A Section 8 Company, under the Companies Act in India, is a non-profit organization formed for promoting charitable objectives, with the primary focus on social welfare.
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A Section 8 Company, under the Companies Act in India, is a type of non-profit organization formed for promoting charitable objectives such as social welfare, education, science, art, religion, or any other charitable purpose. Unlike other companies, it prohibits the distribution of profits among its members and applies any income generated solely for the advancement of its stated objectives. Section 8 Companies can receive donations and grants for their activities and are eligible for tax exemptions.
Taxperts Associates streamlines Section 8 Company Registration, facilitating the establishment of non-profit entities with a focus on charitable causes.
A Section 8 Company, under the Companies Act in India, is a non-profit organization formed for promoting charitable objectives, with the primary focus on social welfare.
Key features include no distribution of profits among members, utilization of income for promoting objectives, and limited liability protection for members.
Section 8 Companies can pursue a range of charitable objectives, including social welfare, education, science, art, religion, or any other purpose that benefits the community.
No, there is no minimum capital requirement for Section 8 Company Registration.
Section 8 Companies are eligible for tax exemptions on both income and donations under relevant sections of the Income Tax Act.
No, the primary objective of a Section 8 Company is to promote charitable activities, and it cannot be converted into a profit-making entity.
The process involves obtaining Digital Signature Certificates (DSC), Director Identification Numbers (DIN), drafting Memorandum of Association (MoA) and Articles of Association (AoA), applying for a license, and filing for incorporation with the Registrar of Companies (RoC).
Yes, Section 8 Companies need to comply with post-incorporation tasks, such as opening a bank account, obtaining PAN and TAN, and initiating charitable activities.
No, a Section 8 Company is prohibited from distributing profits among its members. All income must be used for promoting charitable objectives.
Section 8 Company Registration provides tax exemptions, limited liability protection, and a structured legal framework for pursuing charitable objectives, making it an attractive option for non-profit organizations.
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