Annual Compliance for OPC in Haryana
Annual Compliance Filing for One Person Company in Haryana
A One Person Company (OPC) is a unique and innovative business structure under the Companies Act 2013. It helps entrepreneurs run a business with protection from personal liability and allows them to work alone. Small business owners and solo entrepreneurs prefer this form of company because they find it easy to work with and adapt. By following mandatory annual compliance requirements, you can maintain your One Person Company smoothly while reducing legal problems. Companies that follow all annual compliance requirements gain stakeholder trust, which helps them develop and grow sustainably.
Mandatory Annual Compliances for OPC Companies in Haryana
To remain legally compliant and maintain operational status, the One Person Company must fulfil its annual requirements as mandated by law.
1. Financial Statement Filing
As part of their fiscal requirements, OPC companies need to submit their Balance Sheet and Profit & Loss Account in Form AOC-4 to the Ministry of Corporate Affairs. These documents provide a clear picture of how well the business performs.
2. Annual Return Filing
Each OPC must submit its annual business results with Form MGT-7A to the MCA for filing. The filing offers full details about the shareholders and directors and essential company information to promote transparency in business operations.
3. Income Tax Return Filing
All OPCs need to submit their income tax reports every year under the Income Tax Act 1961 regulations. All necessary information for this report must be submitted using ITR forms based on the business type. On-time income tax filing stops penalties and keeps the company legally compliant.
4. Statutory Audit
To maintain accurate financial records, an OPC needs professional audits performed by certified Chartered Accountants. OPCs must get their financial statements audited to show their financial position properly.
5. Other Applicable Compliances
OPCs who run certain types of businesses must meet regular GST and TDS reporting requirements along with government rules. These ensure that the company follows all required legal rules to operate properly.
Importance of Annual Filings for One Person Company in Haryana
Timely and accurate annual filings for OPC in Haryana are crucial for the following reasons:
- Legal Compliance: The company needs to adhere to Companies Act 2013 standards by submitting its reports on time to avoid legal penalties. Non-compliance can attract severe consequences, including fines and restrictions, which limit your ability to operate.
- Avoiding Penalties: Non-compliance with annual filings will result in heavy penalties, and the company director could lose their position in the organization. The company protects its finances and legal standing by keeping to proper regulations.
- Building Credibility: When a business follows all legal requirements, it develops confidence among everyone who invests in the company's success. Having people trust your company is necessary to gain funding and make partnerships.
- Business Growth: Companies that follow the rules properly develop a strong reputation, which creates better chances for growth and attracting investment. Compliant businesses win more trusting investors and open doors to additional business chances.
- Corporate Governance: Annual filings show all company activities clearly so both management and investors trust how the business is governed properly. Annual report submission maintains a strong market standing for our business.
- Ease of Operations: When businesses stay up to date with legal compliance, they run their daily operations without trouble. The business can concentrate on its expansion and growth process.
Documents Required for Filing OPC Annual Compliance in Haryana
To fulfil the OPC annual compliance requirements in Haryana, the following documents are typically required:
- Audited Financial Statements (Balance Sheet Statement, profit and loss account, Cash Flow statements): These documents show every detail about the company's financial performance during the period.
- Director’s Report: Directors create an all-inclusive report that explains company results in a financial year.
- Annual Return (Form MGT-7A): Details of who holds shares in the company plus management staff information.
- Income Tax Returns: Income tax returns under the provision of the Income Tax Act.
- Bank Statements: The financial company tracks all money moves it conducts through this record.
- Details of shareholders and directors: updated information about the company’s key members.
- Proof of GST filings (if applicable): Documents that show the company follows GST regulations properly.
- Provide specific documents related to company type: Businesses need to provide supporting documents that match their industry's standards.
Procedure for Filing OPC Annual Compliance in Haryana
The step-by-step procedure for completing the annual compliance requirements for an OPC in Haryana is as follows:
- Maintain Financial Records: Keep all financial transactions properly documented all year long. Bookkeeping every day saves time and provides auditors with the needed financial documents at the finish line.
- Conduct a Statutory Audit: Hire a registered Chartered Accountant to audit your company's financial reports. Our audit team will produce the required documents and certifications to show that business operations comply with the law.
- Prepare the Director’s Report: The director needs to make and sign a Director's Report that explains all the activities the company did during a financial year. Companies need this report as part of their submission to MCA.
- Submit Audited Financial Reports (Form AOC-4): Companies must submit their audited financial statements to MCA within 180 calendar days from each financial year’s shutdown. A firm needs to take this step to complete its compliance practices.
- Each Annual Return goes with (Form MGT-7A): Submit your annual return to the MCA within 60 days from the end of your financial year. By filing this information, the government keeps company data updated.
- File Income Tax Returns: Furnish income tax returns before the Income Tax Act determines its deadline, which commonly arrives on July 31st. Doing taxes correctly helps you avoid tax penalties.
- Other Compliance Filings: To meet legal requirements, you need to submit GST returns, TDS returns, and other necessary government paperwork at the right time. The company stays within all required legal requirements.
- Ensure Timely Submission: Meet your deadlines to prevent financial losses and show accurate compliance history. Meeting deadlines shows both a professional approach and accountable company behaviour.
Why Choose Kanakkupillai for Filing OPC Annual Compliance in Haryana?
Kanakkupillai helps One Person Companies (OPCs) in Haryana to stay compliant with government rules by providing all necessary compliance services. Kanakkupillai brings you expert service for annual compliance for one person company in Haryana with tailored solutions and cost-effective support to build your OPC while meeting all necessary legal requirements.
Frequently Asked Questions
What is the due date for filing annual returns for an OPC in Haryana?
Each year the company must submit the MGT-7A annual return within 60 days after its financial year ends plus financial statements using Form AOC-4 within 180 days.Does an OPC need to hire an auditor for its operations?
Yes, all OPC has to appoint an auditor to conduct a statutory audit of their financial records.Does an OPC need to register for GST by choice?
An OPC business can choose to register for GST under its own preference when the rule does not require it.How can Kanakkupillai assist in annual compliance for OPCs in Haryana?
Kanakkupillai handles all compliance matters for your OPC including bookkeeping, auditing, return filing, and legal advisory.What makes Us Different

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