A One Person Company (OPC) in Delhi, like other business entities, must comply with various statutory requirements to ensure smooth operations and avoid penalties. Adhering to annual compliance norms helps maintain transparency and credibility with regulatory authorities. Here’s a detailed checklist of the essential yearly Annual Compliance For Opc in Delhi.
1. Annual Return Filing (MGT-7A)
An OPC must file its annual return with the Registrar of Companies (ROC) in Form MGT-7A. This return includes details such as:
- Shareholding structure
- Management details
- Financial summary of the company
Due Date: Within 60 days from the conclusion of the financial year, i.e., by 30th September each year.
2. Financial Statement Submission (AOC-4)
OPCs are required to file their financial statements using Form AOC-4. This includes the company’s balance sheet, profit and loss account, and directors’ report.
Due Date: Within 180 days from the end of the financial year, i.e., by 27th September each year.
3. Income Tax Return (ITR) Filing
An OPC must file its Income Tax Return (ITR-6) annually with the Income Tax Department. The filing includes details of income, deductions, and tax payable.
Due Date: 31st October of the assessment year.
4. Statutory Audit by a Chartered Accountant
An OPC must audit its financial accounts with a chartered accountant (CA), even if it has minimal financial transactions. The auditor's report is a mandatory part of the compliance process.
5. Board Meeting Requirement
Unlike other companies, an OPC is required to hold at least one Board Meeting in each half of the year, ensuring a gap of at least 90 days between two meetings.
6. Director’s Report Preparation
A Director’s Report must be prepared, covering key financial performance indicators, changes in shareholding, and overall business performance.
7. GST Return Filing (if applicable)
If the OPC is registered under GST, it must file GST returns:
- GSTR-1 (Monthly/Quarterly for outward supplies)
- GSTR-3B (Monthly for tax payment)
- GSTR-9 (Annual return, if turnover exceeds Rs. 2 crore)
8. Maintenance of Statutory Registers
OPCs must maintain statutory registers such as Register of Members, Register of Directors, and Register of Contracts.
9. Event-Based Compliances
In case of any changes in the company structure, such as a change in director, shareholding, or registered office, necessary filings must be made with the ROC.
Conclusion
Complying with annual requirements is crucial for the smooth functioning of an OPC in Delhi. Non-compliance can lead to penalties and legal consequences. To stay compliant, business owners should ensure timely filing of returns and maintain proper documentation.
For expert assistance in OPC compliance filing in Delhi, consulting a professional firm is highly recommended!
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