One Person Company Compliance.
One Person Company (OPC) is mandatorily required to maintain compliance as per Income Tax Act and Companies Act. Hence, maintaining compliance for a One Person Company mainly includes filing of income tax return with the Income Tax Department and annual return with the Ministry of Corporate Affairs. In addition to the basic compliance, one person companies may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a one person company would vary based on the industry, state of incorporation, number of employees and sales turnover.
FinPark is the largest business services platform in India, offering a variety of services like one person company compliance, company registration, trademark registration, GST registration, income tax filing and more. FinPark can help you maintain compliance of your One Person Company. Get a free consultation for OPC compliance maintenance through FinPark by scheduling an appointment with an FinPark Advisor.
Reasons to Major Compliances for a One Person Company
Income tax filing and annual return filing must be completed by all One Person Company before 30th September of each financial year.
Under the GST regime proposed to be rolled out in 2017, one person companies having GST registration would be required to file monthly, quarterly and annual GST returns.
ESI return must be filed by all one person companies having ESI registration. ESI registration is required once the one person company employs over 10 employees.
Quarterly TDS returns must be filed by one person companies that have TAN and are required to deduct tax at source as per TDS rules.
In case a one person company has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.
Annual Return Preparation
An FinPark Compliance Expert will prepare the Tax Return for your Proprietorship based on the financials and performance during the previous financial year.
Annual Return Verification
Once the Annual Return is prepared in the requisite format, the Client's Finance Team can verify the prepared annual return and affix the digital signature.
Once the Annual Return is prepared and verified, the Annual Return can be filed with the Ministry of Corporate Affairs along with the necessary attachments.