One Person Company (OPC) is mandatorily required to maintain compliance as per Income Tax Act and Companies Act. Hence, maintaining compliance for a One Person Company mainly includes filing of income tax return with the Income Tax Department and annual return with the Ministry of Corporate Affairs. In addition to the basic compliance, one person companies may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a one person company would vary based on the industry, state of incorporation, number of employees and sales turnover.Being compliant to the rules that have been setup by the companies act is important for you if you want to make sure that your standing as a One Person company is a good one. To that end, you need to file some compliance on an annual basis.
Benefits of OPC annual compliances :
1. More compliant equates to more trustworthy: if you are following through with the compliances each year, you gather more trust in the eyes of the people. At the end o the day, customer trust is what pushed the company forward.
2. You are not going to be penalized: even the initial non-compliance can incur you heavy penalties. To that end, you won’t have to suffer penalties if you are compliant.
3. You can run your operation smoothly: There is nothing worse for a one person company than being nagged by the government. This hassle is often the cause of many operations to be halted from time to time. To that end, stay compliant to make sure that you always move forward with your operations in the best way possible.
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A)First Annual Filing of the Company is due on the 30th December of the next year from the date of Incorporation and B)Subsequent Annual Filing is due on the 30th September of the same year in which the Financial Year of the Company ends.
Company having Authorized Capital of Rs. 1 lac is Rs. 300 for each Form AOC-4 and MGT-7 and Company having Authorized Capital of Rs 5 Lac or more is Rs. 400 for each Form.
Penalty for delay of up to 30 days -2 times of normal fees More than 30 days and up to 60 days - 4 times of normal fees More than 60 days and up to 90 days - 6 times of normal fees More than 90 days and up to 180 days - 10 times of normal fees More than 180 days - 12 times of normal fees