One_Person_Company


What's New Login We feel happy to talk +91 7827565740 +91 9560045740 +91`9871297057


	Home About Us Services Registration of Entity PARTNERSHIP FIRM PROPRIETORSHIP FIRM LIMITED LIABILITY PARTNERSHIP ONE PERSON COMPANY PRIVATE LIMITED COMPANY PUBLIC LIMITED COMPANY NON PROFIT COMPANY OR SECTION 8 COMPANY TRUST SOCIETY Legal Registration TDS/ TRACES REGISTRATION GST REGISTRATION MSME/ SSI REGISTRATION FSSAI REGISTRATION SHOP REGISTRATION IMPORT EXPORT CODE TRADEMARK REGISTRATION Accounting Daily Accounting Weekly Accounting Cloud_Based_Accounting Customized Accounting Returns Filling GST Returns INCOME TAX Returns TDS Returns ROC Returns Project Finance Team/ Associates Gallery Professional Videos Professional Gallery Greetings Payment Blog FAQ's Knowledge Bank Calculators GST Calculator Tax Calculator TDS Calculator Calculate Net Profit Calculate Net Worth Effective Capital HRA NSC EMI Auto Loan Calculator Home Loan Calculator Get No. Of Installment RERA Calculator Developers Calculator Home Buyer Delay Interest Home Buyer Refund SIP CALCULATOR Lumpsum CALCULATOR Bulletins RBI SEBI Notification Circular Income Tax Service Tax Central Sales Tax Excise Matters Customs Company Law Labour Laws FEMA The LLP Act 2008 Accounting Standard (INDAS) Others GST VAT Delhi VAT Maharastra VAT Gujarat VAT Telangana VAT Tamil Nadu VAT IGST UTGST Compensation Cess IBC Regulation Utilities Rates of TDS TDS Rates for N.R.I us 195 Rates of Income Tax Depreciation Rates Companies Act Depreciation Rates Income Tax Act ROC Filing Fees (Cos Act, 2013) ROC Fee Structure (Cos Act, 2013) Cost Inflation Index IFSC Codes MICR Codes Rates of NSC Interest Gold and Silver Rates Rates of Stamp Duty LLP Fees National Industries Classification HSN Rate List Deduction u/s 80TTA Vs 80TTB Links Quick Links Important Links GST/VAT Links Ease Of Doing Business Acts Direct Tax Income Tax Act Wealth Tax Act Income Declaration Scheme 2016 Direct Tax Vivad Se Vishwas Scheme Indirect Tax Service Tax(Finance Act, 1994) Central Sales Tax Act, 1956 The Central Excise Act, 1944 Customs Act, 1962 Entry Tax Act Corporate Laws Companies Act, 2013 Companies Act, 1956 LLP ACT SEBI Act, 1992 Company Secretaries Act, 1980 VAT Laws Delhi Value Added Tax Act, 2004 MVAT Act, 2002 West Bengal VAT Act, 2003 Tamilnadu VAT ACT, 2006 Karnataka Value Added Tax Act, 2003 Gujarat Value Added Tax Act, 2003 UP VAT Act, 2008 Rajasthan Value Added Tax Act, 2003 Punjab Value Added Tax Act Haryana Value Added Tax Act Telangana VAT Act 2005 Andhra Pradesh VAT Act, 2005 Bihar Value Added Tax Act, 2005 Other Statutes ESI Act, 1948 PF Act, 1952 Profession Tax Act The Indian Partnership Act, 1932 Societies Registration Act, 1860 Competition Act, 2002 Reserve Bank of India Act, 1934 MRTP Act, 1969 Equalisation Levy Act, 2016 Right To Information Act, 2005 FEMA, 1999 Maharashtra RERA RERA, 2016 Insolvency & Bankruptcy Code, 2016 Benami Property Act 1988 GST Laws IGST Act , 2017 CGST Tax Act, 2017 UTGST Act, 2017 GST (Compensation to States) Act Rules Direct Tax Rules Income Tax Rules Wealth Tax Rules 1957 Income Declaration Scheme Rules 2016 Indirect Tax Rules GST Valuation Rules , 2016 Service Tax Rules CST (Delhi) Rules, 2005 CST (Maharashtra) Rules Customs Valuation Rules Cenvat Credit Rules, 2017 Entry Tax Rules Corporate Laws Rules Companies Rules, 2014 LLP Rules, 2009 LLP Winding up Rules, 2012 Cos Unpaid Dividend Rules, 1978 VAT Laws Rules Delhi VAT Rules, 2005 Maharashtra VAT Rules, 2005 West Bengal VAT Rules, 2005 Tamilnadu VAT Rules, 2007 Karnataka VAT Rules, 2005 Gujarat VAT Rules, 2006 Uttar Pradesh VAT Rules, 2008 Rajasthan VAT Rules, 2006 Punjab VAT Rules Haryana VAT Rules, 2003 Telangana VAT Rules 2005 Andhra Pradesh VAT Rules, 2005 Bihar Value Added Tax Rules, 2005 Other Statutes Profession Tax Rules NBFC Deposits Directions, 1998 NBFC & Misc NBC (Advt) Rules, 1977 NBFC Auditor Report Directions, 2008 Delhi Labour Welfare Fund Rules, 1997 Cost records and audit Rules, 2014 Baggage Rules, 2016 Equalisation Levy Rules, 2016 NCLT And NCLAT Rules Insolvency & Bankruptcy Rules Benami Property Rules, 2016 GST Rules CGST Rules, 2017 IGST Rules 2017 Forms Income Tax Forms ROC Forms (Cos Act, 2013) ROC Forms (Cos Act, 1956) Income Declaration Forms Wealth Tax Forms Service Tax Forms Companies Unpaid Dividend Forms NBFCs Forms LLP Winding up FEMA Forms LLP Forms CGST Forms GST Forms Accounts and Records Advance Ruling Appeals and Revision Assessment and Audit Composition Demands and Recovery Input Tax Credit Inspection, Search and Seizure Offences and Penalties Payment of Tax Refund Registration Returns Transitional Provisions Value of Supply Query Admin Login Email Login Time Sheet Contact Us

