Section 8 Companies In India
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Section 8 of the companies act 2013 provides for a mechanism through which an association can be registered as a company if such association is formed for promoting commerce art science religion or any other useful object and intends to apply its profits income in promoting its objects.
Section 8 companies in india. It shall has in its objects the promotion of commerce art science sports education. It is a type of company which is established with the objective to promote commerce. Incorporation of section 8 company.
Companies incorporated not for profit under sec 8 of the companies act 2013 either as public company or private company are considered as best form of organizational framework. In a company which is limited by guarantee there are no shares and hence there are no shareholders. In india registered under section 8 companies act 2013 t.
Under the income tax act 1961 the donors of section 8 company may claim a 50 rebate against the donations they made. Under section 80g it shall be valid for a period of one to three years. Features of a section 8 company.
Section 8 company as per companies act 2013 section 25 as per companies act 1956. India as a huge country lacks behind in sectors like education employment health care food and safety etc. Apply for name using reserve unique service run on.
Famous examples of section 8 companies include federation of indian chambers of commerce and industry ficci and confederation of indian industries cii. Members of the company don t get any dividend. All you need to know about section 8 companies objectives of section 8 company.
Widely known as section 8 companies these organizations are registered under. Section 8 company 1. Section 8 of the companies act 2013 provides for the formation of the companies with charitable objects etc.
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