About One Person Company
In a nation which has an immense number of entrepreneurs striving to set up their business empire, one of the best ways to start is by starting alone. The One Person Company or the OPC is a type of firm which allows only one single person to make decisions for his Company. A business venture which costs less and has the is easy to establish is also less risky and is different from the sole proprietorships.
In this OPC the founder is the key person who is the director of the Company and drives the Company. In general, One person Company registration cost in India is about 1 lakhs but can be varied from region to region. Also, this was made in order to eradicate the practice of Sole Proprietorships.
Annual compliances of the OPC
It is mandatory and advisable for the OPC to maintain the compliance as per the Income Tax Act and the ComPANies Act. This generally includes the filings of income tax returns along with the annual returns. This is indeed a necessary pROCedure which has to b taken care of else, a fine can be imposed on the Company for the same.
Documents required
These are the documents which are required for the annual compliance of an OPC:
- List or the invoices of goods sent and purchased along with the sales during the year.
- Invoice of the expenses of the firm, during the financial year
- If the Expenses are incurred directly from the Director on behalf of the Company, then the Credit Card statements are required for the same.
- All the bank accounts which are in the name of the Company, their account statement from has submitted starting from 1 April to 31 March to the next year.
- A copy of the GST returns if filed any.
- A copy of the TDS challan deposited
Registration pROCess
For the annual compliance of the OPC, the following forms have to be filled:
- AOC-4 for Financial statement
- Form MGT-7 for annual return is also to be filed.
- The financial account statement of the OPC has to be filed within 180 days from 31st March of the financial year and that of the annual return within 60 days from the completion of AGM
