Donation given
This query is : Resolved
Sarika Agarwal
(Querist)
15 October 2008
In a private company suppose some amt of donation is given for welfare, is approval of Board required or Board resolution to be passed for giving donations. kindly reply at email id
agarwal.sarika@in.kline.com
agarwal.sarika@in.kline.com
Guest
Guest
(Expert)
15 October 2008
In my opinion A private company can give donation for welfare however there certain restriction on public company on amount limitation
there is no requirement of board resolution but for income tax purpose the donation sould be given to that which is register under section 80 G then It will be exempted otherwise it will be disallowed
there is no requirement of board resolution but for income tax purpose the donation sould be given to that which is register under section 80 G then It will be exempted otherwise it will be disallowed
S.Srinivasaraghavan
(Expert)
15 October 2008
Section 293 is not applicable to pvt companies. But 293A is applicable.
In genaeral, there is no presumption that any executive of the company can act on behalf of the company as the management of the company is vested collectively with the Board of Directors. The Board of directors, however, can delegate, through a resolution of theirs, the powers (which are not expressly prohibited for delegation under the Companies Act or by their Articles)to the executives appointed for the purpose, specifying the parameters of sanction and also the limit.
If your company has not done that then the powers can be exercised only through a resolution.
In genaeral, there is no presumption that any executive of the company can act on behalf of the company as the management of the company is vested collectively with the Board of Directors. The Board of directors, however, can delegate, through a resolution of theirs, the powers (which are not expressly prohibited for delegation under the Companies Act or by their Articles)to the executives appointed for the purpose, specifying the parameters of sanction and also the limit.
If your company has not done that then the powers can be exercised only through a resolution.
15 October 2008
I agree with the view of Mr srinivasaraghavan.
Sarika Agarwal
(Querist)
15 October 2008
As far as my thinking for private companies there is no requirement of board resolution/. is it correct...
Sarika Agarwal
(Querist)
16 October 2008
The donation given is not related to political party and not for political purpose...
Tarun Malakia
(Expert)
16 October 2008
There is no requiremnt for the Board resolution for paymennt of either bonus or
donation but if you want claims deduction for income tax act than there must be donee holders of income exemption certificate
donation but if you want claims deduction for income tax act than there must be donee holders of income exemption certificate
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