one person company

[vaibhav sharma]

please give information about provisions of income tax applicability on one person company(opc) and if there is any relief or exemption for certain specified business

AI Summary

One Person Companies Face Same Income Tax Rules as Other Companies, No Specific Reliefs Granted A query was raised regarding the applicability of income tax on a One Person Company (OPC) and whether there are any reliefs or exemptions for certain specified businesses. The response indicated that OPCs are subject to the same income tax provisions as other companies, which is seen as a disadvantage in forming an OPC. It was noted that, to the best of the respondent's knowledge, no specific income tax relief has been granted to OPCs.