We will learn more about RoC filings of a one-person company in this blog. Every business is required to submit its annual financial statement and annual returns within the prescribed due date for the filing, under the Company Incorporation Rules, 2014.
An OPC has fewer requirements for ROC Annual Filings than a Private Limited Company or a Public Limited Company, lowering the overall cost of compliances.
Two forms, MGT 7A and AOC 4, are the most significant annual filings of an OPC to the RoC.
You must submit form number MGT 7A in order to file the annual returns of the OPC. Every year, MGT 7A must be filed by every OPC registered in India. The annual returns contain the basic details of a One Person Company like its name, the address of its registered office, the name of its sole shareholder, information regarding shares, debentures and debts, information about the directors of the company, etc. The shareholding structure of the company, changes in directorship, and specifics of securities transfers would also be disclosed in the annual report.
For a One Person Company, the deadline for submitting Form MGT 7A to the ROC is 60 days after the date on which the annual general meeting of the OPC was held for that year . For instance, the deadline for submitting Form MGT 7A for OPC, say, for FY 2021–22 is November 28, 2021, if the annual general meeting for the year was conducted on September 30, 2021.
All the financial information related to business activity of the One Person Company for the entire financial year is filled out and submitted to the RoC in e-Form AOC 4. Balance sheet, Income Statement, Audit Report, and a Cash Flow statement are all included in what is essentially the OPC’s annual financial report filed in AOC 4.
OPC Form AOC 4 must be submitted to the ROC before 180 days from the end of a particular financial year. For instance, the due date for submitting e-form AOC 4 for a One Person Company, say for the fiscal year 2021-2022 will be September 27, 2022. (If we calculate 180 days from April 1, 2022, the first day is April 1, 2022)
Filing Income Tax Returns is also an annual compliance for a One Person Company, like all annual compliances. The only difference is that the ITR is not filed to the RoC, but is instead filed to the Income tax department.
It’s important to note that a tax audit before filing ITR is necessary in case the annual turnover of the OPC exceeds INR 1 crore.
The fine for failing to submit ROC Forms AOC 4 and MGT 7A by the deadline has been raised to INR 100/- for each day of default. It is therefore recommended that in accordance with the Companies Act of 2013, the Income Tax Act, and other relevant laws, OPC must submit the ROC annual Compliance Forms on time to avoid any penalties.
Unlike annual compliances, event-based compliances are ones which a One Person Company must fulfill in addition to the annual compliances listed above. Some of the event-based compliances have been listed below.
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