Annual Returns For One Person Company

Updated for Financial Year 2021-2022

Every One Person Company is required to file annual compliances with the Registrar Of Companies as a part of its annual filings on or before 180 days from the closure of its financial statements.

Even though OPCs have a single member and the provision of Annual General meetings doesn’t apply to them, all mandatory requirements remain intact even without holding meetings every year.

Following are the compliances which are to be filed by every One person Company as a part of its annual returns:

Statutory Audit Under Companies Act

One Person Companies is required to get its Books of Accounts audited by a Chartered Accountant before filing the Annual returns as a part of their annual compliance. In fact, a Chartered Accountant has to be appointed as an auditor within 30 days of incorporation by the board as a part of its post-incorporation compliance.

Form AOC 4: Financial Statements

One Person Company must file a copy of the financial statements adopted by its members with all required documents within one hundred eighty (180) days from the closure of its financial year.

Due Date: 27th September 2022

Late Fees: Upto 12 times of Normal Govt fees

Form MGT 7A: Annual Returns

The Annual Return is required to be filed with the ROC within 60 days from completion of AGM. Since OPC is not required to conduct AGM the due date for filing the Annual Returns via MGT 7A will be calculated as Sixty (60) days from the completion of the 6 months from the closure of the financial year.

Due Date: 29th November 2022

Late Fees: Upto 12 times of Normal Govt fees

Income Tax Returns

The Income Tax returns via ITR 6 has to be filed by the company even if there were no transaction or the company is under losses. If the income tax returns is not filed on time, the company won’t be able to benefit from the carryforward of losses. Defaulting in returns will attract interest for the outstanding tax amount due along with late fees and penalties.

Due Date: 31st October 2022

Late Fees: Upto INR 5,000

Income Tax Audit Report

Applicable only if turnover is more than 1 Crores or declared profit is less than 8% of the Gross receipts.

The income tax audit aims to ensure that the company and its books of accounts are in compliance with various provisions of the Income-tax act. The auditor will give his findings and observations in form of a report, after conducting an examination as per the income tax act.

Our team of experts can help you manage the compliances for your One person Company, Click here for an instant consultation.