OPC Winding Up

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This query is : Resolved

Rohit Kumar (Querist)

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.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

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.

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