One Person Company Annual Compliances

Annual Compliance for OPC

• Board Meeting: As per the provisions of Sec 173 of the Companies Act, 2013 at least one meeting of Board of Director shall be conducted in every 6 months, and the gap between two meeting is not less than 90 days. Thus an OPC should conduct minimum of two board meetings every year. Section 173 and 174 (Quorum of Meeting of BoD) will not apply to an OPC in which there is only one director on its Board.
• Appointment of Auditor: Under Section 139 of Company Act 2013 Auditor Appointment is compulsory for One Person Company. OPS Shall get its books of accounts audited by Chartered Accountant firm. Auditor shall verify books of account and issue Statutory audit report. Provision relating to rotation of auditor is not applicable to OPC.
• Disclosure of Interest in Other Entities: In each financial year, every director of OPC in its first meeting of the Board of directors need disclose his interest in other entities in form MBP-1 pursuit to sec 184 of the Companies Act, 2013. Under OPC ROC Annual filing disclosure need to be submitted.
• ROC Filling of Annual Return: OPC will file its ROC Annual Return within 60 days of entry of ordinary resolution in Minute Book. Annual Return will be for the period 1st April to 31st March in form MGT-7.
• OPC Statutory Audit: Unlike Private Limited Company, OPC is required to get its books of accounts audited by Chartered Accountant firm. OPC shall maintain its books of account at its registered office. Under OPC Statutory Audit, CA Firm shall issue audit report certification. Form AOC 4 is used by OPC to file their annual financial statements to ROC. Attachment to AOC 4 as below.

1. Balance Sheet
2. Statement of Profit & Loss Account
3. Directors’ Report
4. Auditors’ Report and Notice of AGM.

• KYC of Director of the company: Every person who holds DIN/DPIN as on 31st March of the financial year, he has to submit Form DIR-3-KYC or DIR-3 KYC-WEB for the said financial year on or before 30th September of the immediate next financial year.

eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details.

Web service DIR-3-KYC-WEB is to be used by the DIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details.

• Filling of Income Tax Returns: As per Section 139(1) of Income Tax Act 1961 Any private, public, domestic or foreign country located and/or doing business in India is liable for Income Tax Return (ITR) Filing. Every OPC registered in India required to file annual income tax return. Income tax filing is mandatory even if OPC having No Transactions. For FY 2021-22 income tax return filing due date for OPC is 30 September 2022.