Annual return is a mandatory filing to be made by all Companies in India. The filing along with the required documents must be filed with the Ministry of Corporate Affairs. Filing of annual return with the MCA is different from the filing of annual return with the Income Tax department.
One Person Company(OPC) Annual Return Filing
The concept of One Person Company (OPC) in India was introduced through the Companies Act, 2013 to support entrepreneurs who on their own are capable of starting a venture by allowing them to create a single person economic entity. Similar to a Company, an OPC is a separate legal entity from its members, offers limited liability protection to its shareholders, has continuity of business and is easy to incorporate.
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One Person Company in India must at the end of each financial year file an annual return with the Ministry of Corporate Affair and Income Tax Return with the Income Tax Department to maintain compliance. For newly incorporated One Person Company, the Annual Return is due within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier. In India, normally the financial year starts on April 1st and end on 31st March. So One Person Company's annual return would be due on September 30th.
Annual Requirements of ROC and Income Tax
- Income Tax Return every year before 30th Sep
- File Form 20B - Statement of Disclosure of Shareholders and Directors - within 60 days from Date of Annual General Meeting (AGM)
- File Form 23AC and 23ACA- Annual Return of Companies before 30th October every year.
Procedure For Annual Compliance fulfillment
- Maintain Proper Books of Accounts.
- Prepare and File Balance Sheet.
- Get your accounts Audited by Chartered Accountant.
- File Form ADT-1, 23AC, 23ACA and Form 20B with ROC.
- File Income Tax Returns with Income Tax Department.
Consequence of Non Compliance :
- Late filing or non-filing of Annual Return before the due date will attract a penalty 12 Times of Normal Fees.
- Further, the Company cannot be wound-up or closed without filing of the return.
- Therefore, it is best to file the Annual Return within the due dates.
- Non Filing of Income tax return and other Law compliance may attached penal provision against
OPC Annual Filing: Annual return for a One Person Company consists of information and documents that include the Balance Sheet of the Company, Profit & Loss Account and information about the management of the Company. Rajput Jain & Associates can file the annual return and income tax return for your One Person Company.
Simple Steps ToOne Person CompanyAnnual Filing!
What You will get in this offer
- Financial Statement
- Statutory Audit Report under Companies Act, 2013
- Tax Consultancy by a Chartered Accountant
- Income Tax Return Filing
- Annual ROC Filing
- Free tax due-diligence check
- OTHER: Every Private limited shall comply with
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|Rajput Jain & Associates makes it easy for you:|
Rajput Jain & Associates can help you incorporate a One Person Company in India.We give you an opportunity to meet the mandatory annual compliances of One Person Company, which is often deferred by the emerging companies leading to detrimental impact on the businesses, at a very affordable rate. Rajput Jain & Associates has been helping more than 500 startups with its real-time IT filing solutions. Our recent survey confirmed that fact: Every 2nd Startup get Income Tax Notice for tax demands or for non-compliance, 3 out of 7 Startups finds place on the default list of Registrar of Companies due to non-compliance, 2 out of 4 Startups incur unnecessary pay-out by way of interests and penalties. This offer would protect your startup from unnecessary taxes, penalties by keeping your business in perfect compliance as you grow. We will assign a chartered accountant dedicated to your filing. He will get in touch with you within 6 working hours for timely annual filings.
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Frequently Ask Questions (FAQs) on OPC
Annual return consists of the balance sheet of the company, profit and loss account, compliance certificate (if necessary), and details of registered office, details of Members, details of shares and shareholding and details of Directors.
The Annual return of the Company must be signed by the Directors of the Company. The financial statements filed along with the Annual return must be audited and signed by a Chartered Accountant.
Annual return is due before the 30th of September or 6 months from the end of the financial year. In case of newly incorporated Company, an Annual General Meeting should be held within 18 months from date of incorporation or 9 months from the date of closing of financial year, whichever is earlier and an annual return should be filed with the MCA.
Annual return can be prepared and filed by a Professional online through the MCA's E-Filing portal. AnRajput Jain & Associates Financial Expert can help you with e-filing your Company's annual report.
If a company fails to file annual return with the Registrar of Companies (ROC) within the specified time, then the Company shall be liable to pay a penalty till filing of the return. The amount of penalty will depend on the number of days in default. till the default continues.
Advantages of One Person Company