Annual Compliance Checklist for One Person Company (OPC) in Andhra Pradesh

A One Person Company (OPC) is a type of business entity that allows a single entrepreneur to run a company with limited liability. However, to ensure legal compliance and smooth operations, an OPC in Andhra Pradesh must fulfill specific annual compliance requirements as per the Companies Act, 2013.

Key Annual Compliance Requirements for OPC

1. Financial Statements Preparation
2. 
   

• An OPC must prepare and maintain proper financial statements, including a Balance Sheet and Profit and Loss Account, at the end of every financial year.

1. Filing of Annual Returns (MGT-7A)
2. 
   

• OPCs must file Form MGT-7A (Annual Return) with the Registrar of Companies (ROC) within 60 days from the end of the financial year.

1. Filing of Financial Statements (AOC-4)
2. 
   

• The financial statements must be filed using Form AOC-4 within 180 days from the end of the financial year.

1. Statutory Audit by a Chartered Accountant
2. 
   

• Every OPC must appoint a Chartered Accountant (CA) as an auditor, even if there is no turnover. The auditor will review and verify the financial statements.

1. Income Tax Return (ITR) Filing
2. 
   

• OPCs must file their Income Tax Return (ITR) before July 31 every year (if no audit is required) or before October 31 (if the audit is applicable).

1. GST Return Filing (If Applicable)
2. 
   

• If an OPC is registered under GST, it must file monthly/quarterly GST returns and the annual GST return (GSTR-9) based on turnover.

1. Board Meeting Requirement
2. 
   

• Though an OPC is exempt from holding multiple Board Meetings, at least one must be held in each half of the year.

Penalties for Non-Compliance

Failing to meet these annual compliance requirements can result in penalties and legal consequences, including fines on the director and the company. It is always advisable to comply on time to avoid unnecessary complications.

Conclusion

Fulfilling annual compliance is crucial for the smooth functioning of an Annual Compliance For Opc in Andhra Pradesh. Seeking help from a professional can make the process easier and ensure that all filings are done correctly.