Important Statutory Due Dates For OPC Annual Filing For FY 2023-24

An OPC, or One Person Company, is a company with a single member. Unlike Private Limited or Limited Liability Partnerships, OPCs have fewer compliance requirements. However, it is crucial to pay attention to the statutory due dates for OPC annual filing in the upcoming financial year to ensure timely compliance. To assist with this, we have developed a calendar containing all the ROC filing due dates for OPC annual filing for the Financial Year 2023-24 (AY 2024-25).

What is OPC Annual Filing?

An OPC has fewer compliance obligations compared to Private Limited or Public Limited Companies, leading to decreased OPC Annual Compliance expenses. OPCs must submit two annual forms, MGT 7A and AOC 4, annually. It’s important to understand what these forms are and their respective due dates for OPC Annual Filing.

What is E Form AOC 4 for OPC?  

• The AOC 4 E-Form is an important annual filing that is mandatory for One Person Companies (OPCs), encompassing all financial activities and monetary specifics of the company for the relevant fiscal year.
• This report includes the Balance Sheet, Profit and Loss Account, Auditor’s Report, and Audited Financial Statements.

What is the Due Date for filing Form AOC 4 for OPC for FY 2023-24?  

• The AOC 4 for OPC for FY 2023-24 must be filed with the ROC within 180 days of the financial year’s completion.
• This means that the deadline for submitting the E-Form AOC 4 will be September 27, 2024, starting from April 1, 2024.

What is Form MGT 7A for OPC?  

The MCA introduced Form MGT 7A via the Companies (Management and Administration) Amendment Rules, 2021 on March 5, 2021, specifically for One Person Company (OPC) and Small Companies. OPCs and Small Companies must submit Form MGT 7A annually to the Registrar of Companies (ROC), which includes the latest information on directors and shareholders of the OPC.

What is the Due Date for filing Form MGT 7A for OPC for FY 2023-24?  

• The due date for filing Form MGT 7A for OPCs in the financial year 2023-24 is 60 days after the Annual General Meeting (AGM), even though OPCs are not required to hold an AGM.
• For example, The deadline for filing Form MGT 7A for FY 2023-24 would be November 29, 2024, according to the MGT 7A help kit.

Event-based Compliances for OPC  

In addition to the mentioned responsibilities, One Person Companies must also follow specific event-based compliances:

• These include internal administrative tasks and external business management requirements.
• Moreover, an OPC is required to meet filing obligations with legal entities like GST returns, PF, and ESI regulations.

Penalty for Late Filing AOC 4 and MGT 7A  

• In case of delayed filing of ROC Forms AOC 4 and Form MGT 7A, the penalty has been prescribed as INR 100/- per day for each day during which the default continues.
• One-Person Companies must file their ROC Annual Compliance Forms within the stipulated time to comply with the Companies Act, 2013 and the Income Tax Act, as well as other applicable regulations.