A One Person Company can be formed with just 1 person who can act as both the director as well as the shareholder. An OPC is required to adhere to the annual compliances stated under the Income Tax Act, the Companies Act and other regulations, as applicable. Such compliances include holding at least one board meeting in each half of the year, appointing a Statutory Auditor, adopt its financial statements that include the balance sheet, profit and loss account, auditor's report and notes of accounts.
One Person Company is not required to prepare cash flow statements. The annual return of an OPC must be filed with the Registrar of Companies as Form MGT-7. The ITR of OPC and annual return must be filed before September 30 each year.
After all the requisite documents are collected, the balance sheet and books of accounts are prepared and filed, notices, board resolution and minutes of Annual General Meeting are prepared and accounts are audited. The annual compliances are filed in form of ADT-1, AOC-4 and MGT-7 with the ROC. The income tax return (ITR) is filed with the Income Tax Department before September 30.