Every OPC shall comply with Annual Requirements of ROC which include Filing Statement of Disclosure of ShareHolders and Directors – within 60 days from Date of Annual General Meeting (AGM) and Annual Accounts of Companies before 30th October every year.
One Person Company (OPC) is also mandatorily required to maintain compliance as per Income Tax Act, which mainly includes filing of income tax return with the Income Tax Department. Income Tax Return every year before 30th Sep. It may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others.
Late filing or non-filing of Annual Return before the due date will attract a penalty 12 Times of Normal Fees. Further, the Company cannot be wound-up or closed without filing of the return. Therefore, it is best to file the Annual Return within the due dates.
Auditor will be appointed for the 5 (Five) year and form ADT-1 will be file for 5-year appointment. -After receive the above document our representative prepare return in e-form AOC-4 and MGT-7 and submit require form in Registrar of Companies. This process will take 2-3 days only subject to authority processing time.
A copy of financial statement including consolidated financial statement if any ,which has been adopted at AGMs shall be filed with ROC in e-form AOC-4 within 30 days of date of AGMs .Further every Company will file its Annual Return i.e. e-form MGT-7 within 60 days of holding of Annual General Meeting or if AGM is not held for any reason then form must be filed along with reason for not holding it.
As per Income Tax Act, OPC has to close its financial year as on 31st March every year and has to file the returns with Income Tax Department.