One Person Company Annual Filing: Compliance of OPC
The concept of One Person came under Companies act 2013. It becomes now popular because of its features. Only one person required for incorporation of One Person Company. Annual filing of OPC is necessary for every company which has to be submitted to the Registrar of Companies (ROC).
Registrar of Companies is an office under the Ministry of Corporate Affairs which deals with the administration of the company. You have to comply with the ROC filings. If you are running a One Person Company (OPC), then you have to comply with ROC filings like Annual return, financial statements, etc. Some annual filing is required for OPC which is mentioned below:
Annual Filing of OPC
Deposition of the Annual Return Filing of OPC
Deposition of the Annual Return filing of OPC is important because the law requires it. For filing an annual return, you have to submit the form no. MGT7. It must be filled by all OPC registered in India every year. Annual return consists of information and documents that include a compliance certificate, Registered Office Address, Register of Member, Shares and Debentures details, Debt details and information about the Management of the Company. The annual return would also disclose the shareholding structure of the Company, changes in Directorship and details of transfers of securities.
Documents Required by MGT 7
• 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
Filing of the Financial Statements
As per section 137 of the companies act, Every OPC needs to file its financial statements and necessary attachments, via e-form AOC 4 within the prescribed time limit. Company law says that Every One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty days from the closure of the financial year. You have to submit all of your financial statements like Profit and loss, balance sheet and other audit accounts to the ROC. Cash flow is not a mandatory part for OPC during filing. And these states should be signed by the CS.
Documents Required for AOC 4
• Balance Sheet
• Profit and Loss Account
• Director’s Report
• Auditor’s Report
• Notice of AGM
The Process of E Filing
You can file your application online for AOC4 and MGT7. A procedure is given below
• The first step is to visit the MCA website
• Download the E form (above mentioned form no.)
• Then you have to fill out the form
• Then you have to click on the upload E form button
• Then you have to upload your E form.
• After uploading of E form, the system will show you a fee to be paid
• You can pay your fee online
Income Tax Returns
You have to comply with rules and regulation of the Income Tax Department of India. If your turnover is more than one crore, then you have to file Income Tax Return online in form VI. The due date for this is 30th September. During the filing of a form, you have mentioned your company’s details and had to submit some documents.
Required documents
• 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)
Conclusion for Annual Filing of OPC
Income tax returns, Financial statement, and annual statement filing is must for every OPC. Law requires all the above-given filings. Every year you have to comply with the concerned authority. These compliances can be made online; you can file your application online on their official websites. So if you are running an OPC, then you have to comply with these filings. In the case of failure of these filings, you may have to legal problems, and you have to pay fine for these.