One Person Private Limited Company Compliances
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, 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.
TAXAJ is among the largest business services platform in India, offering a variety of services like one person company compliance, company registration, trademark registration, GST registration, income tax filing and more. IndiaFilings can help you maintain compliance of your One Person Company. Get a free consultation for OPC compliance maintenance through IndiaFilings by scheduling an appointment with an TAXAJ Advisor.
A end to end hand holding for your annual requirements is what we have in this plan. TAXAJ will assist you in matters like drafting, appointing, filling and much more.
It Usually takes 5 to 7 working days.
- Accounts Preparation & Advisory
- Managing Direct & Indirect Taxation
- Secretarial services of preparing board resolution, post AGM
- Yearly filing of MGT-7, AOC-4 for Pvt Ltd Company
- Assistance in appointment of Auditor, if required
- Companies want to comply to the Annual Compliance as mandated my ROC/MCA
- Purchase the plan
- Share the documents/details as requested by us.
- We shall prepare the documents as required & get signed by you.
- Prepare the form as applicable & file it.
- Bank Statement of the Company along with mentioning nature & party to whom paid or received (If not already audited & needs to be audited by us)
- Shareholders & Shareholding Details of the company. (Including any transfer of shares, if any)
- Bank Account Number & IFSC of All Active Bank Accounts.
- Resignation Letter from Previous Auditor & Challan of Form ADT-3, if any
- DSC Tokens of the Directors.
- Email & Contact Number of the Company
- Copy of MoA, AoA, COI
- Copy of board resolution
- List of shareholders with holdings
- Details of board composition
- Last year's tax return
- Particulars of penalties or compounding offences (if applicable)
What are compliances to be done by a One Person (Pvt Ltd ) Company in India ?
What are compliances to be done by a One Person (Pvt Ltd ) Company in India ?
As a private limited company registered in India, there are various compliances that you need to adhere to in order to operate legally and avoid any legal repercussions. Here are some of the important compliances that you should keep in mind:
Maintain Statutory Registers: A private limited company must maintain various statutory registers such as the register of members, register of directors, register of charges, etc. as mandated by the Companies Act, 2013.
Conduct Board Meetings: The board of directors of a private limited company must hold at least four board meetings in a year as per the Companies Act, 2013. These meetings must be properly documented and the minutes must be maintained.
Conduct Annual General Meeting (AGM): Every private limited company must hold an AGM within six months from the end of the financial year. The purpose of the AGM is to discuss the financial statements, appoint auditors, declare dividends, etc.
File Annual Returns: Private limited companies must file annual returns with the Registrar of Companies (ROC) within 60 days from the date of AGM. The annual return must contain details such as the company's financial statements, shareholding pattern, directors' details, etc.
Prepare Financial Statements: Every private limited company must prepare its financial statements such as the balance sheet, profit and loss account, cash flow statement, and notes to accounts as per the Companies Act, 2013.
Comply with Taxation Laws: Private limited companies must comply with various taxation laws such as the Income Tax Act, 1961, GST, etc. The company must file its tax returns on time and pay the taxes due.
Comply with Labour Laws: Private limited companies must comply with various labour laws such as the Minimum Wages Act, Payment of Bonus Act, and the Industrial Disputes Act. These laws govern the relationship between employers and employees.
Comply with other applicable laws: Private limited companies must comply with other applicable laws such as the Foreign Exchange Management Act (FEMA), Environmental Laws, etc.
It is important to ensure that your private limited company complies with all these regulations and laws to operate smoothly and avoid any legal complications. You may want to consult a legal expert or a chartered accountant for assistance with these compliances.
Compliance Chart for the Year
| Compliances | Description | Due Date | Link |
|---|---|---|---|
| Commencement of Business (INC 20A) | For companies registered in India after November 2019, having a share capital, it is necessary to obtain a commencement if business certificate before commencing any business or exercising the borrowing powers. In case the individual fails to obtain this certificate, there is a penalty of Rs. 50,000 for the company Rs. 1000 per day for the directors for each day of default. | Within 180 days from Incorporation | File Now |
| Statutory Auditor Appointment | If the company fails to appoint an auditor, the company won't be allowed to commence business. Also, there is a penalty of Rs. 300 per month. | Within 30 days from Incorporation | File Now |
| KYC of Directors – Form DIR – 3 KYC and Web KYC of all Directors | All the directors of the company must be filed for the DIN eKYC or DIR-3 eKYC. In DIR-3 eKYC, the Director must provide a unique personal mobile number and a personal email address. There's a penalty of Rs. 5000 in case of failure to file DIN eKYC. | 30th September | File Now |
| Delay in Payment to MSME Vendor: Form MSME – 1 | Company has to file this return half yearly in respect of pending payments to MSME vendors as at end of half year. All outstanding dues of more than 45 days payable to Micro or Small Enterprises suppliers. | Half yearly Return April to Sep – 30th October October to March – 30th April | |
| Return of Deposit: Form DPT-3 | Return of deposits that companies must file to furnish information about deposits and/or outstanding receipt of loan or money other than deposits. Mandatory Auditor certificate : – if the Form is filed “return of Deposits” or “return of Deposits as well as Exempted Deposits. | 30th June of Next Year | File Now |
| Circulation of Financial Statement & other relevant Documents | Company will send to the members of the Company approved Financial Statement, Directors’ Report and Auditors’ Report at least 21 clear days before the Annual General Meeting.. | 21 Clear Days before the AGM | |
| Appointment/Resignation/Change in Designation – Form DIR-12 of Director | If there is change in designation of Director at the AGM or Appointment or Resignation of Director. Regularization of Additional Director If company wants to appoint additional director as director, then it shall regularize the person as director in General Meeting by passing Shareholder Resolution. File form DIR-12 for Change in Designation of Director along with ordinary resolution within 30 days of AGM. | Within 30 Days of Meeting | File Now |
| Income Tax Return | Income tax returns need to be filed on or before 30th September 2021 for the Financial year 2020-21. | 31st October | File Now |
| MCA Form AOC-4 | The registered private limited companies must file MCA Form AOC-4 on or before 30th November 2021 for the FY2020-21. Failure to file AOC-4 will attract a penalty of Rs. 200 per day of default or delay. | 29th October or within 30 days from the annual general meeting for the FY | File Now |
| MCA Form MGT-7 | It is necessary to file MCA form MGT-7 on or before 31st December 2021 for FY2020-21. Failure to file MGT-7 attracts a penalty of Rs.200 Per day of default or delay. | 30th November or within 60 days from the annual general meeting for the FY | File Now |
Other Events Based Compliance for a One Person Company
- Appointment or Resignation of a Director;
- Appointment of Managing a director.
- Change in the statutory auditors;
- Transfer of Shares
- Increase of Authorized Capital;
- Change of Name of Company;
- Change in Registered Office Address (Through Form INC-22)
- Registration/Modification of Charge
- Appointment of Auditor
- Statutory Audit of Accounts
- Filing of Annual Return (Form MGT-7)
- Filing of Financial Statements (Form AOC-4) Board Meetings
- Annual General Meeting
- Preparation of Directors' Report
- ITR and Audit requirement
Why should you choose TAXAJ?
Non-Compliance
In case if a company fails to comply with the rules and the regulations of the Companies Act, then the company and its members who default shall be punishable with a dine for the period of which the default is continuing.
In case there is a delay in annual filing, additional fees are required to be paid. Hence, it is always better to fulfil the compliances on time.
