Annual Filing For One Person Company Due Dates

A one-person company (OPC) is a unique business structure that offers individuals the benefits of limited liability while allowing them to retain full control. In this article, we will explore the essential due dates related to annual filing that OPCs need to adhere to under the Companies Act, 2013, with a specific focus on the "One Person Company due date."

Understanding OPC Annual Filing One Person Company Due Dates

In accordance with section 2(62) of the Companies Act, 2013, a "One Person Company" (OPC) is a company with a single individual as its sole member. OPCs function as private companies where a solitary individual, enjoying limited liability, can assume the roles of both shareholder and director.

This business structure empowers solo entrepreneurs by granting them the advantages of limited liability while retaining complete control and ownership of their enterprises.

Like any other company, OPCs have annual filing and reporting obligations, encompassing the submission of financial statements and tax returns. However, OPCs enjoy certain exemptions, resulting in fewer compliance requirements compared to private or public limited companies.

Forms for OPC Annual Filing

Annual filing for One Person Company involves dealing with two primary forms:

1. Form AOC-4

   - Form AOC-4 encompasses financial statements, including the balance sheet, profit & loss account, and other financial details.

   - The filing deadline for Form AOC-4 is crucial; it should occur within 180 days from the end of the financial year.

   - The specific "One Person Company due date" for Form AOC-4 falls on September 27th each year.

   - Late submissions incur an additional fee of Rs. 100 per day.

   - Attachments include the financial statement and an abridged director's report, as per Rule 8A of Companies (Accounts) Amendment Rules, 2018.

2. Form MGT-7A

   - Form MGT-7A is designed as the abridged annual return for OPCs.

   - To meet compliance, this form should be filed within 60 days from the date of the Annual General Meeting (AGM) or, if there's no AGM, by the due date of the AGM (refer to notes for clarification).

   - The due date for Form MGT-7A, specific to "One Person Company due date," falls on November 26th each year.

   - Similar to Form AOC-4, late submissions come with an additional fee of Rs. 100 per day.

   - Attachments comprise the list of directors and shareholders.

Key Takeaways

- OPCs, with their single-member structure, are exempt from holding an AGM. However, if an AGM is held voluntarily, it should be conducted before the due date for filing, i.e., September 27th.

- Pertaining to the AGM's due date, Sections 122 and 92 of the Companies Act hold significance.

Section 122 deems the date when the member's decision is recorded in the minute book and signed as the meeting date for all purposes under the Companies Act. Section 92 mandates that the annual return must be filed within sixty days from the date of the AGM or the date it should have been held (if no AGM takes place).

In essence, OPCs should submit their annual return within sixty days from the date of recording the member's decision in the minute book and its subsequent signing by the member. Importantly, the AGM's due date cannot be later than the due date for filing financial statements.

In Conclusion

Annual filing is a critical aspect for One Person Companies to ensure compliance with legal requirements. While OPCs benefit from certain exemptions, understanding the filing process, deadlines, and intricacies is indispensable. Compliance not only upholds limited liability but also fosters transparency and good corporate governance. Stay informed about the "One Person Company due date" to meet your annual filing obligations effectively.

 

Also Read: Section 44ADA of Income Tax Act: Objectives, Benefits & More

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