Tag: one person company

OPC Annual Filing 2023: Compliances, Due Dates, and Key Points

OPC Annual Filing 2023

Compliances & Due Dates

A One Person Company (OPC) is a type of business structure that allows a single individual to start and operate a company with limited liability in accordance with the provisions as mentioned under the Companies Act, 2013 and rules made thereunder. It was introduced as a new concept under the Companies Act, 2013, to promote entrepreneurship and make it easier for individuals to start their own businesses. An OPC can have only one shareholder/member.

Sec 2(62) “One Person Company” means a company which has only one person as a member. 

For OPC: Return Filing Provisions & AGM.

DIR-3 KYC:

It is mandatory compliance for DIN / DPIN holders.

  1. E- Form DIR-3 KYC is to be filed by an individual who holds DIN / DPIN and is filing his KYC details for the first time or by the DIN holder who has already filed his KYC once in eform DIR-3 KYC but wants to update his details.
  • Web service DIR-3-KYC-WEB is to be used by the DIN / DPIN holder who has submitted DIR-3 KYC eform in the previous financial year and no update is required in his details.

Annual Filing Compliances

  • Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year

  • AGM not Applicable for OPC: Section 96

(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next.

  • OPC Annual Filings – Timeline and Key points:

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year.  (Section 137 of the CA 2013).

  • AGM not Applicable for OPC: (Section 96.)
  • A person can be member in only one OPC.
  • The following 2 E – forms to be filed for Annual ROC filing is:
  1. MGT-7 – Annual return
    1. AOC- 4 – Financial Statements, Balance Sheet & P&L Account
  • Due date for Annual Financial Statements (AOC-4): The due date for Annual Filing is 27.09.2023 (if FY ended on 31.03.2023)
  • Due date for Annual Return (MGT-7A): OPC does not require to hold AGM, yet the due date for filing Form MGT 7 shall be 60 days from the completion of the 6 months from the end of financial year, that means due date will be 60th day from 27.09.2023.

Form MGT-7A is the form prescribed for Annual Return of One Person Company and Small companies. This form is applicable in respect of Annual Return for the F.Y. 2021-22 and onwards of OPC as defined under Section 2(62) of Companies Act, 2013, and small companies.

  • Penalty for non – submission with in due timeline: 

In case a return has not been filed, a Penalty (additional fees) will be levied from the due date (27.09.2023 – in case of AOC-4) of INR 100/- per day for each day for which default continue.   

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

Advisory for the taxpayer wishing to register as “One Person Company” in GST

Advisory for the taxpayer wishing to register as “One Person Company” in GST

As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member.

Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of choosing One Person Company is not there in form notified by CGST/SGST Acts and hence not available on the GSTN portal also.

As a work around, it is advised that in the ‘Part B’ of GST Registration Form ‘REG-01’, applicant may select (Constitution of Business under ‘Business Details’ tab using dropdown list) option “Others”, if the taxpayer wants to register for GST as “One Person Company”. After selecting option as “Others”, the applicant shall also mention “One Person Company” in the text field and follow the steps for a normal registration application to complete the process.

In case of any further issues, it is advised to raise ticket at self help portal.

Thanking You,
Team GSTN

OPC Annual Filing & AGM Provisions (including 2020 extension clarification)

One Person Company:

Sec 2(62) “One Person Company” means a company which has only one person as a member.

For OPC: Return Filing Provisions & AGM

  • Section 137 of the Companies Act, 2013

One Person Company shall file a copy of the financial statements duly adopted by its member, along with all the documents which are required to be attached to such financial statements, within one hundred eighty (180) days from the closure of the financial year.

  • AGM not Applicable for OPC: Section 96

(1) Every company other than a One Person Company shall in each year hold in addition to any other meetings, a general meeting as its annual general meeting and shall specify the meeting as such in the notices calling it, and not more than fifteen months shall elapse between the date of one annual general meeting of a company and that of the next:

For FY 2019-20: OPC Annual Filing & AGM

Due date for Annual Filing was 27.09.2020 and can be filed till 31.12.2020 without any additional fee under CFSS, 2020 but at present CFSS is finished. So in case return has not been filed, Penalty (additional fees) will be levied from the due date (27.09.2020). 

Further AGM Provisions under Section 96 of CA, 2013 are not applicable on One Person Company (OPC). AGM Extension will not work for OPC because due date for filing Annual Returns is 180 days from closure of FY not from the date of AGM. 

In case you want to conduct AGM voluntary for OPC, you are required to conduct the same  before due date of return i.e. 27.09.2020. 

AGM extension orders not applicable on OPC and hence OPC can’t conduct their AGM (Voluntary) beyond 27.09.2020.

Delhi Order Copy: http://www.mca.gov.in/MinistryV2/extensionofagm.html

Kindly note that: (for other than OPC & knowledge purpose)

Date of AGM shall be included while calculating the filing days. For Example:

AGM Date is 31.12.2020 then ADT-1 has to be filed on or before 14.01.2021 & AOC-4 on or before 29.01.2021 without any additional fee. The same will be applicable for MGT-7 as well (within 60 days from AGM)

read more at AGM EXTENSTION 2020

read more at DECODING MCA RELAXATION ON HOLDIN ON AGM

Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.