How to File Income Tax Return of OPC ?
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.
OPC directors are responsible for Annual income tax filing. Now as OPC Director you must be having questions as How to File Income Tax return of OPC ? What is Income Tax rate on OPC Company ? Procedure to file income tax return of OPC ? In this article we discussing about Income tax filing of One person company.
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Income Tax Rate on OPC Company
Domestic Company Turnover > Rs. 400 Cr
| Net Income Slab (Gross Taxable Income – deductions) | Income Tax Rate | Surcharge | Health & Education Cess | Rebate u/s 87A (FY 2019-20) |
| Upto 1 crore | 30% | Nil | 4%l | Nil |
| Above 1 crore but upto 10 crore | 30,00,000+ 30% | 7% | 4% | Nil |
| Above 10 crore | 3,00,00,000+ 30% | 12% | 4% | Nil |
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Due Date of OPC Income Tax Return Filing
Income Tax return filing for OPC is annual compliance. OPC is separate legal entity from its Director. Directors need to file OPC annual Tax return. Under Companies Act 2013 Statutory audit is mandatory. OPC Income tax filing due date for FY 2019-20 is 30 September 2020.
Read : How to Save Income Tax For Company ?
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Documents Required Tax Return Filing of OPC
Income tax return of OPC is summary of its financial transactions. OPC financial statements include its balance sheet , Profit & Loss statement. Its directors responsibility to maintain books of account of OPC. Once Books of accounts are prepared , directors and proceed to file ITR of OPC. Company can maintain books of account on cash or accrual basis. Below are list of documents required for Tax Return filing of OPC.
- OPC PAN , Address Details , Date of registration
- Director PAN , Adhar & Address , Contact details
- Sales Register
- Purchase Register
- Journal Ledger
- Cash Book
- Bank Book
- Expenses Invoices , Bill , Vouchers etc.
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Procedure to File Income Tax Return of OPC
ITR Form 5 is applicable for OPC Income Tax return filing. Every OPC Registered in India shall file annual tax return. ITR Form 5 can be downloaded from income tax website. Procedure to file income tax return of OPC is complete online. OPC Director digital signature is required for Income Tax Filing. Below is procedure for OPC Tax return filing.
- Register OPC on Income Tax Site
- Prepare OPC Balance Sheet
- Prepare Profit & Loss statement of OPC
- Prepare income tax computation sheet of OPC
- Pay OPC Income Tax online if any
- Download Income Tax Form 5
- Fill OPC & Financial information
- Upload ITR With DSC of director
- E Verify Income Tax Return
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OPC Statutory Audit
Director are responsible for maintaining OPC Books of account. On basis of books of financial statements are prepared. Its include OPC Balance sheet , Profit & loss statement. As like Private Limited company , in case of OPC there is specified format to prepare financial statement. OPC Shall appoint Chartered Accountant for Annual OPC Audit. Auditor shall verify books of account of OPC and issue OPC audit report.
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Conclusion
OPC income tax filing is applicable irrespective of OPC annual turnover. OPC tax filing due date is 6 months form date of end of financial year. Procedure to file OPC tax return is online. OPC director are responsible for prepare & filing OPC tax return. Income tax rate of OPC is applicable at 25% and surcharge & education cess applicable.
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