Important Statutory Due dates for OPC Annual Filing for FY 2022-23

A One Person Company (OPC) is a company that has only one member. Compared to other company types such as Private Limited or Limited Liability Partnership, OPCs have lower compliance requirements. However, it is still important to pay attention to the important statutory due dates for OPC annual filing in the new financial year, to ensure that all necessary compliances are met well in advance. To assist with this, we have created a calendar of all the ROC filing due dates for OPC annual filing for the Financial Year 2022-23 (AY 2023-24 ).

What is OPC Annual Filing?

One Person Company (OPC) has comparatively lower compliance requirements than Private Limited or Public Limited Companies, resulting in lower OPC Annual Compliance costs.

OPCs are required to file two annual forms, namely MGT 7A and AOC 4, every year. 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?

• E-Form AOC 4 is an important annual filing requirement for One Person Companies (OPCs), which contains all the financial transactions and monetary details of the company for the respective financial year.
• It is an Annual Financial Report that comprises the Balance Sheet, Profit and Loss Account, Auditor’s Report, and the Consolidated Financial Statements.

What is the Due Date for filing Form AOC 4 for OPC for FY 2022-23?

• Regarding the due date for filing AOC 4 for OPC for FY 2022-23, it should be filed with the relevant Registrar of Companies (ROC) within 180 days of the completion of the financial year.
• Therefore, the deadline for submitting E-Form AOC 4 for OPC for FY 2022-23 will be September 27, 2023, if we take April 1, 2023, as the starting day while counting 180 days.

What is Form MGT 7A for OPC?

• Form MGT 7A was introduced by MCA through the Companies (Management and Administration) Amendment Rules, 2021 on March 5, 2021, for One Person Company (OPC) and Small Companies.
• OPCs and Small Companies are required to file Form MGT 7A annually with the relevant Registrar of Companies (ROC).
• This form contains the updated list of directors and shareholders of the OPC.

What is the Due Date for filing Form MGT 7A for OPC for FY 2022-23?

• For the financial year 2022-23, the due date for filing Form MGT 7A for OPCs is within 60 days from the date of the Annual General Meeting (AGM).
• Although OPCs are exempted from conducting an AGM, the due date for filing Form MGT 7A is still counted from the normal date of AGM.
• For instance, if the AGM is to be held on September 30, 2023, the due date for filing ROC Form MGT 7A for FY 2022-23 would be November 28, 2023, as per the MGT 7A help kit.

Event-based Compliances for OPC

Besides the obligations mentioned above, there are certain event-based compliances that One Person Companies must adhere to. These are outlined below:

• The event-based annual compliances for an OPC are primarily related to internal administration and external business management.
• Furthermore, an OPC must also comply with the filing obligations of legal authorities, such as 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.
• It is imperative for One Person Companies to 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.

Suggested Read: Due Dates For OPC Annual Filing FY 2023-24