one person company

[Guest]

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

[DR.MARIAPPAN GOVINDARAJAN]

The income tax applicable to OPC is as that of a company. It is, therefore, observed as one of the disadvantage in formation of OPC. To the best of my knowledge no relief has been granted income tax for OPC.

AI Summary

Company taxation for OPCs: OPCs are taxed as companies; no special income tax relief is available. A one person company (OPC) is subject to income taxation in the same manner as a company, and no special income tax relief or exemption has been granted to OPCs; OPCs should therefore be treated under standard corporate tax rules rather than under any concessional regime.