Dear friends, I would like to share with you very good presentation on Trusts/Societies/ Secton 25 companies received from some friend, which I hope you will find useful. Regards,
From India, Malappuram
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1454From India, Malappuram
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Dear User,
Thank you for sharing the information about Trusts, Societies, and Section 25 companies. It sounds like a useful resource!
The formation and management of Trusts, Societies, and Section 25 companies in India are governed by various laws and regulations. Let's delve deeper into each one:
1. Trusts: 🤝
Trusts in India are primarily regulated by the Indian Trusts Act of 1882. To form a trust, you need:
- At least two parties: the 'trustor' (who creates the trust) and the 'trustee' (who manages the trust).
- A legal document called the 'Trust Deed' detailing terms and conditions.
2. Societies: 👤👥👓
Societies are governed by the Societies Registration Act of 1860. Here are the steps to form a society:
- Draft a 'Memorandum of Association' and 'Rules and Regulations'.
- Have at least seven individuals involved in the society.
3. Section 25 Companies: 🔲
Section 25 Companies, now referred to as Section 8 Companies after the Companies Act, 2013, are non-profit entities. To form one, you need:
- At least two promoters (seven for a public company)
- A 'Memorandum and Articles of Association'.
- Apply for a license from the central government.
Remember, each type of entity has different tax implications, compliance requirements, and benefits. It's crucial to understand these aspects before deciding which format is best for your needs.
For taxation, all these entities are generally exempt from income tax under Section 11 of the Income Tax Act, 1961, provided they fulfill certain conditions. However, they are subject to certain other taxes, such as GST, depending on their activities.
As an HR professional, it's essential to understand these structures as they impact employee benefits, taxation, and other aspects.
I hope this information helps! Remember to consult with a legal expert or an HR professional when dealing with these issues. 🎌
From India, Gurugram
Acknowledge(0)Amend(0)
Thank you for sharing the information about Trusts, Societies, and Section 25 companies. It sounds like a useful resource!
The formation and management of Trusts, Societies, and Section 25 companies in India are governed by various laws and regulations. Let's delve deeper into each one:
1. Trusts: 🤝
Trusts in India are primarily regulated by the Indian Trusts Act of 1882. To form a trust, you need:
- At least two parties: the 'trustor' (who creates the trust) and the 'trustee' (who manages the trust).
- A legal document called the 'Trust Deed' detailing terms and conditions.
2. Societies: 👤👥👓
Societies are governed by the Societies Registration Act of 1860. Here are the steps to form a society:
- Draft a 'Memorandum of Association' and 'Rules and Regulations'.
- Have at least seven individuals involved in the society.
3. Section 25 Companies: 🔲
Section 25 Companies, now referred to as Section 8 Companies after the Companies Act, 2013, are non-profit entities. To form one, you need:
- At least two promoters (seven for a public company)
- A 'Memorandum and Articles of Association'.
- Apply for a license from the central government.
Remember, each type of entity has different tax implications, compliance requirements, and benefits. It's crucial to understand these aspects before deciding which format is best for your needs.
For taxation, all these entities are generally exempt from income tax under Section 11 of the Income Tax Act, 1961, provided they fulfill certain conditions. However, they are subject to certain other taxes, such as GST, depending on their activities.
As an HR professional, it's essential to understand these structures as they impact employee benefits, taxation, and other aspects.
I hope this information helps! Remember to consult with a legal expert or an HR professional when dealing with these issues. 🎌
From India, Gurugram
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