One Person Company Formation (OPC Limited)

1. Obtain DSC for the directors of OPC Limited Company

Digital Signature Certificates should first be obtained for all the proposed directors before Company Formation. DSC will be used for obtaining DIN (Directors Identification Number) and for digitally signing off various forms and documents.  Along with application form, proof of identity and residence is required. Documents should be attested by a gazetted officer, bank official or post master. Self-attested Id of attesting officer with contact details should also be provided. These documents should be posted to the DSC issuing authority. After the application is approved, download certificate. If token based DSC is applied for, then token will be physically received and certificate can be downloaded on the token after approval.

 

If Aadhaar is available, then verification can be done through eKYC option using OTP. Application is then submitted. Once application is approved, then DSC can be downloaded.

 

2. Obtain DIN for the directors 

All proposed directors of the Limited Company need to apply for DIN using Form DIR-3. Form should be filled up offline. Self-attested documents of the director like Proof of Identity, Proof of residence, PAN, Photograph etc. should be attached with the form. PAN is mandatory for DIN application. The Form is digitally signed by the Director and Chartered Accountant and submitted along-with the required fees. If the form is digitally signed by a CA and the details in the Form are not found to be duplicate, the DIN is approved and generated immediately. In other cases, a provisional DIN is generated and DIN may be received within a day or two. A fee of Rs. 500/- needs to be paid.

 

3. Apply for Name approval before Company Formation

Form INC-1 needs to be filled up to get the proposed name of the company approved before Limited Company Incorporation. This form is filled up offline. Give details of promoter, type of company, objects of the company, upto 6 desired names, particulars of the proposed directors including his DIN etc.  Give DIN/PAN/Passport/CIN/FCRN of the promoter as the case maybe. The key points in the form should be vetted by the Applicant promoter example Trademark etc. The form should be digitally signed by the promoter or the director for OPC or manager or CEO or CFO or the company secretary. The approved name will be reserved for 60 days. A fee of Rs. 1,000/- needs to be paid.

 

4. Apply for OPC incorporation including PAN/TAN of the company

After name approval, the application for company incorporation can be filed using SPICe Form INC-32. The Form can be filled up offline. Documents to be attached with the Form include Identity proof and Residence proof of subscriber, director and nominee, Consent of the nominee in Form INC-3, Proof of office address, Affidavit and declaration by first Director / subscribers. The Form is digitally signed by the director and a chartered accountant. e- Memorandum of Association in Form No. INC-33 and e-Articles of Association in Form No. INC-34 are drafted. Form INC-32, INC-33, INC-34 are submitted. SRN no. generated is noted down. Govt. fees and stamp duty are then paid. Download Form 49A, Form 49B for PAN/TAN and get them digitally signed by Director and upload to MCA Portal. 

 

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This article is brought to you by onlineITreturn.com

For a detailed advice, you can contact info@onlineitreturn.com or visit https://onlineitreturn.com.  OnlineITreturn.com is an online portal for Income Tax and ROC Compliance including Registration and Annual Filings for Limited companies like OPC, Private Limited, LLP.  All taxation and audit matters are handled by Chartered Accountants.

 

LLP Company Annual Accounts, Return, Tax

1. Compliance Requirements for LLP Company

The most important compliance requirements are listed as below:

  • Maintain Proper Books of Accounts
  • Get your OPC accounts Audited by Chartered Accountant – Statutory Audit if annual turnover exceeds Rs. 40 lakh or contribution exceeds Rs. 25 lakh
  • File OPC Income Tax Return – Form ITR 5
  • Get OPC Tax Audit done by Chartered Accountant,  if turnover exceeds 50 lakhs for services and 2 crores for other business
  • Deduct TDS under various categories, if applicable -  Get TAN, Deposit TDS monthly, File Quarterly Returns, Issue TDS Certificates where required
  • Charge Service Tax (if turnover exceeds 9 lakhs annual) – Register, Prepare Deposit tax, File half yearly/annual returns
  • VAT (if applicable and if turnover exceeds 19 lakhs annually)
  • Enroll for GST if applicable
  • File GST Returns after implementation
  • Payroll TDS (if salary more than Rs. 2,50,000/- p.a.)
  • Payroll Form 16 (annual)
  • Payroll Professional Tax (differs for each state) (none for Delhi) -Registration, Deduction, Deposit, Return

2. Annual ROC Compliance for LLP Company

A LLP Company has to file annual returns with the Registrar of Companies (ROC) listed as below:

  • Form 8 (Statement of Account & Solvency) – on or before 30th October
  • Form 11 (Annual Return of Limited Liability Partnership – LLP) – on or before 30th May

3. LLP Company Taxation

LLP Company is taxed as a Partnership Firm. For AY 2017-18, tax rate for LLP Company is 30%.There is a surcharge of 7% or 12% (depending on turnover) on the tax amount. Further, there is an education cess and secondary and higher education cess of 3% on tax and surcharge amount. Tax payable by LLP cannot be less than 18.5 per cent (increased by Surcharge, EC and SHEC) of “adjusted total income” (Alternate Minimum Tax).

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This article is brought to you by onlineITreturn.com

For a detailed advice, you can contact info@onlineitreturn.com or visit https://onlineitreturn.com.  OnlineITreturn.com is an online portal for Income Tax and ROC Compliance including Registration and Annual Filings for Limited companies like OPC, Private Limited, LLP.  All taxation and audit matters are handled by Chartered Accountants.