One Person Company (OPC) is mandatorily required to maintain compliance as per Income Tax Act and Companies Act. Hence, maintaining compliance for a One Person Company mainly includes filing of income tax return with the Income Tax Department and annual return with the Ministry of Corporate Affairs. In addition to the basic compliance, one person companies may also be required to comply with TDS regulations, GST regulations, VAT / CST regulations, Service Tax regulations, ESI regulations and others. The compliance requirement for a one person company would vary based on the industry, state of incorporation, number of employees and sales turnover.
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GST Filing
Under the GST regime proposed to be rolled out in 2017, one person companies having GST registration would be required to file monthly, quarterly and annual GST returns.
ESI Return
ESI return must be filed by all one person companies having ESI registration. ESI registration is required once the one person company employs over 10 employees.
TDS Filing
Quarterly TDS returns must be filed by one person companies that have TAN and are required to deduct tax at source as per TDS rules.
Service Tax or VAT
In case a one person company has service tax or VAT registration, it must file the respective returns. Service tax returns are due half-yearly while VAT return due date changes from state to state.
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