Annual compliance for OPC

Annual compliance for OPC

OPC stands for “One Person Company “like every other company who is registered under MCA, OPC also needs to fulfill some compliance annually according to the rules set up by the Companies Act. Every One person company must file the below mentioned documents:

1. Form AOC-4 for filing the financial statement with the Registrar of Companies (ROC).
2. Form MGT 7 for filing the Annual return and an extract of the return in Form MGT-9 also forms part of the Board Report.
3. Form ITR-VI for Income tax return with Income tax department.

According to the rules the annual return should be filed within 60 days of conducting the Annual General Meeting else on the date of Annual General Meeting if meeting didn’t take place within 6o days. All the Financial Statements should be filed within 180 days from the end of the financial year. The due date for filing the Income tax return is 30th September of the Assessment year.

If the company is not complied with the compliance not only the legal standing will be in danger but also be imposed with fines and penalties which may vary according to the nature of offence. As initially people might like to defer the compliances but the intensity if the penalties and fines increase with time.

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Document Required

Documents Required for OPC Annual Filing:

1. Directors need to provide identity proof.
2. Pan card of the directors.
3. Company’s Memorandum of Association.
4. Company’s Articles of Association.