The concept of a one person was introduced by the Companies Act of 2013. It has grown popular as a result of its features. Only one person is required to start a One Person Company.
The Registrar of Companies is an office within the Ministry of Corporate Affairs responsible for company administration. You must adhere to the ROC filings. If you run a One Person Company (OPC), you must file ROC documents such as annual returns, financial statements, and so on.
Compliance with the law is the essential prerequisite for any company. Regular compliance is crucial for determining an organization's trustworthiness in government bids, loan approval, and other comparable situations. On the Master Data page of the MCA portal, the date of the company's annual return filing is provided.
Investors want full financial documents and dates before finishing a proposal when seeking money for a company. Investors can contact the company directly or use the MCA site to review the financial information. Investors also prefer organizations that have a good track record of compliance.
Failure to file the return regularly puts the corporation in default, resulting in hefty fines. It is also possible that the company will be deemed defunct or removed from the ROC. The directors in question have also been disqualified and prevented from being appointed in the future.
Every OPC is required to file income tax filings, financial statements, and annual statements. All of the filings mentioned above are required by law. You must comply with the relevant authority every year. These compliances can be completed online, and your application can be submitted through their official websites. As a result, if you run an OPC, you must comply with these filings. If you fail to file these documents, you may face legal issues and be required to pay a fee.
One-person companies with GST registration will be needed to file monthly, quarterly, and annual GST returns under the planned GST regime.
All one-person companies with ESI registration must file an ESI return. ESI registration is essential once a one-person company utilizes more than ten people
One-person companies with a TAN and must deduct tax at source under TDS rules must file quarterly TDS returns.
ITR 6 Form applicable for OPC and this form must be submitted within given time frame.
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Form AOC 4 filed within 180 days from the end of financial year of company.
Form MGT 7 contain updated details related to directors and shareholders and this from must submit within 60 days from the date of AGM.
Form ADT-1 should be filed within 15 days to the ROC in which the auditor is appointed.
Director who has been allotted DIN and to whom DIN status is approved must file Form DIR -3 KYC before closing of financial year.
After getting incorporation certificate of the company director must file Form 20 A within 180 days of incorporation of company.