Annual Filing Obligations

• An OPC must file its financial statements every financial year with the Registrar of Companies (RoC).
  
• Form AOC-4 is used to file the audited financial statements.
  
• Form MGT-7A, a simplified version of the annual return, is mandatory for OPCs.
  
• These filings must be done even if there is no significant business activity during the year.
  
• Timely submission is essential to avoid penalties and maintain an active compliance status.
  

Statutory Audit Requirements

• A statutory audit by a Chartered Accountant is compulsory for an OPC, irrespective of turnover.
  
• The auditor is appointed by the board, and their report must accompany financial filings.
  
• The audit ensures that the company’s books of accounts and financials reflect a true and fair status.
  
• Proper maintenance of accounting records is required throughout the year.
  
• The auditor’s report plays a key role in annual compliance and legal accountability.
  

Board Resolutions and Documentation

• All significant decisions taken by the sole member must be recorded in writing.
  
• Although board meetings are not mandatory with only one director, resolutions must be documented.
  
• These written decisions are treated as board resolutions and must be maintained in company records.
  
• Any changes in company structure, capital, or directorship must be supported by such internal resolutions.
  
• Resolutions form part of the official record and may be referred to during audits or legal reviews.
  

Income Tax and TDS Compliance

• OPCs must file income tax returns annually, regardless of profit or loss.
  
• If the company makes payments subject to TDS (Tax Deducted at Source), it must deduct and remit the same.
  
• TDS returns must be filed quarterly if applicable.
  
• Maintenance of tax records and challans is necessary for audit and scrutiny purposes.
  
• Non-compliance with tax obligations can lead to financial penalties and legal notices.
  

Maintenance of Registers and Records

• OPCs must maintain statutory registers such as the Register of Members and the Register of Directors.
  
• Proper books of accounts must be maintained at the registered office.
  
• The company must keep records of all financial transactions, invoices, and bank statements.
  
• These records are essential for statutory audit and ROC inspections.
  
• Failure to maintain such records may result in penalties and the disqualification of directors.