OPC profit is taxed @ 30 % on profit. No slab benefit available.
In traditional Pvt. Ltd. Co., at least 2 persons are required to form a company, but in OPC a company can be formed with only 1 person.
It can be started with capital of Rs. 1,00,000/-
Firstly, Apply for Digital signature of the Director.
Secondly apply for DIN of the Director
Thirdly apply for name approval/reservation, then file MOA, AOA and apply for incorporation. Finally get the certificate of OPC Registration India.
You need to apply for PAN and TAN no. of OPC, thereafter open current account in bank and deposit paid up share capital money
Normally, OPC has to do following compliances:
Accounting or Book keeping [On daily basis]
GST returns to be filed online monthly
TDS returns of Salary paid and vendor payment is to be filed quarterly, if applicable
Tax audit has to be got done by CA and audit report needs to be collected in case annual turnover is more than Rs 1 crore in case of trading business or Rs 50 lakh in case of professional business.
Balance sheet and Profit and Loss account and other financials need to be prepared and maintained.
Income tax return of OPC needs to be filed online annually before 30th September
ROC returns (approx. 2 in nos.) needs to be filed annually
Other need based compliances
Advance tax needs to be paid periodically
Yes, you need to file NIL returns, prepare balance sheet and profit and loss account even in case of none or less transactions
