One Person Company Compliance
One Person Company Compliance refers to filing of various documents on an annual basis. A one Person Company (OPC) needs to fulfill the following compliance.
- Financial Statement filing with the Registrar of Companies (ROC) in Form AOC-4.
- Annual Return with the ROC in form MGT 7. An extract of the return in Form MGT-9 also forms part of the Board Report.
- Income Tax Return with the Income Tax Department in Form ITR-VI.
Who needs to do it?
As per Company Law, every One Person Company needs to comply with it. The return needs to be signed by the Company Secretary. In absence of a Company Secretary, the director of company can sign the return.
What Documents do I need?
For a smooth compliance process, you need to provide the following documents.
A. MGT 7 Filing
- List of main business activities
- Details of shares and shareholding
- List of debentures and loans
- Details of other securities held by the company
B. AOC 4 Filing
- Balance Sheet
- Profit and Loss Account
- Director's Report
- Auditor's Report
- Notice of AGM
C. ITR VI Filing
- Purchase and Sale invoice.
- Expense invoice.
- PAN of the company
- Copy of TDS Challans/deposits (if any)
- Copy of VAT/Service Tax Returns (if any)
- Bank Statement for the year
- Credit Card Statement (if any)
What is the fee?
As per the fee schedule under company law, the filing fee starts from Rs. 2000.
The professional fee for OPC compliance starts from Rs. 15000
What is the Timeline?
Different returns have different due dates.
A. Annual Return
You need to file the annual return within 60 days of holding the Annual General Meeting (AGM). If the AGM did not take place, you need to file the return within 60 days of the date on which AGM should have taken place.
B. Financial Statements Return
For AOC-4, the due date is within 180 days from the end of Financial Year. This means that the last date for filing AOC 4 will be 30th October of the following financial year.
C. Income Tax Return
For ITR-VI, the due date is 30th September of the Assessment Year.
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