OPC ITR Filing

  • Due Date of Filing 30 September
  • Non Filing Penalty Rs. 10000
  • Applicable for All OPC
  • Fees Starts at Rs.4980/-

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    Income Tax Return Filing OPC Company

    One Person company is managed and owned by one person. OPC provides an individual the liberty to enjoy benefit of being a company with limited liability. One Person company is separate from its director. For Income tax purpose status of OPC is same to Private Limited Company. OPC mandatorily required to maintain compliances under Income Tax & Company Act 2013. For OPC income tax filing directors need to maintain books of accounts of Company. On basis of books of accounts OPC can prepare financial statements for its annual Income tax filing compliance. OPC Income tax filing is annual compliance irrespective of its turnover or profit.

    In Addition of Income Tax filing compliance , OPC Company may also required to follow compliances applicable under Goods and Service Tax Act , Professional Tax Act, Labour Law etc. Such compliances include GST Registration , GST Return filing , TDS Return filing , Professional Tax payment & Filing. Based on OPC annual turnover , employee size these compliances may vary.

    We are team of Experts in India , offering OPC Income Tax Filing Services, OPC tax preparation services , GST Filing. Our team of CA & CS can help you to maintain OPC annual income tax filing compliance. Get a free consultation for your OPC Company by scheduling an appointment.

    • ITR Filing Due date 30 September 2020
    • ITR Form 5 Applicable
    • Non Filing Penalty upto Rs.10000
    • Online Filing Applicable
    • Income Tax Rate 25%
    • Audit Applicable if turnover > Rs. 100 / Rs. 50 Lac

    Income Tax Rate on OPC Company

    Income Tax rate on OPC Company is 25% For tax calculation of OPC net profit of company is base. There are no basis slab rate applicable , hence tax is applicable on flat rate. Over and above income tax surcharge at 7$ applicable if total income exceeds one crore. In addition to OPC Income tax rate. Secondary and higher education cess is applicable on the amount of income tax

    S.No Income Tax Tax Rate Financial Year
    1. Income Tax 25% FY 2019-20
    2. Surcharge if total income exceeds Rs. 1 crore 7% FY 2019-20
    3. Health and Education cess 4% FY 2019-20

    Process of Income Tax Filing for OPC

    Procedure for OPC Company annual Income Tax filing is online. For filing first income tax return company need to register account on Income tax website. On basis of books of account company shall prepare Income Tax return. Income tax return of OPC is its annual summary of its financial transactions & taxes applicable. ITR Form 6 is applicable OPC Company. The due date for OPC Income tax filing is 30 September.

    Content of ITR 6

    List of Documents for Income Tax Filing of OPC

    Annual Income Tax Return filing of OPC consist of prepare accounting record, Prepare OPC balance sheet , Profit and loss statement and income tax computation. For Income tax filing of OPC following list of documents required. 1. Sales Invoices
    2. Purchases Invoices
    3. Cash Book
    4. Expense Bills , Invoices
    5. Credit and Debit Note
    6. Bank Statement
    7. GST Return ( GSTR 1 & GSTR 3 B )
    8. Tax Paid challans
    9. TDS Returns if any
    10. Previous Year Balance sheet

    OPC Tax Filing Services


    Prepration of Computation

    Tax Planning Advise

    ITR Filing

    FAQ - OPC Income Tax Filing ?

    1Is OPC Income Tax Filing is Mandatory ?
    As per Section 139(1) of Income Tax Act 1961 every OPC registered in India required to file income tax return. One Person company required to maintain compliance under Income Tax Act 1961.
    2What is 26 AS for OPC ?
    26 AS of OPC Is summary of its Tax Deducted at Source (TDS). Tax Collected at Source (TCS). Advance tax or self-assessment tax or payment of tax on regular assessment.
    3What precautions should be taken while filing ITR of OPC ?
    While Filing of ITR of OPC one must take of care following points. 1.Losses (other than house property loss) cannot be carried forward. 2. Belated return cannot be revised 3.Levy of interest under Section 234A/234B/234C as applicable for late payment of taxes 4. Claim Depreciation benefit 5. Check 26 AS with books of OPC 6. Pay Tax before ITR Filing 7. E-verify ITR
    4If OPC paid excess tax, how will it be refunded to me?
    OPC is eligible to receive exceed tax paid as refund. One OPC ITR get proceed and order it issued. Company will get refund in bank account.
    5What should one do in case of discrepancies in actual TDS and TDS credit under Form 26AS?
    Mismatches and discrepancies in actual TDS and TDS credit under Form 26AS are attributed it due to wrong TDS filing. OPC Shall approach its customers to revise their TDS Return.
    6What is due date of OPC Income Tax Filing ?
    1. Income Tax Filing OPC Due Date - 30 September