Context :
Abridged Annual
Return in Form MGT-7A for OPCs & Small Companies
Extract :
Ø “Provided
further that the Central Government may prescribe abridged
form of annual return for “One Person Company,
small company and such other class or classes of companies as may be
prescribed”.
Ø “(1)
Every company shall file its annual return in Form No. MGT-7 except One Person
Company (OPC) and Small Company. One Person Company and Small Company
shall file annual return from the financial year 2020-2021 onwards in Form No. MGT-7A.”
===================================================
Context
:
OPC
Annual Filing – Important Statutory due dates for FY 2019-20
Extract :
E-Form AOC 4
due date
- This
is to be filed with relevant ROC, within 180 days of the close of
financial year.
- In
case of an OPC, the annual financial reports contain only
particulars such as Balance
Sheet, Profit and Loss Account, Auditor’s Report, and the Consolidated
Financial Statement.
ROC Form MGT 7 Due date
- This
is one most important RoC return filing for an OPC (One Person Company),
which contains current / updated information about the directors and shareholders of the OPC.
=================================================
Context :
List
of Annual Compliances by One Person Company
Extract :
Ø
A One Person Company shall
file its Annual Return
within 60 days of entry of ordinary resolution in Minute Book.
Ø
With a view to facilitate ease of doing business
and for reducing the burden of One Person Company, the Central Government has
prescribed abridged form
of Annual Return to be annually filed by One Person Companies.
Ø
Annual Return of every One Person Company shall
be signed by the company secretary or where there is no company secretary, by the director of
the company.
Ø
The financial statements of a One Person
Company can be signed by
one director alone.
Ø
Cash Flow Statement is not a mandatory part
of financial statements for a One
Person Company. Financial statements of a one person company need to be filed
with the Registrar, after they are duly adopted by the member, within 180 days
of closure of financial year along with all necessary documents.
===================================================
MY TAKE :
Dear Smt Sitharamanji,
Ø This
is a very welcome announcement , but I urge you to “ Go the Whole Hog “ and totally abolish Corporate Income Tax for first 10 years of operations
for “ One Person Companies “ as suggested in my following earlier
e-mails :
One
Person Company [ OPC ] – A welcome FIRST step……………..[ 15 Feb 2921 ]
21-22 Budget Blues : One Person Company ( OPC )……………………[
01 Feb 2021 ]
A New Economic Order ? aka " Start Up Act - 2015 "……………..
… [ 12 Sep 2015 ]
Ø There
is no way , either Public Sector or Private Sector, can generate 12 million NEW paid jobs
each year
Ø In
the past one year , millions of persons employed with our 65 million MSME have lost their jobs
Ø This
is on top of 55 million
youth ( out of 219 million in age group of 15 – 24 ) already unemployed
Ø Government
must pull out all stops to enable them to become “ SELF EMPLOYED “
Ø By
making my suggested announcement ( viz: No Corporate Tax for OPC for 10 years ) , Govt loses
nothing, since, in any case these 55 million are NOT paying any PERSONAL
INCOME TAX !
Ø On
the other hand , by getting them “ Registered “ on Income Tax Department portal
as “ ZERO TAX PAYERS “ ( despite honestly
declaring each year’s PROFIT and accumulating OFFICIAL wealth-corpus ) , Govt
will be able to track, how much INCOME they are managing to EARN by becoming SELF EMPLOYED
Ø This
is a simple and straight forward method to bring these
55 million into “ Organized Data-Base “
Lesson from History :
Ø A
few years back when Pradhan Mantri Jan Dhan Yojna ( PM-JDY ) was launched, no
one had ever thought of allowing people to open a bank account with ZERO balance ! It was unthinkable . But it was a revolutionary / out-of-box
thinking on your part which has by now, enabled 41.75 crore ( 417.5 million ) citizen
to open bank accounts.
Ø In March 2015, the percentage of ZERO BALANCE accounts, was 58 % . Today it is a mere 7.5 %
This is a proof that the Govt. committed to #FinancialInclusion to all citizens
( source : Jan
Dhan accounts cross 41 crore, only 7.5% zero-balance accounts )
Ø Implementing
my suggestion will ensure #TaxAccountability
for all ( even for those paying ZERO tax )
With regards,
Hemen parekh / hcp@RecruitGuru.com / 08
March 2021
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