OPC Annual Filing
An OPC (One Person Company) has lower compliance requirements in comparison to Private Limited or Public Limited Companies, which leads to reduced costs associated with annual compliance. OPCs are obligated to submit two forms annually, namely MGT 7A and AOC 4. It’s crucial to comprehend the purpose of these forms and their respective deadlines for OPC Annual Filing.
What is E Form AOC 4 for OPC
- For One Person Companies (OPCs), E-Form AOC 4 is a significant yearly filing obligation that encompasses all the monetary information and financial transactions of the company for the corresponding fiscal year.
- This Annual Financial Report comprises the Balance Sheet, Profit and Loss Account, Auditor’s Report, and Consolidated Financial Statements.
What is the Due Date for filing Form AOC 4 for OPC for FY 2022-23
- To file AOC 4 for OPC for the fiscal year 2022-23, it is required to be submitted to the Registrar of Companies (ROC) within 180 days from the end of the financial year.
- Thus, if we consider April 1, 2023, as the start date, the due date for submitting E-Form AOC 4 for OPC for FY 2022-23 will be September 27, 2023.
What is Form MGT 7A for OPC
- On March 5, 2021, the MCA (Ministry of Corporate Affairs) introduced Form MGT 7A for One Person Company (OPC) and Small Companies through the Companies (Management and Administration) Amendment Rules, 2021.
- OPCs and Small Companies are obligated to submit Form MGT 7A annually to the relevant Registrar of Companies (ROC).
What is the Due Date for filing Form MGT 7A for OPC for FY 2022-23
- OPCs are required to file Form MGT 7A for the financial year 2022-23 within 60 days from the Annual General Meeting (AGM) date.
- Despite being exempt from holding an AGM, the due date for filing Form MGT 7A is calculated based on the typical AGM date.
- For instance, if the AGM is scheduled for September 30, 2023, the due date for submitting ROC Form MGT 7A for FY 2022-23 would be November 28, 2023, according to the MGT 7A help kit.
Event-based Compliances for OPC
- In addition to the mentioned obligations, One Person Companies are required to fulfill certain event-based compliances.
- These include internal administrative and external business management tasks that must be carried out annually.
- Furthermore, OPCs must also comply with the filing requirements of legal authorities, such as GST returns, PF, and ESI regulations.
Penalty for Late Filing AOC-4 and MGT-7A
If the ROC Forms AOC 4 and Form MGT 7A are filed after the due date, a penalty of INR 100/- per day is levied for every day that the default continues. One Person Companies must file their ROC Annual Compliance Forms within the specified time frame to adhere to the Companies Act, 2013, the Income Tax Act, and other relevant regulations.
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