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Compliances of One Person Company

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Compliances of One Person Company

Compliance refers to the act of adhering to laws, regulations, standards, or guidelines. Compliances refers to the process of ensuring that a company or organization follows all applicable laws, regulations, and all internal policies that governs its operations. Annual compliances of private limited company encompass a range of regulatory obligations that the company must fulfill on an annual basis to ensure legal compliances, transparency and accountability to its operations.

    Compliances include:
    • Immediate After Registration
    • MCA Compliance
    • GST Compliance
    • Income Tax Compliance
    • ESIC/EPFO Compliance
    • Accounting

Immediate after Registration

1. INC 20A

INC-20A is a declaration filed by a company with the Registrar of Companies (ROC) under the Companies Act, 2013, to confirm that the company has commenced its business operations.

  • Purpose: To declare the commencement of business and verify that:
    • The subscribers to the memorandum have paid the value of shares agreed upon.
    • The company has opened a bank account in its name and deposited the subscription money.
  • Due Date: Before 180 days of incorporation
  • Penalty: Up to 12 times the normal fees

2. ADT-1: First Auditor Appointment

After incorporation of a Private Limited Company, the appointment of the first statutory auditor is a mandatory compliance under the Companies Act, 2013.

  • Purpose: The first auditor plays a critical role in ensuring statutory compliance and financial transparency for a newly incorporated company.
  • Due Date: The Board of Directors must appoint the first auditor within 30 days from the date of incorporation of the company.
  • Penalty:
Particulars Penalty
Company ₹10,000 + ₹1,000/day (continuing default)
Every Officer in Default ₹10,000 + ₹1,000/day (continuing default)
Maximum limit ₹2,00,000 (company), ₹50,000 (per officer)

3. Share Certificates Issue

After a company is incorporated, it must issue share certificates to its shareholders as evidence of ownership. This is a statutory requirement under the Companies Act, 2013.

  • Purpose: A share certificate is a legal document that serves as proof of ownership of shares in a company. It is a vital instrument in corporate governance and shareholder management.
  • Due Date: Within 2 months (60 days) from the date of incorporation or date of allotment, as applicable.
  • Penalty:
Defaulter Penalty
Company Minimum ₹50,000 and may extend up to ₹5,00,000
Every officer in default Minimum ₹10,000 and may extend up to ₹1,00,000

ROC Compliance

1. DIN KYC (DIR-3KYC / DIR-3KYC WEB)

Every person who holds a Director Identification Number (DIN) must annually file KYC with the Registrar of Companies (ROC) as per Rule 12A of Companies (Appointment and Qualification of Directors) Rules, 2014.

  • Purpose: To keep the DIN of the directors activated.
  • Due Date: 30th September of every financial year.
  • Penalty: ₹5,000

2. DPT-3

Form DPT-3 is a return that companies (except government companies) must file annually to the Registrar of Companies (ROC), providing details of:

  • Deposits accepted by the company
  • Outstanding loans, debentures, and other non-deposit borrowings
  • Purpose: To maintain transparency regarding the money received by the company from the public, directors, shareholders, banks, or any other sources. Helps the ROC monitor whether the funds raised are in the nature of deposits or exempted borrowings.
  • Due Date: Before 30th June of every Assessment Year.
  • Penalty: Up to 12 times the normal fees

3. ADT-1

Form ADT-1 is a statutory form filed with the Registrar of Companies (ROC) to inform about the appointment of an auditor under Section 139 of the Companies Act, 2013.

  • Purpose: To intimate the ROC about the appointment of the company’s statutory auditor.
  • Due Date: Before 27th September of Assessment Year.
  • Penalty: Up to 12 times the normal fees

4. AOC-4

Form AOC-4 is an annual filing form under the Companies Act, 2013, through which every company submits its audited financial statements to the Registrar of Companies (ROC).

  • Purpose: To report the company’s financial position for the financial year. Mandatory for maintaining transparency, accountability, and statutory compliance. Enables ROC and stakeholders to assess the company's performance.
  • Due Date: Before 27th September of Assessment Year.
  • Penalty: ₹100 per day

5. MGT-7 / 7A

Form MGT-7 is an annual return filed by companies with the Registrar of Companies (ROC) under Section 92 of the Companies Act, 2013. It contains key information about the company’s structure, shareholders, and governance.

