A company that has only one person as its member is said to be a One Person Company. Compared to other forms of companies i.e. Private Limited Company or even Limited Liability Partnership, OPC (One Person Company) has lesser compliance requirements. Nonetheless, it is crucial to look in to the Important Statutory Due dates for OPC Annual Filing falling in the year as soon as the new Financial Year starts in order to be well prepared for all the compliances to be met well in advance. Here, we have prepared a calendar for all the ROC filing Due dates (Important Statutory Due dates) for OPC (One Person Company) Annual Filing for the FY 2021-22 (AY 2022-23).
What is OPC Annual Filing?
When we talk about ROC Annual Filings, there are lesser compliance for an OPC compared to a Private Limited Company or Public Limited Company and hence the cost of OPC Annual Compliance is not very high.
Every Year, an OPC is compelled to file two annual forms namely. MGT 7A and AOC 4. Let us have a quick dig in to "What are these forms is all about? and Due Dates for OPC Annual Filing Forms.
What is E-Form AOC 4 for OPC?
- E-Form AOC 4 contains the information related to all the monetary transactions and finances made by the One Person Company in the said financial year.
- It is basically an Annual Financial Report of OPC containing Balance Sheet, Profit and Loss Account, Auditor's Report and the Consolidated Financial Statements.
What is the due date for filing AOC 4 for OPC for FY 2021-22?
- Form AOC 4 for OPC needs to be filed with relevant ROC within 180 days of the closure of a particular financial year.
- Meaning thereby, that the Due Date for E-Form AOC 4 for an OPC for FY 2021-22 shall be 27th of September, 2022. (If we take 1st April, 2022 as the first day while counting 180 days).
What is ROC Form MGT 7A for OPC?
- Form MGT 7A for One Person Company and Small Companies was introduced by MCA via the Companies (Management and Administration) Amendment Rules, 2021 on 5th of March, 2021.
- Form MGT 7A needs to be filed by One Person Company and Small Company every year with the concerned ROC.
- Form MGT 7A contains the details of the current/updated list of the directors and shareholders of the OPC.
What is the due date for filing MGT 7A for OPC for FY 2021-22?
- The Due Date for filing Form MGT 7A with the relevant ROC is within 60 days from the date of an AGM. However, One Person Company has an exemption from mandatory requirement of conducting an AGM.
- Yet, the Due Date for filing of E-Form MGT 7A shall be counted 60 days from the date of an AGM (considering the normal date of AGM).
- Meaning thereby, that If the AGM is to be held on 30.09.2022 (if that was the case) then the due date for filing ROC Form MGT 7A for OPC for FY 2021-22 would be 28.11.2022.
Due date for IT Returns for OPC for FY 2021-22
- Income Tax Return for an OPC needs to be filed with the Income Tax Department every year on or before 30th September of the following financial year.
- That means, for the financial year 2021-22, the due date for filing IT Return for OPC shall be 30.09.2022.
- It is important to note here that if the annual turnover of an OPC gets more than INR 1 Crore, then Tax Audit shall be mandatory.
Event-based Compliances for OPC
Apart from the above-mentioned compliances, there are some other event-based compliances that a One-Person Company needs to complete. They are as follows:
- Event based Annual Compliances for an OPC are related mainly with the internal administration and external business management.
- Apart from these, an OPC also need to be compliant with filing requirements of Legal Authorities Such as GST returns, PF and ESI Regulations etc.
Penalty for Late Filing AOC-4 and MGT-7A
- The penalty for late filing of ROC Forms AOC 4 and Form MGT 7A has been set to INR 100/- per day for each day for which default continues.
- It is important for OPC to file the ROC Annual Compliance Forms in timely manner and comply with the Companies' Act, 2013 as well as the Income Tax Act, and other regulations if applicable.
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