- Apart from individuals and associations of persons, Section 8 also allows firms to be members of these companies.
Define section 8 company (NGO)?
A company (NGO) which has main objective is to do social welfare by promoting commerce, education, research, art, science, sports, religion, charity, etc. If any profit generates from working of company then it would be applied for promoting the said object..
Where a section 8 company does register?
A person or an association of persons can make an application under section 8 of companies act to the Registrar of Companies using requisite forms to register a company with charitable objectives.
Can director of section 8 draws salary?
There is no restriction in payment of remuneration to employees / directors of section 8 companies.
Is GST applicable to section 8 company?
While the definition of “taxable person under GST” includes a trust, society, or section 8 company. These entities are not engaged in any economic activity just like trading and commerce so they cannot be treated as a taxable person under GST.
What is difference between 12A and 80G?
Registering under the 12A section allows the section 8 company to exempt from tax rates. On the other hand, section 80G registration exempts the taxable income of person who donates to the NGO which leads to more donations. .
How to register a partnership firm in india?
kodexive helps with the registration process of a partnership firm with no hassle and less documentation. Just follow the documentation procedure mentioned below.