An One Person Company (OPC) in India is required to comply with annual filing requirements to ensure proper adherence to regulatory norms. Here is a general guide to the annual filing requirements for an OPC:
1. Annual General Meeting (AGM):
- An OPC is not required to hold an AGM. However, the solitary shareholder of the OPC needs to approve financial statements and the report of the board in writing.
2. Annual Return (Form AOC-4 and MGT-7):
- File the annual return with the Registrar of Companies (ROC) using Form MGT-7 within 60 days of the end of the financial year.
- File financial statements, including the balance sheet and profit and loss account, with the ROC using Form AOC-4 within 30 days of the AGM.
3. Financial Statements:
- Prepare financial statements, including the balance sheet, profit and loss account, and notes to accounts.
4. Board Meetings:
- Hold at least one board meeting in each half of the calendar year with a minimum gap of 90 days between two board meetings.
5. Audit Requirements:
- If the OPC’s turnover exceeds the prescribed limit, get the financial statements audited by a qualified auditor.
6. Income Tax Returns:
- File income tax returns annually by the specified due date.
7. ROC Filings:
- File various forms as required for specific events, such as changes in the company’s capital structure, creation/modification of charges, etc.
8. DIN KYC:
- Directors should ensure that their Director Identification Number (DIN) KYC is updated annually.
9. ESI and PF Returns:
- If applicable, ensure timely filing of Employees’ State Insurance (ESI) and Provident Fund (PF) returns.
10. GST Returns:
- If applicable, ensure timely filing of Goods and Services Tax (GST) returns.
11. Compliance Certificate (Form MGT-8):
- Obtain a compliance certificate from a practicing company secretary annually using Form MGT-8.
12. ITR-V Acknowledgment:
- Ensure the submission of the Income Tax Return-V (ITR-V) acknowledgment to the Centralized Processing Center (CPC) if e-filing of income tax returns.
Penalties for Non-Compliance:
Non-compliance with annual filing requirements may lead to penalties, fines, and legal consequences.
Directors and officers may face disqualification or other punitive actions.
It’s essential for OPCs to stay informed about changes in regulations and seek professional advice to ensure accurate compliance. Rules and regulations may evolve, and compliance requirements may vary based on the specific circumstances of the OPC.
