Taxability of companies having license u/s 25
This query is : Resolved
25 August 2013
Sir,
If a company is registered as Pvt. Ltd. and afterwards it obtains a license u/s 25 of the Companies Act, 1956 as to be a charitable and religious company, whether the taxability of such company will be as a 'general company' as usual or as a 'trust'.
Please support the answer with any case decided or provisions under Companies act, 1956 or Income Tax or any Trust Act.
Thanks
If a company is registered as Pvt. Ltd. and afterwards it obtains a license u/s 25 of the Companies Act, 1956 as to be a charitable and religious company, whether the taxability of such company will be as a 'general company' as usual or as a 'trust'.
Please support the answer with any case decided or provisions under Companies act, 1956 or Income Tax or any Trust Act.
Thanks
25 August 2013
Taxability under Income Tax will remain as 'Company' UNLESS you obtain registration u/s 12AA of the Act, in which case it will then be converted into 'Trust'.
25 August 2013
So if the company gets registration u/s 12AA of the Income tax act, it would be no longer company in that case ?
25 August 2013
It will remain Company for all purposes including. Only for taxability purpose, it will be taken as Trust.
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