Every registered company in India must file annual returns with ROC every year. These companies can be private limited, limited company, or one person company. OPC is required to keep annual accounts with the ROC and hold an annual general meeting (AGM). A company must file the following 3 forms with the ROC:
- MGT7: Details of the transfer of shares during the year, details of shareholding structure and change in directorship are contents in this form. It should be filed every year within 60 days from the date of AGM
- AOC4: Contains details and annexure relating to Balance Sheet of the company, Profit & Loss Account, Registered Office Address, Compliance Certificate, details of Shares & Debentures, Register of Members, information about the management and Debt details. It should be filed every year within 30 days from the date of AGM
- ADT1: Appointment for Auditor in OPC
Annual return consists of all the above mentioned information. OPC has to conduct minimum 2 board meetings and 1 AGM.
Annual Compliances for OPC
- Appointment of Auditor: OPC must appoint an auditor within 30 days of incorporation for auditing statements of the company
- Financial Statements: It should contain information about Balance Sheet, Profit & Loss Account, Auditor’s Report, etc.
- Income Tax filing: If turnover is more than Rs.1 crore, then filing income tax is mandatory and the last date for filing income tax is 30th September every year
- GST Returns: GST returns needs to be filed by 15th or 20th day of every month
- Company Stationery
- Bank Account: OPC has to open a current bank account in their company’s name
- Statutory Register and Records: It contains Register of Contracts, Register of Charges at registered office of the company
- Penalties in failure of Non-Filing Return:
In case of failure of non-filing the return, will lead to pay heavy penalty and fees charged by MCA. The amount of penalties and fees are high compared to the other nominal charges and are unavoidable.