Annual Compliance for OPC (One Person Company) – A Complete Guide

Annual Compliance for OPC Company) – A Complete Guide

(One

Person

An OPC is a unique business structure that allows a single individual to operate as a company with limited liability. However, like other companies, Annual Compliance for OPC is as per the Companies Act 2013.

Key Annual Compliance Requirements for OPC 1.​ Annual Return (MGT-7A) ○​ Filed with the Registrar of Companies (ROC). ○​ Due date: Within 60 days from the end of the financial year (by May 30). 2.​ Financial Statements (AOC-4) ○​ Includes Balance Sheet, Profit & Loss Account, and Directors’ Report. ○​ Due date: Within 180 days from the end of the financial year (by September 30). 3.​ Income Tax Return (ITR-6) ○​ OPCs must file their income tax return with the Income Tax Department. ○​ Due date: July 31 (if not subject to audit) or September 30 (if audit is applicable). 4.​ Statutory Audit ○​ The appointment of a Chartered Accountant (CA) is mandatory. ○​ Financial statements must be audited, regardless of turnover. 5.​ Director KYC (DIR-3 KYC) ○​ The OPC director must file a DIR-3 KYC every year to update personal details with the MCA. ○​ Due date: September 30.

Penalties for Non-Compliance Failure to meet compliance deadlines may result in penalties, additional fees, and the director's disqualification.

Conclusion Annual compliance is crucial to ensure the smooth functioning of an OPC and avoid legal issues. Hiring a professional or using online compliance services can help meet these requirements efficiently.