Annual Compliance for OPC in Chennai – Ensure Seamless Business Operations

Annual Compliance for OPC in Chennai – Ensure Seamless Business Operations A One Person Company (OPC) in Chennai must adhere to specific yearly compliance requirements to remain legally compliant and avoid penalties. These compliances ensure that the company maintains transparency and follows the guidelines set by the Ministry of Corporate Affairs (MCA). Here is a simple checklist of mandatory annual compliances for One Person Companies (OPCs) in Chennai.

1. Financial Statements Preparation An OPC must prepare its financial statements, including:​ ✔ Balance Sheet​ ✔ Profit & Loss Account​ ✔ Cash Flow Statement (if applicable)​ These statements provide a clear picture of the company’s financial health.

2. Statutory Audit by a Chartered Accountant Every OPC must have its financial records audited by a Chartered Accountant (CA), even if there is no significant business activity. The auditor verifies the accuracy of financial statements.

3. Filing of Annual Returns (Form MGT-7A) ●​ OPCs must file Form MGT-7A with the Registrar of Companies (ROC). ●​ This includes company details such as shareholding, director information, and other statutory information. ●​ Due Date: Within 60 days from the end of the financial year (i.e., by May 30th).

4. Filing of Financial Statements (Form AOC-4) ●​ Form AOC-4 is used to file financial statements with the ROC. ●​ It must be certified by a certified accountant (CA). ●​ Due Date: Within 180 days from the end of the financial year (i.e., by September 27th).

5. Income Tax Return Filing ●​ Every OPC must file its Income Tax Return (ITR-6) annually. ●​ Due Date: On or before July 31st (if tax audit is not required). ●​ If turnover exceeds a specific limit, a tax audit is required, and it is due on October 31st.

6. Director’s KYC (Form DIR-3 KYC) ●​ The director of the OPC must update their KYC details every year by filing Form DIR-3 KYC with the MCA. ●​ Due Date: September 30th each year.

7. Maintaining Statutory Registers & Records ●​ OPCs must maintain records such as: ○​ Register of Directors ○​ Register of Shareholders ○​ Financial Records

Penalties for Non-Compliance

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Failure to comply with the above requirements may result in penalties, including:​ Late filing fees (₹100 per day)​ Additional fines imposed by ROC and MCA​ Possible disqualification of the director

Conclusion Staying compliant with annual filings is essential for OPCs in Chennai to avoid penalties and ensure smooth business operations. Hiring a professional chartered accountant (CA) or company secretary can help you meet deadlines and handle compliance efficiently.