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One Person Company (Opc) is a separate legal entity, which have individual status in the eye of law. As an individual need to file ITR Return to update his full year accounting, similarly company also require filing his ITR return to government for update about its financial statement. Company should file his ITR annually after preparing financial statement after considering all Income and Expenditure of the company. Company should require filing its ITR in Form ITR-6 on or before 30th September.
After filing ITR Company require to comply with some other ROC Compliances, like Director KYC, Auditor Appointment, Director Appointment and Regularised, Attained Board Meeting, etc. Filing Financial Statement by Form AOC-4. Annual General Meeting clause is not applicable to OPC, and Board Meeting Clause is option. Filing of Form MGT-7 is not applicable to OPC.
developing financial processes and procedures
As per the Companies Act, 2013 Private Limited require complying with some compliance, if company file all the form as per the law then company status will be active.
In the company law for the non filing have heavy penalties, if you comply with all compliances on time then penalties can be avoided.
Government apply the laws on company to follow it so that company should not do any default, if company doing all compliances it means it’s clear in account and law and it is safe for investment.
Ans: It’s a simple single person firm. Remember it’s not a company, it’s a best way to start a business in India with the less costing and less compliance. its need only just one person for the legal registration.
Ans: The advantages are as follows:
• less costing
• less compliances
• less income tax etc
For the ITR filing we require to finalise accounting of the company after obtaining financial statements of company, all invoices and other material data are obtained.
Once company accounting is ready, we require to prepare all Papers for Director’s signature and form for ROC filing. All form should have attachment in PDF file with signature.
After finalising and signing all forms it is required to upload on ROC website, form should be filed within due date and pay ROC fees.
TruFilings can easily Compliances for One Person Company (Opc) within 5-7 working days