OPC Annual Filing and Other Compliances
OPC Annual Filing refer to annual return of OPC under Companies Act 2013. Other related compliance for OPC are statutory filing for TDS, GST, Income Tax and other filing as applicable as per the nature of OPC
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In order to ensure that your incorporated One Person Company (OPC) runs effectively, there are certain OPC Annual Filing compliance which need to fulfill as and when arises. For effectively, efficiently and economically running of OPC, statutory compliances need to fulfil timely, timely compliance ensure saving in unnecessary and unproductive expenditure in terms of penalty, late fees fine, interest etc.
OPC annual filing and other compliance are broadly categorized in three category; one is Annual Compliance, Monthly / Quarterly statutory Compliance and another is event based Compliance.
OPC Annual Filing and other Compliance are such return and forms which need to file annually irrespective of the fact whether any business activity carried on during the year or not. Such Annual Compliances are required to be filed in the form of return which has predetermined dates to be met. All Filings are required to be done on MCA Portal.
Monthly / Quarterly Statutory Compliance are such returns and forms which need to file on monthly / quarterly basis if the OPC also has registered GST Number; TAN number for TDS return filings; PF and ESI registered entity to fulfil labour law compliances.
Event based compliance are such return and forms which need to file as and when any event arises such as Change in Registered office Address, Resignation / removal of Partner, Addition / Admission of new Partner, any other event etc.
Certain OPC Annual filing and other compliance are required to be fulfill by LLP are:
OPC Annual Filing Compliance | |||
MBP-1 | Disclosure of Director’s Interest | It require disclosure from Director for his interest in other entities | Forming part of Secretarial Compliance |
DIR-8 | Director non-disqualification | Every Director in each financial year will file disclosure for his non-disqualification | Forming part of Secretarial Compliance |
AOC-4 | Filing of Financial Statement | It cover Financial Statement comprises of Profit & Loss and Balance Sheet | 30th September |
MGT-7 | Annual Return of OPC | It cover summary of Annual Return of the OPC | Within 60 days of AGM |
Income Tax Compliance | |||
ITR-6 | Income Tax Return | If Tax Audit of financial statement is not required | 30th September |
ITR-6 | Income Tax Return | If Tax Audit of financial statement is required | 30th September |
ITR-6 | Income Tax Return | If OPC involves in international transaction with associated enterprises and Transfer pricing report need to be filed | 30th November |
3CB-3CD | Income Tax Audit Report | Tax Audit is mandatory if turnover exceed INR 1 crore or INR 50 lakhs in case of Profession | 30th September |
3CEB | Income Tax Transfer Pricing | Transfer Pricing report is mandatory if LLP involves in international transaction with associated enterprises | 30th November |
GST Compliance (if OPC also has valid GST number) | |||
GSTR-9 | GST Annual Return | Annual Return need not to be certified and audited by Chartered Accountant | Refer GST section |
GSTR-9C | GST Annual Reconciliation statement | GST Annual Reconciliation Statement need to be audited and certified by a Chartered Accountant | Refer GST section |
Certain Monthly / Quarterly Compliances required to be fulfil by LLP are:
GST Compliance (if OPC has valid GST number) | |||
GSTR-3B | GST monthly summary | It comprises of monthly summary of GST on sales and purchases | 20th of every next month |
GSTR-1 | GST monthly | It comprises of monthly invoice wise details of sales along with debit and credit note | 10th of every next month |
GSTR-1 | GST quarterly return | If entity adopt for filing quarterly statement, it comprises of quarterly invoice wise sales along with debit and credit note | Before 30 days from the end of quarter |
TDS Compliance (if OPC has valid TIN and entitle to deduct and deposit TDS) | |||
24Q / 26Q / 27Q | TDS Quarterly returns | 24Q refers to TDS deducted and deposited on employees. 26Q refers to TDS deducted and deposited on all parties except employees and foreign parties 27Q refers to TDS deducted and deposited on Foreign parties | Before 30 days from the end of quarter |
PF and ESI Return (if OPC has valid PF and ESI registered entity) | |||
PF & ESI Return | PF and ESI monthly return | This contains details of employer and employee contribution mapped with the challan deposited | Before 15 days from the end of month |
The dates provided herein are the statutory dates, these might get change, during last hour considering the status of Return filed, and respective department might increase the date for return filings. We advice our clients well before time for all OPC Annual Filing and related compliance.
With the ever changing Law and regulatory requirements, we keep on track and advise the same on timely manner in order to ensure proper compliance relating to OPC Annual Filing. We at ReturnFilings.Com will understand the purpose of your compliance for OPC in India and thereafter will provide you detailed analysis mentioning the law requirement and compliance need to fulfill in order to operate it economically and efficiently. We at ReturnFilings.Com will provide you details of complete OPC Annual Filing and other compliance in order to ensure proper smooth and timely compliance. We at ReturnFilings.Com are determinate to provide end to end solution; our motto is you concentrate on your business while we at ReturnFilings.Com will take care of all your compliance need.