Due date for One Person Company Annual Return

Only one shareholder owns the One Person Company; hence there is no concept of Annual General Meeting for OPC. The due dates for ROC Filing are based on the even dates. For OPC, the due dates are based on the date of incorporation as per the below table.

OPC Incorporated between 1st Jan to 31st March 2021

OPC Incorporated on or before 31st Dec 2020

The company’s first ROC Annual compliance is to submit the directors KYC with the ROC (mca.gov.in), in the prescribed form DIR-3(KYC), if the director is filing the KYC to MCA for the first time. However, the directors who have already filed KYC in the previous financial year can be filed through a web-based facility at the MCA Portal. The filing of KYC by every person who has been allotted a Directors Identification Number before 31st March 2021 is mandatory and must be filed before 30th September 2021.

There is no government fee for timely filing of the DIN KYC; However, if the due date is missed, then the DIN gets deactivated. A deactivated DIN may be activated on payment of a ROC fee of Rs. 5000/-. We urge all promoters to take the necessary steps to file the DIN KYC without waiting for the last date to avoid the late penalty.

The books of account form the basis for preparing the Financial Statements at the end of the financial year for filing the ROC Return and the Income Tax Return. The company’s financial statement is drawn in compliance with the accounting standards and in the prescribed format of Schedule III of the Companies Act, 2013, containing all necessary disclosures as is required under the law. We advise our customers to maintain their books of account using good accounting software and recent changes introduced by MCA. A company must use accounting software that can track changes in the accounts. Contact us if you need support in your accounting or software implementation; we are technical partners of Zoho Books and Quickbooks and help migrate data from Tally to any cloud-based accounting systems.

1. Balance Sheet
2. Profit & Loss Account
3. Cash Flow Statement
4. Notes to Account
5. Statement of Changes in Equity

The responsibility of preparing the company’s financial statement is on the Board of Directors of the company. Before the AGM, a company’s financial statements are required to be audited by the statutory auditor in the whole time practice and appointed as the company’s auditors. Section 139 of the Companies Act, 2013 clearly provides that the statutory auditor must be an independent person and is not someone who is also providing consultancy or accounting services to the company. We have an independent panel of qualified and experienced chartered accountants available to be appointed as your company’s statutory auditor. The auditor has to express an opinion on the financial statement, whether it reflects the true and fair view of the business or not.

The annual general meeting of a company is the meeting of the shareholders to conduct four significant business. The AGM is a statutory meeting under section 96 of the Companies Act, 2013. The company should hold its first AGM within nine months of the financial year’s end and the subsequent AGM to be held within six months of the financial year’s end. The gap between two AGM should not be more than fifteen months. We need to understand the meaning of Financial Year as it has been differently defined in the Companies Act, 2013.

Meaning of Financial Statement

Concerning an existing company, the financial year means ending on the 31st March for every financial year. However, for a newly incorporated company, if it is incorporated on or after 1st January, the financial year shall be a period starting the date of incorporation and ending with 31st March to the Next of Next March.

Consequences of Default in Annual General Meeting

Any default in relation to AGM or any provision in section 96 to 98 of the Companies Act, 2013, every key managerial personnel of the company shall be punishable with a file that may extend to Rs One Lakh. A penalty of Rs 5000 for every default day is imposed by the ROC in case of a continuing offence.

The company is a distinct legal person and is an assessee under the Income Tax Act, 1962. Irrespective of its transactions or profitability, every company has to file its Income Tax Return in the prescribed form ITR-6 for the previous year. For example, every company incorporated on or before 31st March 2021 shall be filing its ITR during the FY 2021-22. For filing the company’s income tax return, the financial statement and its audit should be completed.

Due Date of Filing ITR: The due date for filing the Company ITR is 31st October 2021 for the financial year 2020-21. For late filing of the ITR, you will have to pay a penalty of upto Rs 10,000/-

Belated or Revised ITR: The last date of filing late (belated) or revised ITR has been reduced for the FY 2020-21 by three months in the Finance Act, 2021. Thus the last date for filing the belated or revised ITR is 31st December 2021.

The annual general meetings are held to conduct four activities, such as approval of financial statements, declaration of dividend appointment of directors, and consider the auditor’s appointment or reappointment. Form ADT-1 is a prescribed form for filing intimation to the ROC about appointments or changes in the company’s statutory auditor. Within 15 days of the conclusion of the AGM, you must file form ADT-1 with the ROC. If delayed, it can be filed with an additional fee.

Every company needs to file an Annual Return to the ROC under section 92 of the companies act, 2013, within 60 days of the AGM’s conclusion. Filing of MGT-7 is mandatory under law, and it is a statement summarising the company’s key information. In the company’s annual return, all the company’s significant changes during the financial year are reported.

As said earlier, the filing of annual returns is mandatory for all companies required to hold AGM. Even if the company has done nil transactions, the filing of Company ROC is compulsory.

Due Date & ROC Fee: The annual return is to be filed within 60 days of the AGM’s conclusion; for the due date of AGM. The prescribed ROC filing fee for MGT-7 is only Rs 300 for a company having an authorised capital of Rs 1,00,000/-. However, if the annual return is not filed within its due date, then the company can still file MGT-7. However, an additional fee of Rs 100 shall be levied for each day of delay.

Recently, the MCA has introduced a new form for filing a One Person Company’s annual return and prescribed a new form MGT-7A. The new form of MGT-7A is an abridged form of the regular annual return filing form and is introduced to simplify the OPC annual return filing.

Due Date of Filing MGT-7A for OPC: As there is no need to hold an AGM for an OPC, the event date for filing the annual return in MGT-7A is 180 Days after the end of the financial year. Thus, the ROC Annual Return filing for the OPC shall be 60 Days from the event date as mentioned earlier. For the financial year 2020-21, the due date for OPC Annual return is 28th November 2021.

Fee Prescribed: The prescribed filing fee of OPC annual return is Rs 300 for an OPC with an authorised capital of Rs 1,00,000/-. If the ROC Annual Return of the OPC is not filed within its due date (29th November 2021), then there shall be an additional fee of Rs 100 levied for each day of delay.

1. Cost of filing Company Annual Return

The overall cost of filing a roc return and the ITR depends on several factors such as the number of transactions, GST Return reconciliation, and the client’s particular situation. For ease of understanding, the cost of filing annual compliance for the company may be divided into Consultant Fee, ROC Fee and late fee, if any. On the first hand, the consultant fee is a very relative factor and depends on each case and the consultant CA, CS, CMA or the Corporate and Tax Lawyer.

2. ROC Fee Table

The filing fee of roc forms is based on the capital of the company, and you may find the applicable fee for the related form from below table of ROC Filing Fee as Per the authorised capital of the company

3. Late Fee

If a company fails in filing the required annual compliance, then a late fee shall be levied based on the below matrix.

4. Additional Fee Table for ADT-1 Late Filing