Introduction
A One Person Company (OPC) enjoys a simplified structure and limited compliance requirements compared to other corporate entities. However, it is still a company under the Companies Act, 2013, and must adhere to certain statutory deadlines annually to maintain legal standing and avoid penalties. These compliance requirements relate to financial filings, tax returns, audits, and maintenance of statutory records. Understanding and following the correct timeline is essential for the smooth functioning of an OPC and for ensuring that it remains in good standing with the Registrar of Companies (RoC) and other regulatory authorities.
April – Beginning of the Financial Year
The financial year for an OPC begins on April 1 and ends on March 31 of the following year. During this period, the company is expected to maintain updated books of accounts, issue invoices, file taxes, and fulfill all legal obligations in a timely manner. It is also the time to review compliance from the previous year and plan the statutory calendar.
May to July – Conduct Internal Audit and Book Finalization
From May to July, the OPC should focus on preparing and finalizing its books of accounts and conducting the statutory audit through a Chartered Accountant. Even though OPCs are exempt from many AGM requirements, their financial statements must be audited and kept ready for filing. This internal preparation lays the foundation for all subsequent filings.
By September 30 – Income Tax Return Filing
OPCs are required to file their Income Tax Return (ITR) using Form ITR-6. If the company is subject to audit, the due date for filing is typically September 30 (subject to updates by the Central Board of Direct Taxes). Filing the return on time is necessary to avoid late fees, interest, and penalties.
By September 27 – Filing of Financial Statements (AOC-4)
OPCs must file their financial statements using Form AOC-4 with the Registrar of Companies within 180 days from the end of the financial year. For a financial year ending on March 31, the deadline is generally September 27. The form includes the balance sheet, profit and loss account, auditor’s report, and board report.
By November 29 – Filing of Annual Return (MGT-7A)
OPCs must file their annual return using Form MGT-7A within 60 days from the completion of the financial year (as there is no AGM for OPCs). For a financial year ending on March 31, this translates to a due date of November 29. The annual return provides details of the shareholding, structure, and changes during the year.
Quarterly – GST Returns (if applicable)
If the OPC is registered under Goods and Services Tax (GST), it must file periodic GST returns. The frequency depends on the turnover and scheme opted:
- Monthly GSTR-1 and GSTR-3B for regular taxpayers
- Quarterly returns under the QRMP scheme for eligible OPCs
Delays in GST filings result in penalties and interest on unpaid taxes.
Quarterly – Advance Tax Payments
OPCs must also comply with the advance tax payment schedule if their tax liability exceeds ₹10,000 in a year. The advance tax is to be paid in four installments:
- 15% by June 15
- 45% by September 15
- 75% by December 15
- 100% by March 15
Event-Based Filings – As and When They Occur
In addition to regular filings, OPCs must submit event-based filings when specific corporate actions occur. These include:
- Appointment or resignation of a director (Form DIR-12)
- Change of registered office (Form INC-22)
- Alteration in capital (Form SH-7)
- Change in nominee (Form INC-4)
These must be filed within the prescribed timelines, generally within 15 to 30 days of the event.
Conclusion
Although a One Person Company benefits from relaxed compliance obligations, it must still adhere to a fixed statutory calendar for financial and legal filings. From income tax returns and annual financial statements to GST filings and advance tax payments, timely compliance is essential to avoid penalties and preserve the company’s legal status. Establishing and following a compliance timeline not only ensures smooth operations but also enhances the company’s credibility, financial planning, and regulatory standing. For OPC owners, maintaining this calendar is a vital aspect of responsible corporate management.
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