About OPC Compliances

OPC Compliances refer to the legal and regulatory requirements that One Person Companies (OPCs) must adhere to in order to maintain their status as a separate legal entity and operate their businesses in a compliant manner. These compliances cover various aspects of business operations, including taxation, registration, and record-keeping.

Applications for Filing

OPCs need to file various returns and make timely payments to comply with tax regulations. The specific returns and payments depend on the nature of the business and the turnover of the OPC. Some common compliances include:

• GST Registration and Returns: If the turnover of the OPC exceeds the prescribed threshold, it is mandatory to register for Goods and Services Tax (GST) and file GST returns regularly.
• Income Tax Returns: OPCs are required to file income tax returns annually, declaring their income from the business and paying the applicable tax.
• DIR-3 KYC: OPCs must file DIR-3 KYC (Directors KYC) annually to verify and update the personal and professional details of their directors with the Ministry of Corporate Affairs (MCA).
• Financial Statements: OPCs must file their financial statements, including the balance sheet, profit and loss statement, and other relevant financial information, with the MCA within 180 days from the end of the financial year.

Eligibility

OPCs must fulfil specific criteria to be eligible for various compliances. For instance, GST registration is mandatory for OPCs with a turnover exceeding Rs. 20 lakh (Rs. 10 lakh for special category states), while income tax filing applies to all OPCs with taxable income.

Documents Needed

The documents required for different compliances vary depending on the specific requirements. However, some common documents include:

• GSTIN (Goods and Services Tax Identification Number), if applicable
• PAN (Permanent Account Number) of the director
• OPC incorporation certificate
• Memorandum of Association (MOA) and Articles of Association (AOA)
• Business address and contact details
• Details of business activities
• Financial records, including sales and purchase invoices
• Tax registration certificates (GST, DIR-3 KYC, etc.)