1.From AY 2023-24 onwards, Form 26 AS display only TDS/TCS data. Other taxes like advance tax, Self-assessment tax, refund etc., would be available in AIS (Annual information statement) 2. The list of banks available for e-Pay Tax service at e-Filing portal is provided in the Latest Updates dated 01-Feb-2023. 3. Functionality for filing of rectification request in respect of orders passed by CsIT(Appeals) is live. 4. PAN shall become inoperative from 1st April 2023, if not linked with valid Aadhaar.5. ITRs filed after 31st July 2022 need to be verified within 30 days. Refer to Directorate of System's notification no 05 of 2022 dated 29th July, 2022. 6. Form 10F can be filed manually till 31 March 2023 by Non-Residents neither having PAN nor required to obtain it. Refer Latest Updates for details. 7. The Online return form ITR-A, for filing modified return u/s 170A is now enabled. 8. Co-browsing feature is now available for the taxpayer, to know more kindly refer latest updates.


Trademark Your Brand Name

Reach out to us for Registration, Accounts, Legal, Tax & Compliance

Top Searches :

TRUST TO SECTION 8 COMPANIES

Section 8 companies are those companies which are formed for the sole purpose of promoting commerce, art, science, religion, charity or any other useful object and have been granted a license by the central government recognizing them as such. Such companies should intend to apply its profits, if any or other income only in promoting its objects and must also prohibits payment of dividend to its members.

The income of NPO cannot be used for paying out dividends to the company’s members and has to be for the promotion of charitable objectives. Such companies obtain an incorporation certificate from the central government and are liable to adhere to the rules specified by the government.

ELIGIBILITY TO APPLY FOR SECTION 8 COMPANIES:

An individual or an association of individuals is eligible to be registered as Section 8 Company if it holds below-mentioned intentions or objectives. The objectives have to be confirmed to the satisfaction of the Central Government.

v   Its objects should be only to promote commerce, art, science, religion, charity or any other useful object.

v   It should intend to apply its profits or other incomes only in promoting its objects; and Central government should have granted a license to such a company recognizing them as such.

 

CHARACTERISTICS OF A SECTION 8 COMPANY IS:

v  It must have at least 2 shareholders.

v  It must have at least 2 Directors

v  The director and shareholder can be the same person

v  Minimum share capital requirement is Rs. 1 Lakh

v  Prohibited from paying any dividend to its members.

v  Profit and other income are applied only for promoting the objects of the company.

 

 

 ADVANTAGES OF A SECTION 8 COMPANIES

v  Many privileges and exemptions under Company Law.

v  Exemption of Stamp duty for registration.

v  Registered partnership firm can be a member in its own capacity.

v  Tax deductions to the donors of the Company u/s. 80G of the Income Tax Act.

v  No need to add any suffix to its name like ‘limited’ or ‘Private Limited’.

v  No restriction on transfer of shares.