular companies in entire India. Here, it may also be just mentioned that late filing or non-filing of the annual compliances attract heavy penalties which range from 2 to 12 times the normal filing fees.
How to Make Annual Compliances for OPC ? - Process Involved in Annual Compliances Filing for One Person Company in India
The annual compliances by an OPC located anywhere in India are to be made through the following Forms and within the below-specified timelines: ---
- Filing Annual Return (Form MGT-7) with ROC: --- Containing the Statement of Disclosure of Shareholders and Directors, this Form is to be filed with the relevant ROC, within a maximum of Sixty Days counted from the date of Annual General Meeting (AGM).
- Filing of Financial Statements (Form AOC-4) with ROC: --- Containing all monetary and finance related audited accounts of the OPC, this Form is to be filed with the ROC concerned, on or before 30th October every year.
- Filing Income Tax Returns (Form ITR-VI) with Income Tax Department: --- This Form is to be filed by the OPC on or before 30th September every year. If the annual turnover of the OPC exceeds INR One Crore, then mandatory is tax audit.