Annual Compliances for Section 8 Companies
A Section 8 company is a form of NGO that is formed to promote research, religion, social welfare, etc. Under the Companies Act, 2013 all Section 8 companies in India are required to comply with the statutory requirements of the Ministry of Corporate Affairs (MCA).
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What are the Tax Compliances for a Section 8 Company?
A Section 8 company is liable to pay corporate tax as prescribed by the Income Tax Act. But, it can claim certain income to be excluded in calculating the total income which is applicable to income tax. The compliances to be fulfilled to claim such an exemption are:
The Section 8 company shall be registered under Section 12A of the Income Tax Act, with the Principal Commissioner using form 10A.
It must comply with the conditions specified under Section 11, so as to be eligible for the exemption.
The company has to be approved under Section 80G, through Form 10B.
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