Opc first financial year
Komal Motiani
Aimers Financial Solutions
If you incorporate your OPC between January and March, you can still close your first financial year on March 31st, but the company would need to file its first annual return and financial statements within 180 days from the end of the first financial year.
Key Points:
First Financial Year: If the OPC is incorporated between January and March, its first financial year will end on the subsequent March 31st.
So, must be filed within 180 days from the end of the first financial year.
This means if your OPC is incorporated in, say, March 2024, the first financial year will end on March 31, 2025, and you need to file the annual return by September 30, 2025.
If the filings are delayed beyond the due date, penalties may apply. Late fees can accrue for each day of delay in filing the documents.
In short:-
It is okay to close your first financial year in the next year (March 31st).
As long as you file your annual return and financial statements on time (within 180 days), you won't face penalties.
one opc is incorporated between January to march? So if I close my first financial year in next year and first annual filling in next year? Is it ok? Or I would face penalty?
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