One Person Company Registration in Chennai


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Currently, We are providing One Person Company Registration in Chennai

 

OPC REGISTRATION CHENNAI


One person company(OPC) gives a single person or promoter with full control over the company while limiting his/her liabilities to the business. The single person will be the only director and shareholder. One person Company must be turned into private or public limited company if an OPC hits an average 3-year turnover of over Rs.2 crore or paid-up capital of over 50 lakh. Furthermore, there is no need for raising equity funding or employee stock options.

Compliances for One Person Company


Income Tax & Annual Return

Annual return or Income tax return filing must be completed by One person Company before 30th September of each financial year.

GST filing

OPC (One Person Company) must file GST returns on Quarterly and Annual basis.

ESI return

One Person Company having ESI registration must file ESI returns. One person company with 10 employees are eligible for ESI registration.

TDS Filing

One Person Company having TAN are required to file Quarterly TDS returns and are required to deduct tax at source as per TDS rules.

Service Tax or VAT

Service tax returns are due half-yearly while VAT return due date changes from state to state.

ADVANTAGES


Limited Liability

One person Company is limited to the liabilities and contributions to the business whereas in Private limited company all the shareholders are liable to contribution to the business.

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Continued Existence

For OPC, after the demise of the single promoter , it can be transferred to the nominee . In case of sole proprietorships come to end after demise of sole proprietor.

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Greater Credibilty

Greater Credility among vendors and lending institution as OPC file audits annualy.

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Frequently Asked Questions

Who is liable to pay service tax on distribution commission from April 1, 2016?
Distribution commission on sale of Mutual Fund has been brought under forward charge mechanism with effect from 1st April 2016, and the liability to pay service tax has been cast upon the distributor.
Can a distributor avail the benefit of small scale service provider and what is the limit?
Yes, distributor may avail the benefit of small scale service provider exemption up to Rs.10 Lac on gross taxable service subject to fulfillment of prescribed conditions.
Does a distributor required to provide self declaration certificate to AMC/MF if he/she is availing benefit of small scale service provider?
No, the distributor is not required to submit a self declaration to Reliance Mutual Fund. However, he/she must maintain requisite records as provided by the law.
How to compute the threshold of Rs.10 Lac for the benefit of small scale provider?
The threshold for the benefit of small scale service provider should be computed by including all taxable services provided by the distributor. (Including but not restricted to distribution commission from sale of MF, distribution commission from sale of Insurance policy, advisory fee and any other professional fee etc.)
Is distributor required to issue invoice under forward charge mechanism?
Yes, it is mandatory for every person who is providing taxable service to issue invoice as per Rule 4A of Service tax Rules (STR) 1994.
Whether invoice needs to be signed manually or digitally?
Invoice can be signed manually as well as digitally either by service provider or person authorized by the service provider. For digital signature, a Distributor is required to obtain valid digital signature certificate.

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