Annual Compliance for One Person Company (OPC) in Pune
Introduction
A One-Person Company (OPC) is a suitable business structure for entrepreneurs who wish to operate a company with limited liability while enjoying complete control over its operations. However, like other corporate entities, an OPC must comply with specific annual regulatory requirements under the Companies Act 2013. Ensuring timely compliance not only helps avoid penalties but also enhances the business's credibility. This article provides a comprehensive guide on the annual compliance requirements for an OPC in Pune.
Key Annual Compliance Requirements for OPC in Pune
1. Filing of Annual Returns (MGT-7A)
An OPC must file its annual return in Form MGT-7A with the Ministry of Corporate Affairs (MCA) within 60 days from the conclusion of the financial year.
This return contains details about the company’s structure, directors, shareholding, and other relevant information.
2. Filing of Financial Statements (AOC-4)
The company must file its financial statements, including the Balance Sheet and profit and loss accounts, in Form AOC-4 within 180 days of the end of the financial year.
The financial statements must be duly signed by the director and certified by a Chartered Accountant.
3. Statutory Audit
An OPC must have its accounts audited by a practising Chartered Accountant.
The auditor must be appointed within 30 days of incorporation and will review financial records annually.
4. Income Tax Return (ITR Filing)
An OPC must file its Income Tax Return (ITR-6) annually by 31st October of the assessment year.
The return should be filed online with the Income Tax Department, and tax liabilities must be cleared before filing.
5. DIR-3 KYC for Director
Every director of the OPC must file Form DIR-3 KYC annually with the MCA before 30th September.
Failure to file this form may result in the deactivation of the Director Identification Number (DIN).
6. Board Meeting Requirements
Unlike private limited companies, an OPC with only one director is not required to hold multiple board meetings.
However, if there is more than one director, at least one board meeting must be held every six months.
7. GST Return Filing (If Applicable)
If the OPC is registered under GST, it must file monthly, quarterly, or annual GST returns (GSTR-1, GSTR-3B, and GSTR-9) as per the turnover requirements.
The due date for GSTR-9 (Annual Return) is 31st December of the following financial year.
8. Maintenance of Statutory Registers
An OPC must maintain proper statutory records, including:
Register of Members
Minutes of Meetings (if applicable)
Books of Accounts
Register of Contracts and Arrangements
9. Other Event-Based Compliance
An OPC in Pune must also comply with event-based filings, such as:
Change in Registered Office – File Form INC-22
Change in Director – File Form DIR-12
Increase in Paid-up Capital – File Form SH-7
Closure of OPC – File Form STK-2 for voluntary closure
Penalties for Non-Compliance
Failure to comply with annual requirements can lead to significant penalties, such as:
A delay in filing MGT-7A and AOC-4 may result in a penalty of INR 100 per day performed.
Non-filing of DIR-3 KYC may lead to DIN deactivation and additional penalties.
Non-compliance with Income Tax Return filing may result in penalties of up to INR 10,000.
Conclusion
Annual compliance is essential for an OPC in Pune to maintain its legal standing and avoid penalties. By fulfilling all necessary filings and audits on time, an OPC can ensure smooth business operations and credibility. Seeking professional assistance from a company secretary (CS) or chartered accountant (CA) can help with hassle-free compliance management.