In this article, we are going to learn more about a one person's company annual return filing. As every business must file its annual accounts and annual returns within 30 days or 60 days, respectively, of the completion of the Annual General Meeting. Let us know about one person company annual return filing - due date through the Companies Act, Rules, 2014, which governs the ROC filing of annual returns.
In this article, we are going to learn more about a one person’s company annual return filing. As every business must file its annual accounts and annual returns within 30 days or 60 days, respectively, of the completion of the Annual General Meeting. Let us know about one person company annual return filing – due date through the Companies Act, Rules, 2014, which governs the ROC filing of annual returns.
A One Person Company is defined as an association with only one member. OPC (One Person Company) has fewer compliance obligations than other types of organizations, such as a Private Limited Company or even a Limited Liability Partnership. However, as soon as the new financial year begins, it is critical to review the Significant Statutory Due Dates for One Person Company Annual Filing that fall during the year in order to be well organized and ensure that all requirements are met ahead of time. We’ve created a timeline that includes all of the ROC filing deadlines (Important Statutory Deadlines) for One Person Company Annual Filing in FY 2021-22. (AY 2022-23).
What is the One Person Company Annual Filing Process?
- When it comes to ROC Annual Filings, an OPC has fewer requirements than a Private Limited Company or a Public Limited Company, so the cost of OPC Annual Compliance is not as high.
- An OPC is required to complete two annual forms, MGT 7A and AOC 4, each year. And have a look at ‘What are these forms all about?’ for a moment and OPC Annual Filing Forms Due Dates.
What is the difference between E-Form AOC 4 and E-Form AOC 4 for OPC?
- E-Form AOC 4 provides information on all monetary transactions and financial transactions made by the One Person Company during the fiscal year.
- It is essentially an OPC Annual Financial Report that includes a Balance Sheet, Income Statement, Auditors report and Cash Flow Statement. Looking to start a OPC, Now You Can Make OPC Registration from your Home.
What is the deadline for submitting AOC 4 for OPC for the fiscal year 2021-22?
- OPC Form AOC 4 must be filed with the relevant ROC before 180 days after the end of the financial year.
- This means that the deadline for submitting E-Form AOC 4 for a One Person Company for FY 2021-22 will be 27/9/ 2022. (If we calculate 180 days from April 1, 2022, the first day is April 1, 2022.)
What is OPC ROC Form MGT 7A?
- On March 5, 2021, MCA issued Form MGT 7A for OPC and Small Businesses under the Companies (Management and Administration) Amendment Rules, 2021.
- Every year, OPC and Small Businesses must file Form MGT 7A with the ROC in consideration.
- In Form MGT 7A, you will find a list of OPC’s current and updated directors and stockholders.
What is the deadline for submitting MGT 7A for OPC for the fiscal year 2021-22?
- For a One Person Company, the deadline for filing Form MGT 7A with the appropriate ROC is 60 days after the AGM; however, the deadline for filing E-Form MGT 7A is 60 days after the AGM (considering the normal date of AGM).
- As a result, if the AGM is on September 30, 2022 (as it is), the date for filing ROC Form MGT 7A for OPC for FY 2021-22 is November 28, 2022. (According to the MGT 7A assistance kit.)
OPC IT Returns for FY 2021-22 are due on this date.
- An OPC’s income tax return should be prepared with the Income Tax Department every year by September 30th of the next fiscal year.
- That means the deadline for filing an IT Return for OPC for the fiscal year 2021-22 is September 30, 2022.
- It’s worth noting that if an OPC’s yearly turnover exc
- eeds INR 1 crore, a tax audit is required.
OPC Compliance based on Events
- Aside from the above-mentioned compliances, a One Person Company must also comply with a number of event-based compliances. The specifics are as follows:
- Internal administration and external business management are the two main areas where an OPC’s annual compliances are focused.
- Aside from this, an OPC must comply with legal authorities’ filing obligations, such as GST returns, PF and ESI regulations, and so on.
Late filing penalties under AOC-4 and MGT-7A
- For each day in default, the penalty for failing to file ROC Forms AOC 4 and MGT 7A on time has been doubled to INR 100/-.
- OPC must file the ROC Yearly Compliance Forms on time and in compliance with the Companies Act of 2013, the Income Tax Act, and any other relevant regulations.
Conclusion
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FAQ
What is the due date for filing the annual return for a One Person Company (OPC)?
The due date for filing the annual return for a One Person Company (OPC) is 60 days after the date on which the annual general meeting of the OPC was held for that year.
Are there any penalties for missing the deadline for OPC annual return filing?
Missing the deadline for OPC annual return filing may result in penalties and fines, as specified under the Companies Act, 2013. The penalty amount and rules may vary depending on the continuing nature of the offence.
What documents and information are required for the annual return filing of a One Person Company?
The annual return filing of a One Person Company (OPC) requires various documents and information, including financial statements, profit and loss statements, cash flow statements, statement of change in equity and other relevant documents as specified under the Companies Act, 2013.
Can the due date for OPC annual return filing be extended, and what is the process for seeking an extension?
The due date for OPC annual return filing cannot be extended without a valid reason. To seek an extension, you need to apply to the Registrar of Companies (ROC) with a valid reason for the delay. The ROC will review the application and decide whether to grant the extension based on the merits of the case.
Is it mandatory for every One Person Company to file an annual return, and are there any exceptions to this requirement?
It is mandatory for every One Person Company (OPC) to file an annual return, as specified under the Companies Act, 2013. However, there may be exceptions to this requirement in certain cases, such as when the company is under liquidation or has been struck off the register of companies.
