TAX
PaieOverview of Annual Compliance for One Person Company
Annual compliance for a One Person Company (OPC) involves fulfilling the statutory requirements mandated by the Companies Act, 2013. This includes filing annual returns, financial statements, and other statutory forms to ensure transparency and maintain legal standing.
Who is applicable for Annual Compliance for One Person Company
Director of a One Person Company (OPC) registered under the Companies Act, 2013OPCs that have completed one financial year
Entrepreneurs seeking to maintain their OPC’s legal and financial integrity
Benefits of Annual Compliance for One Person Company
1. Legal Compliance
Ensures the company adheres to statutory requirements, avoiding penalties
2. Enhanced Credibility
Builds trust with stakeholders, banks, and investors
3. Smooth Operations
Keeps the company in good standing with the RoC
4. Financial Discipline
Encourages systematic financial management and reporting
5. Avoidance of Penalties
Saves the company from hefty fines and legal complications
Documents Required for Annual Compliance for One Person Company
- Audited financial statements (Balance Sheet, Profit & Loss Account, etc.)
- Director’s report and disclosures
- Digital Signature Certificate (DSC) of the director
- Director Identification Number (DIN)
- Income tax return acknowledgment
- Details of loans, advances, or related party transactions (if applicable)
- Copy of Board Meeting minutes (if applicable)
Step-by-Step Process for Annual Compliance for One Person Company
1. Preparation of Financial Statements
Ensure financials are audited and prepared as per statutory norms
2. Director’s Report
Draft a report including compliance details, as signed by the director
3. MCA Filing
File Form AOC-4 (financial statements) and MGT-7A (annual return for OPCs) on the MCA portal
4. Tax Compliance
File the annual income tax return for the OPC
5. RoC Updates
Update any changes (if applicable) in the companies structure or details
6. Acknowledgment
Obtain the acknowledgment receipts for the filings
Frequently Asked Questions
What is the due date for annual compliance filing for OPC?
Is an audit mandatory for an OPC?
What happens if an OPC fails to comply with annual filings?
Are there specific exemptions for OPCs in annual compliance?
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