Annual Compliance for One Person Company (OPC) in Jaipur

If you own a One Person Company (OPC) in Jaipur, it is essential to comply with specific annual requirements outlined in the Companies Act, 2013. These compliances help your business stay legal, avoid penalties, and maintain a good reputation with government authorities.

What is Annual Compliance?

Annual compliance refers to the filing of various documents and forms with the Ministry of Corporate Affairs (MCA) on a yearly basis. It includes financial statements, company details, and income tax filings.

Key Annual Compliances for OPC in Jaipur

1. Annual Return (Form MGT-7A)

• This form contains the basic details of the company, including information about shareholders and directors.
• It must be filed within 60 days of the Annual General Meeting (AGM) date.

1. Financial Statements (Form AOC-4)

• This form includes the Balance Sheet, Profit & Loss Statement, and other financial data.
• It must be filed within 180 days from the end of the financial year.

1. Income Tax Return (ITR-6)

• Every OPC is required to file income tax returns on an annual basis.
• The due date is usually 30th September of each year (unless extended by the government).

1. DIR-3 KYC for Director

• Every director must complete KYC by filing DIR-3 KYC annually.
• It helps keep director information up to date with the MCA.

1. Form DPT-3 (if applicable)

• If the OPC has accepted any loan or deposit, it must file this form.

1. Audit of Financial Statements

• The accounts must be audited by a Chartered Accountant, even if the turnover is low.

Benefits of OPC Annual Compliance

• Avoid legal penalties and late fees.
• Build trust with banks and investors.
• Ensure smooth business operation.
• Maintain good standing with the Registrar of Companies (ROC)

Penalty for Non-Compliance

Failure to comply with annual filings may result in penalties starting from ₹10,000 and may increase daily. It can also lead to the disqualification of directors.

Conclusion

Annual compliance for OPC in Jaipur is a mandatory process and should not be ignored. It's always advisable to consult a professional or hire a compliance expert to ensure timely filing of the forms. Staying compliant helps your OPC grow without any legal issues.