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April 17, 2021

ROC annual compliance of One Person Company for FY 2020-21

by Mahesh Mara in Compliance Law, Corporate Law

ROC annual compliance of One Person Company for FY 2020-21

One Person Company is a company consisting of only one person as its member. Due to the low number of member in the company the OPC has lesser compliance requirement as compared to Private Limited Company or Limited Liability Partnership. However, we must look in to the Important Statutory due dates for OPC Annual Filing due dates falling in the year as soon as the new financial year starts so that the OPC can be well prepared for all the compliance to be met well in advance. In this article we will know about all the Important Statutory Due dates for OPC Annual Filing for FY 2020-21.

One Person Company Annual Filing  

Annual Compliances of One Person Company is very few compared to those required by a private or public limited company and hence, its compliance cost is just medium. One Person Company is required to file only 2 forms annually namely, MGT 7 and AOC 4. Details of compliance are as follows:

A. ROC Compliance

Below is the list of ROC compliance for OPC companies:

1. AOC -4 –Filing of Audited Financial Statements:

The financial statements of a company must be filed with the Ministry of Corporate Affairs every year. Form AOC 4 is for filing the company’s financial statement for every financial year with the Registrar of Companies. Hence, Form AOC-4 is submitted with the MCA for each Financial Year within 30 days of a company’s annual general meeting, in case of OPC within 180 days of the close of financial year. AOC-4 must be certified by a practicing Chartered Accountant or Company Secretary. The below is list of documents required to filed with the AOC 4

  • Balance Sheet along with Notes
  • Profit and Loss Statement along with Notes
  • Cash Flow Statement.
  • Statement of Change in Equity.
  • Reports from the Auditor
  • Reports from the Board
  • Corporate Social Responsibility Report, if Any
  • Statement of Subsidiaries in Form AOC-1, if Any
  • Other Relevant Documents, if Any Required

This is to be filed with relevant ROC, within 180 days of the close of financial year. That means the due date for AOC 4 for OPC shall be 27th September, 2021. (If we count 180 days from 1st April 2021). This compliance offers information about all monetary transactions and finances made by the OPC in the mentioned financial year. In case of an OPC, the annual financial reports contain only particulars such as Balance Sheet, Profit and Loss Account, Auditor’s Report, and the Consolidated Financial Statement.

2. ROC Form MGT 7:

MGT-7 is an electronic form provided by the Ministry of Corporate affairs to all the corporates in order to fill their annual return details. This e-form is maintained by the Registrar of Companies via electronic mode and on basis of the statement of correctness given by the company. The following documents must be attached with MGT-7:

  1. List of Shareholders, Debenture holders
  2. Approval letter for extension of AGM
  3. Copy of MGT-8

This is one most important ROC return filing for an OPC (One Person Company), which contains current/updated information about the directors and shareholders of the OPC.

MGT – 7 is to be submitted within 60 days from the conclusion of AGM. That means if AGM is on 30.09.2021 then ROC Form MGT 7 due date for FY 2020-21 would be 28th November, 2021.

Penalty for Late Filing AOC-4 and MGT-7  

The penalty for late filing, of AOC-4 and MGT-7 Annual Compliance for Company, has been set to INR 100/- per day for each day for which default continues.

B. Other Compliances:

1. Income tax filing:

Companies other than section 8 companies are required to file ITR 6 on the income tax portal. The due date for filing ITR is 30th October of the Assessment year i.e. 30th October 2021 for AY 2021-22. Penalty for late filing of Income tax return shall be Rs. 10,000.

2. Other Compliances:

Apart from this, there are some other compliances that an OPC needs to complete, they are Annual Compliances under Legal Authorities Such as GST returns, PF and ESI Regulations etc.

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