ONE PERSON COMPANY (OPC)

With the introduction of the Companies Act, 2013, the concept of OPC (One Person Company) was introduced to support entrepreneurs who on their own are capable of being starting a business by allowing them to create a single person registered economic entity. Only one single member is required to incorporate an OPC, which is the biggest advantage of OPC over private limited companies & partnerships. Like a Company, an OPC is a separate legal entity from its members, is easy to incorporate and continues in the foreseeable future. There can be more than one director in OPC.

Minimum requirements for OPC incorporation

1. Minimum One Person as Shareholder / Director
2. Digital Signature for Shareholder / Director
3. Self-attested copies of KYC documents of Subscriber / Director (PAN, Aadhar& Bank Statement (Not older than 2 months)
4. Latest one colour photograph of Shareholder / Director and nominee
5. Proof of Registered Office Address (Electricity Bill / Phone Bill / Water Bill) (Not older than 2 months)
6. NOC from the owner of the premises
7. Self-attested copies of KYC documents of the nominee (PAN, Aadhar& Bank Statement (Not older than 2 months
8. Consent from the nominee in the Form No. INC-3
9. Consent from the Director in Form No. DIR-2

Common Registrations for One Person Company (OPC)

PAN/TAN Registration: PAN and TAN registration are required to be taken from the Income Tax Department for filing of Income Tax returns and deduction of tax at source (TDS) and filing of returns of TDS respectively.
GST Registration: GST registration is mandatory if aggregate turnover in a financial year exceeds Rs. 20 lakhs or 40 lakhs in case of a supplier who is engaged exclusively in the supply of goods or 20 lakhs for special category states.
Udyam Registration: Udyam or MSME or Udyog Aadhaar registration can be obtained in the name of the business using Aadhar number of the director to establish that business is registered under the Ministry of Micro, Small and Medium Enterprises.
FSSAI Registration: In case the Director of OPC is going to operate any business in which FSSAI registration is required then the Director must obtain FSSAI registration from Food Safety and Standard Authority of India.
Shop and Establishment Registration: Director is compulsorily required to register their business under the Shop and Establishment Act of respective State. The Shops & Establishment registration is a state-based labour license legislation enacted under the respective state in which the shop or establishment has been set-up.
Import Export Code: In case the Director thinking to export/import their product then Director must obtain the Import-Export Code (IEC) registration from Director General of Foreign Trade (DGFT).
Trademark: For the protection of Logo / Brand name / Trademark, Sole Proprietor can register his Logo / Brand name / Trademark under Trademarks Act, 1999 by filing a Trademark application to Trademark Authority. After registration of Logo / Brand name / Trademark, we protect our Intellectual Property Rights so that no other person can use/copy it.

Compliance required by an OPC

GST Return: Every registered person shall furnish the details of outward supplies and inward supplies of goods or services or both during a tax period on or before the due date as specified by the government on the common portal.

Accounting: Every One Person company shall prepare and maintain proper books of accounts and other relevant books and papers and financial statement for every financial year which give a true and fair view of the state of the affairs of the company. Accounting is necessary for the statutory audit, Annual filing, GST Return, IT return, Tax audit, GST Annual Return, GST audit and other information or documentation. which is mandatory once you start your Company. These books of accounts shall be audited by the auditor appointed by the company.

Statutory Audit: Every One Person Company shall appoint an individual or firm as an auditor for auditing of books of accounts for each financial year, which is prepared and maintained by the company, irrespective of its turnover or nature of business or capital of the company.

ROC Annual filing: Every company is required to file the annual accounts and annual return as per The Companies Act, 2013 within 30 days and 60 days respectively from the conclusion of the Annual General Meeting.

Income Tax Return: Income Tax Return is the form in which assessee files information about his Income, expenses, deduction, directorship, shareholding or other information and tax thereon to the Income Tax Department. OPC file income tax return of every financial year on or before the due date in forms ITR 6.

Income Tax Audit:

A person carrying on business, if his total sales, turnover or gross receipts in business for the year exceeds Rs. 1 crore. This provision is not applicable to the person, who opts for presumptive taxation scheme under section 44AD and his total sales or turnover doesn't exceed Rs. 2 crores.

Note: w.e.f. Assessment Year 2020-21, the threshold limit, for a person carrying on business, is increased from Rs. 1 Crore to Rs. 5 Crore in the case when cash receipt and payment made during the year does not exceed 5% of total receipt or payment. In other words, more than 95% of the business transactions should be done through banking channels.

A person carrying on profession, if his gross receipts in profession for the year exceed Rs. 50 lakhs.

The tax audit reports conducted by a registered chartered accountant are to be presented in a prescribed format. Under section 44AB of the IT Act, the form that is prescribed for the audit report is Form No. 3CA and the prescribed particulars are to be reported in Form No. 3CD.