Annual Compliance Filing for OPC

The basic purpose of bringing the One Person Company (OPC) is to reduce the work load of compliance related with company management and other which work as a hurdle in productive work. The introduction of OPC itself leads to lower the burden of annual compliance. Below are the compliance that needed to be compulsorily required for every business identity.

• Filling annual return
• Filing statement of Accounts and Solvency
• Filing Income Tax Returns

Below are the list of compliance forms that can be file from any corner of the county using online portal of ministry of corporate affairs. Also it is to be noted that One Person Company is exempted to hold the annual general meeting as there is only one shareholder for which there is no need to make formalities.

• Filing annual return using form MGT-7

Preparing the Statement for declaration of Shareholders and Directors, the form MGT-7 required to be filed with the relevant ROC, within a maximum of Sixty Days Started from the date of Annual General Meeting (AGM).

• Filing Financial Statement using form AOC-4

Form AOC-4 contains the brief details of audited books of accounts of a company and financial related audited accounts of the OPC. This form is to be filled with the Registrar of Company on or before 30^th October of every financial year.

• Filling annual returns using form ITR-4

The filing of annual returns of OPC is required to be made by every OPC on or before the 30^th September of every assessment year. Also it is to be noted that if the annual turnover of an OPC is exceed INR of Rupee One Crore then Tax audit is mandatory.