Annual Compliance for (OPC) Pvt Ltd
Maintaining annual compliance is crucial for One Person Companies (OPC) in India to ensure they operate within the legal framework set by the Ministry of Corporate Affairs (MCA). At Accto, we offer comprehensive services to help you meet all your compliance requirements seamlessly.
What is OPC Annual Compliance?
Annual compliance for an OPC Pvt Ltd involves a series of mandatory filings and obligations that must be completed within stipulated timelines to avoid penalties. These compliances ensure the company's operations are transparent and in adherence to the legal standards.
Key Compliance Requirements for OPC
1. Annual Return Filing (Form MGT-7A):
- An annual return must be filed with the Registrar of Companies (RoC) detailing the company’s financial status and other relevant information.
- Due Date: Within 60 days from the conclusion of the financial year.
2. Financial Statements (Form AOC-4):
- The company must file its balance sheet, profit and loss account, and auditor’s report with the RoC.
- Due Date: Within 180 days from the closure of the financial year.
3. Director's Report:
- A report from the director outlining the company’s performance and other mandatory disclosures.
- Due Date: Presented at the AGM (Annual General Meeting).
4. Income Tax Return:
- Filing of income tax return is mandatory.
- Due Date: Generally by 30th September of the assessment year.
5. Maintenance of Statutory Registers:
- Statutory registers such as Register of Members, Register of Charges, etc., must be maintained regularly.
Documents Required for Annual Compliance
- Financial statements (Balance Sheet, Profit and Loss Account).
- Audit report.
- Bank statements.
- Sales and purchase invoices.
- Detailed list of all financial transactions.
- Director's report.
- Statutory registers.
- Minutes of meetings.
The Annual Compliance Process for OPC
1. Preparation and Review:
- Collection and review of all necessary financial documents.
- Preparation of financial statements.
2. Audit:
- An external auditor reviews the financial statements and prepares the audit report.
3. Board Meeting:
- Conduct a board meeting to approve the financial statements and the auditor's report.
4. Filing with MCA:
- File forms MGT-7A and AOC-4 along with required documents to the MCA portal.
5. Income Tax Return Filing:
- File the income tax return with the Income Tax Department.
Non-Compliances & Penalties
Failing to comply with the annual compliance requirements can lead to severe consequences, including:
- Late Fees and Penalties: Delays in filing annual returns or financial statements attract late fees and penalties, which can accumulate over time.
- Disqualification of Directors: Continuous non-compliance may lead to the disqualification of directors.
- Striking off the Company's Name: The RoC may strike off the company’s name from the register, rendering it non-existent legally.
How Accto Helps with Annual Compliance for OPC
At Accto, we provide end-to-end services to ensure your OPC meets all annual compliance requirements smoothly:
- Expert Consultation: Our team of experts guides you through the entire compliance process, ensuring you understand each step.
- Document Preparation: We assist in preparing all necessary documents, including financial statements, auditor’s reports, and statutory registers.
- Timely Filing: We ensure all forms and returns are filed within the due dates, preventing any penalties.
- Audit Support: Our experienced auditors conduct a thorough audit of your financial statements.
- Regular Updates: We keep you updated on any changes in compliance requirements and deadlines.
- Cost-Effective Solutions: Our services are designed to be cost-effective, providing maximum value without compromising on quality.
Pricing Plans
Scale
₹ 12,999 /-
Inclusive of all Tax
- Dedicated account manager
- ADT 1
- DIN eKYC for Director
- Accounting & Bookkeeping (Upto 300 Transaction / year)
- Preparation of Minutes & Filing of AGM Report
- Annual Compliance (Turnover up to 25 lakhs)
- Income Tax Filling (Turnover up to 25 lakhs)
- AOC 4 & MGT-7 Form Filing
FAQ on OPC Compliance
The annual return (Form MGT-7A) for an OPC must be filed within 60 days from the conclusion of the financial year.
Late filing of annual returns attracts additional fees, which can increase daily. Persistent non-compliance may also result in further penalties, including the disqualification of directors.
Yes, an OPC must appoint an auditor to audit its financial statements annually, as mandated by the Companies Act, 2013.
The required documents include the balance sheet, profit and loss account, audit report, bank statements, sales and purchase invoices, and a detailed list of financial transactions.
No, the director of an OPC cannot act as the auditor. An independent auditor must be appointed to conduct the audit.
Statutory registers are official records that an OPC must maintain, such as the Register of Members and Register of Charges. They are important for ensuring compliance with legal requirements and for transparency.
The process involves preparing financial statements, calculating tax liability, and filing the return online with the Income Tax Department. The due date is generally by 30th September of the assessment year.
Failure to comply can result in penalties, fines, disqualification of directors, and in severe cases, the striking off of the company’s name from the register.
Accto provides expert consultation, document preparation, timely filing of forms, audit support, regular updates on compliance requirements, and cost-effective solutions.
Form AOC-4 is used for filing the financial statements of an OPC with the RoC. It must be filed within 180 days from the closure of the financial year.
While OPCs have some relaxed compliance requirements compared to other types of companies, they must still meet key annual compliance obligations like filing annual returns and financial statements.
Yes, Accto can help manage and rectify past compliance issues for multiple financial years, ensuring your OPC is fully compliant with all statutory requirements.