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OPC Compliance Checklist

One Person Company Compliance Checklist

One Person Company Compliance refers to the various documents that are being filed annually. As per the Old Companies Act 1956, there was no provision to start a One Person company. A minimum of two shareholders and directors were required in order to form a private limited firm. But with the New Company Act of 2013, a single person is allowed to form one person company and he can work both as the shareholder and the company’s director.

Nowadays, OPC's are effectively coming into existence in India for operating in various sectors. But in order to smoothly run the firm, it is important to be aware of all the regulations and compliances that are applicable as per the Indian laws.

One Person Company Compliance

Major OPC Compliances

The major OPC Compliances to be followed are as follows:

ROC Annual compliances

  • Financial statements to be provided in Form AOC-4
  • Annual returns to be filed in Form MGT 7
  • ADT-1 (auditor appointment)

ROC Event Based Compliances  

The event-based totally Compliances of an employer are those essential compliances which might be other than the standard and mandatory annual and periodic compliances made by means of the organization with ROC and different regulatory authorities. Those occasion based compliances relate to any adventitious or contingent tasks, events, or new measures of an enterprise. Right here, discover various occasion-based totally employer compliances, to live legally perfect.


ITR Compliances - Income Tax Compliance

  • Income tax returns in Form ITR-6
  • Annual compliances under the legal authorities and

GST Compliances

The process to be followed in filing annual compliances for One Person Company

Below are the complete details on how to file the One Person Company Compliance and what the available timelines to do so are:

Annual returns filing in form MGT-7 with the ROC (Registrar Of Companies)

For the OPC companies, annual return filing is considered to be the most crucial ROC return filing. It contains the complete statements of the disclosure of directors and shareholders of the company. You need to file the return within the timeline of 60 days of getting the Annual General Meeting done. This return is generally signed by the CS (company secretary) but in absence of CS can be done by the company’s director.

Financial statements filing via Form AOC-4 with the ROC

The financial statement holds all the finance and monetary transactions related documents of the One Person Company in the particular financial year. This return has to be filed with one of the relevant ROCs. Following are the major particulars that are contained within the annual financial report of an OPC:

  • Balance sheet
  • Report of the auditor
  • Profit and loss account
  • Consolidated financial statement

The AOC-4 filing has to be done within 180 days of the end of the financial year. The financial statement has to be signed by the company’s director. According to the Companies Act 2013, it is required to adopt the financial statement by the company in the board meeting and get it signed by the company director.

Filing ITR with the Income Tax Department with Form ITR-6

One Person Company has to get the ITR filed with the Income Tax Department via the ITR-6 form. The last date is September 30 of the assessment year. Let’s say the financial year is 2019-20 then ITR has to be filed by September 30 of the year 2020. If the turnover of the company is more than 2 Crores, the tax audit will be statutory.

Important documents for the process of OPC Compliance

In order to get the compliance process done smoothly, the following documents need to be provided:

For AOC-4:

  • profit and loss account
  • auditor’s report
  • balance sheet
  • director’s report
  • annual general meeting notice

For MGT-7:

  • List of major business activities
  • Loans and debentures details
  • Shares and shareholders details
  • Complete details of all other securities that the company holds

For ITR-6:

  • Expense invoice
  • Company’s PAN
  • Sales and Purchase invoice
  • Tax returns and VAT copy
  • TDS Deposits and Challans copy
  • Bank statement for the whole year
  • Credit card statement

Fees of the annual compliances

According to the fee schedule that comes under the company law, the fee for the filing starts from Rs 2000. For the OPC Compliance, the professional fee starts from Rs 15000.

For the smooth running of your business, it is important that you follow all the above compliances. Along with these, there might be few more compliances like GST regulations, TDS regulations, ESI and PF regulations and others that come with the requirements of the OPCs. It is recommended to get into consultation with the Chartered Accountant of your firm to find more information about the same.

Neusource Startup Minds is the Best  Business management consultant in Delhi, Offer various services like Proprietorship Firm Registration, OPC Registration, LLP Registration. Neusource Startup Minds provides a wealth of proficiency and best practices in tax administration and process expansion for effectively managing GST compliance Process, Compliance Package for Pvt Ltd Company, OPC Compliances Packages.


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07 Feb

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