Annual Compliances of one person company | MyCompanywala

Annual Compliances of one person Company

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  • Annual ROC Compliance
  • Corporate Income Tax Return
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Annual Compliance for One Person Company

In countries like India where entrepreneurship is highly encouraged. One Person Company is one of the most leading forms of business for entrepreneurs whose business lies in an early stage with an intention to grow in future. A One Person Company comprises one shareholder as its member which indicates that it is managed and controlled by only a single person. Moreover, One Person Company is entitled to various privileges that other forms of business do not hold.

As to adhere with the rules and regulations, One Person Company is needed to maintain annual compliance according to Income Tax Act and Companies Act. The filing of yearly return and income tax returns is mandatory for one person company. It is simple and cost effective in terms of compliance to enlist as an OPC when contrasted with public or private.

As each OPC needs to indicate ROC with respect to the assets, liabilities, income and expenditure of the business every year, it becomes mandatory for OPC to do the compliances. In the event that the business neglects to do so, heavy penalties and fees are imposed for non fulfillment of annual compliances for OPC. In India, OPC can be enlisted uniquely as a Private Limited Company. Hence all the lawful arrangements which are relevant on Private Limited Company are likewise appropriate on OPC. Therefore, annual compliance for One person Company is obligatory. 


Documentation required for Annual Compliance for OPC


  •  AOC-4 Form for Financial statement 
  • MGT-7 Form for Annual Return


To fulfill the annual compliances requirement OPC needs to go through some of the following yearly compliances-


Appointment of a proficient auditor for OPC

As per provisions of Section 139 of the Companies Act 2013 Appointing a proficient auditor is mandatory for One Person Company. The company’s annual sales, expenditure, profit and loss and other details are assessed by a trained auditor. Evaluator will analyse the books of accounts and issue Statutory review reports.


Filing of ROC Annual Return

OPC is required to file an ROC Annual Return within 60 days.. ROC Annual Return will be determined from first April to 31st March in MGT-7 form. There is a penalty of Rs 100/ - every day in case of non fulfillment. Each key individual from the organization and who is in the default will be regarded for paying a heavy penalty of Rs. 50,000 and furthermore the late charge of Rs. 100 every day if the default proceeds. 


Statutory Audit for OPC

Contrasting from Private Company Limited, OPC is needed to get its books of accounts examined by a Chartered Accountant firm. OPC will keep up its books of record at its enrolled office. Under OPC Statutory Audit , CA Firm will give review report certification. Form AOC 4 is utilized by OPC to record their yearly fiscal summaries to ROC. A massive penalty of Rs 100 every day on delay in documenting Form AOC 4 is levied. Moreover, a sum of Rs. 1000 every day of default is charged from the organization which can go most extreme up to Rs. 10,00,000.


DIN KYC of Director

Form DIR-3-KYC or DIR-3 KYC-WEB for the given monetary year prior to 30th September of the next coming year is required to be submitted by every individual holding a DIN/DPIN as on 31st March of the financial year.

eForm DIR-3 KYC - who is filing his KYC for the first time and who possesses DIN.

DIR-3 KYC-WEB - A web service used by DIN holders who have submitted DIR-3 KYC eform in the prior accounting period and if no update is required. Penalty- Rs. 5000/- 


Income Tax Filing

All companies whether private or public are obligated for Income Tax Return Filing. Each OPC enlisted in India needed to file ITR. ITR is one the most essential requirements for annual compliance for OPC regardless of whether OPC has not. Amount of Rs. 10000/ as a fee will be imposed in regard to non filing of ITR.


What is One Person Company Compliances?

A One Person Company is an element getting a charge out of a different personality which requires keeping up its dynamic status through the standard recording with MCA. For each organization, it is mandatory to document a yearly return and examined budget summaries with MCA for each money related year. The RoC recording is obligatory regardless of the turnover, whether it is zero or in crore. Whether a single transaction is undertaken or none, annual compliances for OPC are mandatory for every registered company. Both the forms are filed to report the activities and financial date for concerned Financial Year. The due dates for yearly annual filing of a Company depend on the date of the Annual General Meeting. The continuous failure may lead to the removal of the company’s name from RoC’s register, including disqualification of directors. Also, it has been observed that MCA has actively taken bold steps for dealing with any such failures.

