OPC Winding Up
This query is : Resolved
12 February 2022
A OPC was incorporated on 29/10/2020 by paid up capital of Rs 100,000/- & only Rs 30,000 deposited in Bank A/c of company & since then company has not started the business. Now we want to strike off the name of Company.
Queries:-
1) Is it mandatory to deposit remaining Rs 70,000/- in bank A/c before filing INC-20A or simply a declaration for not starting business will be sufficient as attachment to INC-20A.
2) Do we also require to File ITR for the F.Y 20-21.
Please guide.
Queries:-
1) Is it mandatory to deposit remaining Rs 70,000/- in bank A/c before filing INC-20A or simply a declaration for not starting business will be sufficient as attachment to INC-20A.
2) Do we also require to File ITR for the F.Y 20-21.
Please guide.
09 July 2024
Here are the responses to your queries regarding the striking off of an OPC (One Person Company) that has not commenced business:
1. **Deposit Requirement for INC-20A:**
- As per the Companies Act, 2013, and rules, there's no explicit requirement to deposit the entire subscribed capital (Rs 100,000 in your case) into the company's bank account before filing INC-20A (declaration for commencement of business).
- Since your OPC has not commenced business and only Rs 30,000 is deposited, you can file INC-20A with a declaration stating that the company has not commenced business. Attach supporting documents such as a bank statement showing the deposit of Rs 30,000 and a declaration by the director.
2. **Filing ITR for FY 20-21:**
- If the OPC has not commenced business and has no income or transactions during the financial year 2020-21, typically you are not required to file an income tax return (ITR).
- However, if the OPC has filed for incorporation in October 2020 and has any expenses or other financial activities that could generate income, you should consider consulting with a tax professional to determine if an ITR filing is necessary to comply with tax regulations.
In summary, before proceeding with striking off the name of the OPC, ensure:
- You have complied with all requirements related to filing INC-20A with appropriate declarations.
- If there are any financial transactions or expenses during FY 20-21, consult with a tax professional to determine the necessity of filing an ITR.
Always consider seeking advice from a professional chartered accountant or legal advisor to ensure compliance with all statutory requirements and avoid any penalties or legal issues.
1. **Deposit Requirement for INC-20A:**
- As per the Companies Act, 2013, and rules, there's no explicit requirement to deposit the entire subscribed capital (Rs 100,000 in your case) into the company's bank account before filing INC-20A (declaration for commencement of business).
- Since your OPC has not commenced business and only Rs 30,000 is deposited, you can file INC-20A with a declaration stating that the company has not commenced business. Attach supporting documents such as a bank statement showing the deposit of Rs 30,000 and a declaration by the director.
2. **Filing ITR for FY 20-21:**
- If the OPC has not commenced business and has no income or transactions during the financial year 2020-21, typically you are not required to file an income tax return (ITR).
- However, if the OPC has filed for incorporation in October 2020 and has any expenses or other financial activities that could generate income, you should consider consulting with a tax professional to determine if an ITR filing is necessary to comply with tax regulations.
In summary, before proceeding with striking off the name of the OPC, ensure:
- You have complied with all requirements related to filing INC-20A with appropriate declarations.
- If there are any financial transactions or expenses during FY 20-21, consult with a tax professional to determine the necessity of filing an ITR.
Always consider seeking advice from a professional chartered accountant or legal advisor to ensure compliance with all statutory requirements and avoid any penalties or legal issues.
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