One Person Company Annual Compliances refers to the filing of various documents on an annual basis. One person company can be formed by one person only, who can act as a director as well as a shareholder. There were no provisions of forming a One Person Company in the Old Companies Act 1956. with the introduction of New Company Act 2013, the One Person Companies (OPCs) are speedily becoming prominent in entire India for doing business or providing services in various economic verticals by individual and innovative Entrepreneurs/Professionals.

The One Person Company Annual Compliances in India are less, and cover the following main compliances:

  •  Annual Return in Form mgt 7
  •  Financial Statements in Form AOC-4
  •  Income Tax Returns in Form ITR-6
  • Event-based Annual Compliances
  • Annual Compliances under diverse Legal Authorities

Process Involved in Annual Compliances Filing for One Person Company in India

The One Person Company Annual Compliances, are to be made through the following Forms and within the below-specified timelines:

Filing Annual Return (Form MGT-7) with Registrar of Companies (ROC):  

This is one most important roc return filing for OPC company Containing the Statement of Disclosure of Shareholders and Directors. You m 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. Such Annual Returns is signed by Company secretory or if CS is not there than by Director of the company.

Filing of Financial Statements (Form AOC-4) with Registrar of Companies (ROC):

This is to be filed with relevant ROC, Containing all monetary transactions and finance related audited accounts of the One person company in the mentioned financial year. In case of an OPC, the annual financial reports contain only the following particulars — Balance Sheet, Profit and Loss Account, Auditor’s Report, and the Consolidated Financial Statement. 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. Such financial statements are signed by Director. In section 137(1) of Companies Act 2013, it is mandatory for the company to adopt its Financial statements in a board meeting and signed by the directors.

Filing Income Tax Returns (Form ITR-VI) with Income Tax Department:

This is to be filed with the Income Tax Department, in Form ITR-6, by the OPC. For ITR-6, the due date is 30th September of the Assessment Year, for example for the financial year 2017-18 Income Tax Returns in Form ITR-6 has to be filled on or before 30th September 2018. Tax audit will be statutory if Turnover of the OPC exceeds 2 Cr.

Documents Required for smooth compliance process

For a smooth compliance process, you need to provide the following documents.

MGT 7 Filing:

  • CIN/PAN
  • List of main business activities
  • Details of shares and shareholding
  • List of debentures and loans
  • Details of other securities held by the company

AOC 4 Filing:

  • Balance Sheet
  • Profit and Loss Account
  • Director’s Report
  • Auditor’s Report
  • Notice of Annual General Meeting.

ITR 6 Filing:

  • Purchase and Sale invoice.
  • Expense invoice.
  • PAN of the company
  • Copy of TDS Challans/deposits
  • Copy of VAT/Service Tax Returns
  • Bank Statement for the year
  • Credit Card Statement

Who needs to do it?

Every One Person company needs to adhere to it. The return needs to be signed by the Company Secretary if not there than the Director of the company can sign the return.

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

Annual Compliance Filing AMC for One Person Company

Available are our expert, efficient, and cost-effective services for the Annual Mandatory Compliances (AMCs) of the One Person Company located and active anywhere in entire India, and belonging to Indian or Foreign Nationals.

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