In 2013, one person company returned, filing a new concept known as the one-person company was introduced (OPC). A minimum of two members and two directors are necessary for a private one-person company online, whereas a minimum of three directors and seven members are required in a public company. Previously, a one-person company return filing could not form a corporation in an online return filing person company.
A one-person company return filing corporation is a business formed by a single individual. A one-person company return filing could not form a business before the implementation of the Companies Act of 2013. If an individual wants to start a business, he or she could only do so as a sole proprietorship because forming a company required a minimum of two members and two directors in an online return filing one person company.
A person can establish a business with just one director and OPC return filing under the 2013 Company Act. Both the director and a member could be the same individual. As a result, a one-person company online means that a single individual, whether a resident or an NRI, can form a business that combines the qualities of a corporation with the advantages of a sole proprietorship.
What does OPC Annual Filing entail?
Due to the lower compliance requirements for an OPC when compared to a Private Limited Company or Public Limited Company, the cost of OPC return filing Annual Compliance is not very high. Two yearly forms, MGT 7A and AOC 4, must be submitted by an OPC each year. Let's quickly explore the question, "What is the purpose of these forms?& Forms Due for OPC Annual Filing.
Describe E-Form AOC 4 for OPC?
The data on all financial and monetary transactions made by the one-person company online during the specified fiscal year is contained in E-Form AOC 4 is an online return filing one-person company.
The Consolidated Financial Statements, Auditor's Report, Balance Sheet, and Profit and Loss Account are all included in what is essentially OPC return filing Annual Financial Report.
What is the last date for submitting AOC 4 for OPC for the fiscal years 2021–2022?
Within 180 days of a financial year's end, Form AOC 4 for OPC return filing must be submitted to the appropriate ROC.
This means that the deadline for submitting E-Form AOC 4 for an OPC for Financial Year 2021–22 is September 27, 2022. (If we start counting 180 days on April 1, 2022, that is.)
What is the OPC ROC Form MGT 7A?
The Companies (Management and Administration) Amendment Rules, 2021, established Form MGT 7A for One Person Companies and Small Companies on March 5, 2021.
Every year, one-person companies and Small Companies must submit Form MGT 7A to the relevant ROC.
The current/updated list of the directors and shareholders of the one-person company return filing is detailed in Form MGT 7A.
When must MGT 7A be submitted to OPC for the fiscal years 2021–2022?
Within 60 days after the date of an AGM, Form MGT 7A must be filed with the appropriate ROC. One Person Company, however, is exempt from the necessity to hold an AGM.
However, the E-Form MGT 7A filing deadline is sixty days from the date of an AGM (considering the normal date of an AGM).
Thus, if the AGM were to take place on September 30, 2022, the deadline for submitting ROC Form MGT 7A for OPC for the fiscal year 2021–2022 would be November 28, 2022. (In accordance with the MGT 7A support kit.)
Date by which IT Returns for OPC for FY 2021–2022 is due
Every year, on or before September 30th of the succeeding fiscal year, an one-person company return filing must file an income tax return with the income tax department.
That indicates that the deadline for submitting an IT Return for an OPC return filing will be September 30, 2022, for the fiscal year 2021–2022.
It is crucial to remember that a tax audit would be required if an OPC's yearly turnover exceeds INR 1 Crore.
Event-based OPC Compliances
A One Person Company must also comply with a few more event-based compliances in addition to the ones already listed. They are listed below.
For an OPC return filing, event-based annual compliances are primarily connected to internal management and external business management.
In addition to this, an OPC must comply with all legal authorities' filing obligations, including those for GST returns, PF and ESI Regulations, etc.
AOC-4 and MGT-7A Late Filing Penalties
The fine for filing ROC Forms AOC 4 and MGT 7A after the deadline has passed has been set at INR 100 per day for each day the default continues.
It is crucial for OPC to submit the ROC Annual Compliance Forms on time and to follow all applicable rules and regulations, including the Companies Act of 2013 and the Income Tax Act.
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