A One Person Company (OPC) in Bangalore must follow yearly specific compliance requirements to stay legally compliant and avoid penalties. These compliances ensure transparency and smooth business operations. Here’s a simple guide to the key annual compliance requirements for an OPC.
1. Filing of Annual Returns (MGT-7A)
Every OPC must file its Annual Return in Form MGT-7A with the Registrar of Companies (ROC). This form contains details of the company’s financials, shareholding, and governance structure. The due date for filing is within 60 days from the end of the financial year.
2. Filing of Financial Statements (AOC-4)
The OPC's Financial Statements, including the Balance Sheet and Profit and Loss Account, must be filed using Form AOC-4 within 180 days of the end of the financial year.
3. Income Tax Return Filing
An OPC must file its Income Tax Return (ITR) by July 31st every year (if tax audit is not required). If an audit is needed, the due date is October 31st.
4. Statutory Audit by a Chartered Accountant
Every OPC must get its accounts audited by a Chartered Accountant (CA), even if there is no revenue. The Auditor’s Report and Financial Statements must be prepared accordingly.
5. Director’s KYC (DIR-3 KYC)
The Director of the OPC must file DIR-3 KYC annually to update personal details with the Ministry of Corporate Affairs (MCA). The deadline is September 30th of every year.
6. Other Compliances (If Applicable)
- GST Returns – If the OPC is registered under GST, it must file monthly or quarterly GST returns.
- TDS Filing – If the company deducts TDS, it must file quarterly TDS returns.
Penalties for Non-Compliance
Failure to comply with these requirements can result in heavy penalties and legal issues. Late filing of forms like AOC-4 and MGT-7A attracts a penalty of ₹100 per day.
Conclusion
Staying compliant with annual requirements is crucial for an OPC in Bangalore. Business owners should ensure timely filings to avoid penalties and maintain a good reputation with regulatory authorities. Hiring a professional or using compliance services can help ensure smooth compliance management.
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