  • Purpose: To provide a snapshot of the company’s structure as on the financial year-end. Like: Shareholding pattern, Directors and KMP, Debentures and other securities and Company’s overall compliance position.
  • Due Date: Before 27th September of Assessment Year.
  • Penalty: ₹100 per day

GST Compliance

1. GSTR-1

GSTR-1 is a monthly or quarterly return that must be filed by registered GST taxpayers to report their outward supplies (sales) of goods or services.

Purpose:
  • To declare sales invoices, credit notes, and debit notes issued during the period.
  • Enables buyers to claim Input Tax Credit (ITC) as details are auto-populated in their GSTR-2A/2B.
  • Facilitates transparency and tax reconciliation under GST.
Due Date:
Filing Type Due Date
Monthly 11th of next month
Quarterly 13th of month following quarter
Penalty:
Type Penalty
Late Filing Fee ₹50/day (₹25 CGST + ₹25 SGST)
Nil Return ₹20/day (₹10 CGST + ₹10 SGST)

2. GSTR-3B

GSTR-3B is a summary return that must be filed monthly or quarterly by all regular registered taxpayers under GST. It captures summary details of outward and inward supplies, and the amount of GST liability and Input Tax Credit (ITC).

Purpose:
  • To declare summary of sales (outward supplies) and purchases (inward supplies).
  • To compute and pay GST liability.
  • Mandatory to claim Input Tax Credit (ITC).
Due Date:
Filing Frequency Due Date
Monthly 20th of next month
Quarterly (QRMP) 22nd or 24th of next month (depends on state)
Penalty:
Type Late Fee
Normal Return ₹50 per day (₹25 CGST + ₹25 SGST)
Nil Return ₹20 per day (₹10 CGST + ₹10 SGST)

3. GSTR-9

GSTR-9 is an annual return that must be filed by regular GST-registered taxpayers, summarizing their monthly/quarterly returns (GSTR-1 & GSTR-3B) filed during the financial year.

Purpose:
  • To provide a consolidated summary of outward and inward supplies, ITC claimed, tax paid, and demand or refund.
  • Ensures reconciliation between monthly/quarterly returns and books of accounts.
  • Acts as a self-certification for the annual compliance under GST.

Due Date: 31st December of the assessment year.

Penalty:
Type Late Fee
Standard ₹200 per day (₹100 CGST + ₹100 SGST)
Maximum 0.25% of the turnover in the State/UT

4. GSTR-9C

GSTR-9C is a reconciliation statement between the figures reported in the GSTR-9 (Annual Return) and the audited financial statements of a taxpayer. It must be certified by a Chartered Accountant (CA) or Cost Accountant.

Purpose:
  • To reconcile the difference between:
    • Annual return filed in GSTR-9
    • Audited financial statements of the company
  • Acts as a self-certified audit to ensure correctness of declared GST liability.

Due Date: 31st December of the assessment year.

Penalty:
  • If not filed along with GSTR-9, late fees of GSTR-9 apply:
    • ₹200 per day (₹100 CGST + ₹100 SGST)
    • Maximum: 0.25% of turnover in the State/UT
  • Additionally, the department may issue notices for non-compliance or misreporting.

INCOME TAX COMPLIANCE

Income tax compliance means timely and accurate fulfilment of obligations under the Income-tax Act, 1961, including return filing, TDS, advance tax, and reporting disclosures. Here's a complete guide to what’s required.

1. INCOME TAX RETURN

An Income Tax Return (ITR) is a form filed with the Income Tax Department of India to report income, expenses, taxes paid, deductions claimed, and other relevant tax details for a financial year (April to March).

  • Purpose: Filing an ITR serves legal, financial, and compliance-related purposes for both individuals and businesses.
  • Due Dates:
    Category of Taxpayer ITR Filing Due Date
    Individuals (not liable for audit) 31st July
    Businesses requiring audit 31st October
    Companies 31st October
    Transfer Pricing report (Form 3CEB) 30th November
    Revised or Belated Return (FY 2023–24) 31st December
  • Penalty: ₹5000 (₹1000 if income < ₹5 lakh)

2. TAX AUDIT

A tax audit is an examination of business/profession accounts by a Chartered Accountant to ensure compliance with the Income Tax Act, 1961.

