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Overview
Section 8 Companies are those companies that are formed for the sole purpose of promoting commerce, art, science, religion, charity, or any other useful object. In India, a non-profit organization can be registered under the Registrar of Societies or as a Non-profit company under the Section 8 Company of the Company Act, 2013. The profits of this company, if there are any, are applied towards promoting the objectives of the company and not distributed as dividends to its shareholders.
All the 3 types of organizations registered in India- Trust, Society and Section 8 Company are NGOs, i.e., Non-Governmental Organizations and are commonly referred to as NPOs (Non-Profit Organizations) also. All of them can be formed for social welfare and development.
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Benefits
Benefits of the Section 8 Company
Tax Benefits Section 8 companies are exempted from the provision of income tax. Also, these companies get other tax benefits and deductions.
Zero Stamp Duty Unlike other companies, Section 8 companies do not need to pay stamp duty on the AOA and MOA of the private or public limited companies.
Ease Of Transferring The Ownership Or Title According to the Income Tax Act, 1961, Section 8 Companies can transfer their ownership or title. Also, the interest and shares of other members of the company is also considered as movable property and are easy to transfer which in turn makes it easier for the members to leave and transfer its ownership to others.
Exempted From The Title “Limited” Section 8 companies are exempted from using the word “Limited” unlike other companies like private limited company and public limited company. However it is mandatory for the section 8 companies to use the suffix such as Foundations, associations etc.
Higher Credibility Section 8 companies are more credible than other non-profit organizations like societies or trust. The licensing of these companies is done by the Central government. So, no changes can be made in the AOA and MOA of the Company.
Our Services
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80G & 12A Registration
Niti Aayog Registration
Income tax Return for NGO
FCRA Registration
Auditor Appointment
Balance Sheet & Project Report
Documents Required
Listed below are the documents required for Section 8 company registration process.
Memorandum of Association draft
Passport size Photographs of Members
Details of Director
INC 15 Declaration for Nominee
No objection Certificate
Address proof of the premises
Articles of Association draft
Members Id Proof such as Aadhar Card, PAN Card, Passport, Voter ID
Address Proof of Director
INC 14 Declaration for Professional
3Years Project Report
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Frequently Asked Questions
If a Section 8 Company gets registered under section 12A and 80G of Income Tax Act, it enjoys the following benefits:-
Registration under Section 12A of Income Tax Act:- Income of Section 8 Company is exempt if it is registered under Section 12A of Income Tax Act. This is a one-time registration.
Registration under Section 80G of Income Tax Act: Donors can claim tax deductions for donations to the Producer Organization, if it is registered under Section 80G of Income Tax Act. This needs to be renewed after expiry of the validity period.
Profit or Income of Non Profit Company can only be used for promotion of the charity work in which it is involved. Even declaration of dividend or distribution of profit to its promoters is not allowed.
Yes, Section 8 companies can be converted into private limited companies after taking the approval from ROC.
Society is a group of persons who are mutually associated for the fulfillment of a common goal or for serving a shared purpose, such goal or purpose may pertain to the advancement of any literary, charitable or scientific work.
Incorporation of a Society requires an association of a minimum of seven persons. The association is formalized by the signing of a Memorandum of Association (MoA) which is filed to the Registrar of Companies (ROC). In this way, the society is legally formed under the Societies Registration Act, 1860.
The MoA contains the name and the stated objective of the Society. In addition, it also details the names, addresses and professions of the members of the governing body which is formed by governors, directors, council, and trustees among others.
Trust is a legal entity, formed by one party, in which assets are entrusted to the second party by the first party, for the benefit of the third party.
Herein, the first party implies the author of the trust or the Trustor; the second party is called the Trustee. The Trustor entrusts the assets to the Trustee on the beneficiary’s (third party’s) behalf.
The subject matter of the trust is known as Trust Property, and the document detailing the terms and conditions is called Trust Deed.
Trusts are governed by the Indian Trusts Act, 1882 applicable throughout the country with the exception of the state of Jammu & Kashmir.