OPC Annual Filing – Important Statutory due dates for FY 2019-20

OPC- One Person Company

One Person Company means a Company which has only one person as its member. An OPC is effectively a company that has only one shareholder as its member. This type of company is a legal entity which is separate from the members. The liability of a member is very limited. The best advantage of the OPC is that you can start up your own business without the help of any other member. In this article we will discuss everything about the OPC Annual Filing & Important due dates for the OPC Annual filing.

OPC Annual Filing

As far as the OPC Annual Filings (OPC Annual Compliances) are concerned, these are just fewer as compared to those required by a private or public limited company; and hence, its compliance cost is just medium. 

An OPC is required to file 2 forms annually namely, MGT 7 and AOC 4. Let us now see the OPC Annual Filing due dates.

Latest Read: Important Statutory Due dates for OPC Annual filing for FY 2020-21

E-Form AOC 4 due date

• This is to be filed with relevant ROC, within 180 days of the close of financial year.
• This compliance offers information about all monetary transactions and finances made by the OPC in the mentioned financial year.
• In case of an OPC, the annual financial reports contain only particulars such as Balance Sheet, Profit and Loss Account, Auditor’s Report, and the Consolidated Financial Statement.

ROC Form MGT 7 Due date

• This is one most important roc return filing for an OPC (One Person Company), which contains current/updated information about the directors and shareholders of the OPC. 
• The due date of filing this compliance with the relevant ROC is within Sixty days from the date of AGM.
• That means if AGM is on 30.09.2020 then ROC Form MGT 7 due date for FY 2019-20 would be 28th November, 2020.

Due date for IT Returns

• This is to be filed with the Income Tax Department, on or before 30th September of the following financial year. 
• Tax audit will be statutory, if the annual turnover of the concerned OPC gets more than INR. 1 Crore.
• That means Due date for ITR filing of an OPC for FY 2020 would be 31st December, 2020 (As extended).

Other Compliances

Apart from this, there are some other compliances that an OPC needs to complete, they are as follows:

• Event based Annual Compliances, related mainly with the internal administration and external business management.
• Annual Compliances under Legal Authorities Such as GST returns, PF and ESI Regulations etc.

Informative read on: Due dates for different types of GST returns

Penalty for Late Filing AOC-4 and MGT-7

• The penalty for late filing, of AOC-4 and MGT-7 Annual Compliance for Company, has been set to INR 100/- per day for each day for which default continues.

It is important for One Person Company to file the OPC Annual Filings with Companies Act as well as the Income Tax Act, and other regulations if applicable.

Latest Update: Extension for Income Tax Return Filing Due dates