Advantages of Annual Compliances

There are numerous benefits of a OPC company such as limited liability protection, easy to raise fund from venture capitalist and continuous existence while the confidence of the community come at the cost of increased annual compliance. It is mandatory for business owners to comply with Companies act, Income tax, GST & State Laws. In addition to the ROC compliances, Companies have to submit income tax returns every year by 30th September. From the year 2018, the compliance requirement has been increased now for OPC companies. There are various advantages of a OPC company, for example, limited liability protection, simple to raise support from financial speculator and ceaseless presence while the certainty of the network come at the expense of expanded yearly consistence. It is required for entrepreneurs to comply with Companies act, Income Tax Act, GST and State Laws. Notwithstanding the ROC compliances, Companies need to submit annual filing forms each year by 30th September. From the year 2018, the consistence necessity has been expanded now for OPC Companies. We guarantee to meet the corporate compliances on time as and when they are expected.

Mandatory Annual Company Compliance - Rs. 10,999/- (All Inclusive) For StartUp Companies

Auditor Appointment.

First Statutory Auditor has to be appointed within 30 days of incorporation in first board meeting Subsequent auditors will be appointed for 5 years in AGM

Preparation & Filing of Form ADT-1

Form ADT-1 is filed for a 5-year appointment. After that every year in AGM, Shareholder ratify the Auditor but there is no need to file ADT-1.

Filing of e-form INC-20A.

Preparation of Balance Sheet

Every Company is required to file its Balance Sheet along with statement of Profit and Loss Account and Director Report in this form within 30 days of holding of Annual General Meeting. It is mandatory for every Section 8 Company. Company to hold an AGM in every Calendar Year

Preparation of P & L Accounts

Every Section 8 Company shall file its Annual Financial Statements including its Balance Sheet, Statement of P&L Account and Directors Report within 30(Thirty) days from the date of its Annual General Meeting

Audit Report

Within six months of the balance sheet date, together with the financial statements (Article 23a (3) and (5) of the Act on Accounting). The auditor's report and the supplement to the auditor's report should be understood as one report.

Director's Report

Directors’ Report is to be filed covering all the information required for Small Company under Section 134. It should be signed by the “Chairperson” authorized by the Board, where he is not so authorized by at least 2 Directors.

Extract of Annual Returns & Financial Statements

Every company is required to file its Annual Return with Registrar of Companies within 60 days of Annual General Meeting in E-Form MGT-7. A company having turnover of INR 50 Crore or more shall be certified by a Practicing CS in Form MGT-8.

Preparation & Filing of Form AOC-4

E-form: AOC-4 File Financial Statement: i.e Balance Sheet along with Statement of Profit and Loss Account and Directors’ Report

Preparation & Filing of Form MGT-7

E-form: MGT-7 File Annual Return within 60 days of holding of AGM for the period 1st April to 31st March.

Use of DSC of Auditor in Form AOC- 4

Every Company is required to file its Financial Statements within 30 days of its Annual General Meeting with Registrar of Company in E-Form AOC-4. The same shall be digitally signed by one director and certified by CA/CS/Cost Accountant in Practice.

Preparation of 04 Minutes of Board Meeting

Section 118 (10) of the Companies Act, 2013 requires every company to observe Secretarial Standards with respect to General and Board Meetings specified by the Institute of Company Secretaries of India (ICSI) and approved as such by the Central Government.

Preparation of Minutes of AGM

Income Tax Returns (Company)

All companies registered in India are required to file income tax returns each year on or before September 30th. Under the Income Tax Act, company tax return filing falls under two categories, namely domestic company or foreign company. Domestic company means an Indian company wherein the income is liable to tax and companies that have made arrangements for the declaration and payment of dividends within India. Companies registered with the Ministry of Corporate Affairs like Private Limited Company, One Person Company or Limited Company are classified as a domestic company

Preparation of 7 Registers

Registers to be maintained under the Companies Act, 2013

Preparation of MPB-1, Preparation of DIR -8

Form MBP- 1 Every Director of the Company in First Meeting of the Board of Director in each Financial Year needs to disclose his interest in other entities by filing the form. Fresh MBP-1 needs to be filed, whenever there is change in his interest from the earlier given MBP-1 And Every Director of the Company in each Financial Year has to file with the Company disclosure of non-disqualification

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For StartUp Company

0-10 lakhs

1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support


For TurnOver 0-25 Lakhs

INR @ 14,999

1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support


For TurnOver 0-50 Lakhs

INR @ 19,999

1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support


For TurnOver 0-1 CRORES

INR @ 29,999

1. Book-Keeping

2. Prepration Of Balance Sheets

3. Prepration Of Profit & Loss Account

4. Prepration Of Notes

5. Income Tax Return Filing

6. MCA Filing

7. Minutes

8. Directors Report

9. 1 Year Dedicated Compliance Maneger Support

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