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Every Company, whether OPC or Pvt Ltd, is under an obligation to file Forms ADT-1, AOC-4, and such other annual compliances every year with the ROC along with Income Tax Return for the previous financial year. These compliance are mandatory in nature and attract heavy penalties upon delay. At FirstFiling, we can help you with Company annual compliance every year!
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Company Annual Compliance – ROC and ITR Filing
A Company has to prepare and file the following three returns for the past previous year within its prescribed due dates, under company annual compliance. These are mandatory in nature, team FirstFiling shall be assisting you in preparing and filing necessary returns in a timely manner
Every company has to intimate the ROC regarding the income, expenditure, and other details of the company annually. You have to do the compliances every year and if you fail to do the compliances then a penalty is imposed for the same.
Companies need to file Form AOC-4 for the Financial statement and form MGT-7 for the annual returns. You need to file the financial statement of the company within 180 days from 31st March of the financial year and annual return within 60 days from the completion of AGM.
Due Dates
Due dates for OPC Annual Compliance (One Person Company):
ADT-1: 27th September 2021
MGT-7: 27th September 2021
AOC-4: 27th September 2021
Due dates for Private Limited Company annual compliance:
ADT-1: 30th October 2021
MGT-7: 30th November 2021
AOC-4: 30th October 2021
Other Compliances
1. Board Meeting (Section 173): At least one Board of Director meeting must be held in each half of the calendar year and the gap between the two meetings shall not be less than 90 days.
2. Statutory Register(Section 88 and other): Company will maintain the following mandatory registers:
Director Register
Director Shareholding Register
Related Party Transaction Register
3. Director’s Report: Director’s Report shall be prepared and it should mention all the information under Rule 8A of Section 134.
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Documentation
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Finalization of Balance Sheet and Income Tax return
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Preparation of Notice, Board Resolution and Minutes of AGM
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Form ADT-1 filing
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Form AOC-4 filing
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Silver Plan +
• Business ITR
(audit fees not included)
(taxes not included)
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One Person Company is a new company structure that contains the benefits of sole proprietorship and corporate status. It has only one member, as the Member cum Director and a nominee.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.2 WHAT IS THE MINIMUM CAPITAL REQUIREMENT TO START A ONE PERSON COMPANY?” tab_id=”1631962818890-d3706755-c985″][vc_column_text]
The minimum capital requirement is ₹1,00,000, but this amount can differ from your investment. When you want to incorporate a company legally, it has to be started with ₹1 lakh as capital.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.3 IS FOREIGN DIRECT INVESTMENT ALLOWED FOR A ONE PERSON COMPANY?” tab_id=”1631963238585-591cb886-5728″][vc_column_text]
No, FDI is not allowed for One Person Company, since if it does then it will lose its very nature of One Person Company.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.4 WHEN CAN YOU CONVERT AN OPC INTO A PRIVATE LIMITED COMPANY?” tab_id=”1631963585805-6b748c9f-fbbb”][vc_column_text]
You can convert a Person Company into a Private Limited Company when the paid-up capital exceeds ₹50 lacs or its average turnover exceeds ₹2crores for the relevant period.
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Form ADT-1 is filed for appointing or replacing the Statutory Auditor.
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MGT-9 is attached to the company’s director report, which is an extract of MGT -7
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.7 ARE AUDITED FINANCIAL STATEMENTS MANDATORY FOR FILING ANNUAL COMPLIANCE OF PRIVATE LIMITED COMPANIES?” tab_id=”1631964292337-bd418243-6e16″][vc_column_text]
Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.
[/vc_column_text][/vc_tta_section][vc_tta_section title=”Q.8 DOES THE APPOINTMENT OF STATUTORY AUDITOR FALL UNDER ANNUAL COMPLIANCE?” tab_id=”1634101497733-add070b7-24d9″][vc_column_text]
A company can appoint a statutory auditor either for five consecutive years or till the conclusion of the next Annual general meeting. Therefore, an appointment of the statutory auditor cannot be considered as a part of annual compliance.
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