  • Purpose: Ensure accuracy, proper bookkeeping, prevent evasion, and aid administration.
  • Due Date: 31st October of the assessment year
  • Penalty:
    • Section 271B: 0.5% of turnover or ₹1,50,000 (whichever is lower)
    • No penalty if reasonable cause is proven

3. TDS DEPOSIT

Tax deducted at source (TDS) must be deposited with the Central Government after deduction from payments such as salary, rent, interest, etc.

  • Due Dates: 7th of every next month (For March – 30th April)
  • Penalty: Interest @ 1.5% per month

4. TDS RETURN

A quarterly statement filed by deductors to report TDS deductions and deposits.

  • Purpose: Ensures transparency, credit availability, and legal compliance.
  • Due Dates:
    Quarter Period Due Date
    Q1 Apr – Jun 31st July 2024
    Q2 Jul – Sep 31st October 2024
    Q3 Oct – Dec 31st January 2025
    Q4 Jan – Mar 31st May 2025
  • Penalty: ₹200 per day (max up to TDS amount)

5. ADVANCE TAX

Advance tax means paying your tax liability in instalments throughout the financial year instead of at year-end.

  • Purpose: Ensures timely collection, improves transparency, and reduces year-end burden.
  • Due Dates:
    Due Date Minimum Amount Payable
    15th June 2024 15% of total tax liability
    15th September 2024 45% of total (incl. earlier payments)
    15th December 2024 75% of total (incl. earlier payments)
    15th March 2025 100% of total tax liability
  • Penalty:
    • Non-payment/shortfall: 1% per month
    • Delay in installment: 1% per month

ESIC / EPFO COMPLIANCE

1. ESIC COMPLIANCE

ESIC (Employees’ State Insurance Corporation) is a social security scheme under the Employees’ State Insurance Act, 1948, designed to provide medical, cash, maternity, disability, and dependent benefits to employees and their families.

  • ESIC Contribution Rates:
    Contributor Rate of Contribution
    Employer 3.25% of gross wages
    Employee 0.75% of gross wages
  • Due Dates for ESIC:
    Particular Due Date
    ESIC Monthly Payment 15th of next month
    Half-Yearly ESI Returns 11th November & 11th May (approx.)
    Employee Registration Within 10 days of joining
  • Penalty:
    • Late payment of contribution: Interest @ 12% p.a. for each day of delay
    • Non-registration: Fine up to ₹5,000 plus prosecution

2. EPFO COMPLIANCE

EPFO (Employees’ Provident Fund Organization) is governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF is a social security scheme designed to ensure retirement savings and other financial benefits for employees.

  • EPFO Contribution Rates:
    Contributor Rate Contribution To
    Employer 8.33% NPS
    Employer 3.67% EPF
    Employee 12% EPF
    Total 24%
  • Due Dates for EPFO:
    Particular Due Date
    PF Contribution Payment 15th of the next month
    ECR Filing (monthly PF return) On or before payment date
    Annual Return (Form 6A) 30th April (following FY)
  • Penalties:
    Default Penalty / Interest
    Late payment of PF Interest @ 12% p.a. (simple interest) under Section 7Q
    Damages (penalty) for delay 5% to 100% depending on length of delay
    Failure to register Prosecution + penalty up to ₹5,000
    False return / non-filing Fine + imprisonment

Accounting

Accounting compliance refers to adhering to the statutory requirements for maintaining books of accounts, financial statements, and related disclosures as per applicable laws such as the Companies Act, 2013, Income Tax Act, 1961, and Accounting Standards/IND AS.

Due date of accounting:Before AGM
Penalties:Fine of Rs. 50,000 to Rs. 5,00,000

FAQs

Yes, annual compliance is compulsory, even if the OPC has no transactions or business activity during the year.

Yes, audit of books of accounts is mandatory for all OPCs, irrespective of turnover.

No, AGM is not applicable for a One Person Company.

If a company fails to comply with the annual filings:

• Heavy penalties.
• Disqualification of director.
• Possible strike-off of the company by ROC.

Yes, maintenance of books of accounts and statutory registers is mandatory under the Companies Act, even if there are no business transactions.

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