Taxation of sec 25 company
This query is : Resolved
Debashis Mandal
(Querist)
18 November 2012
Respected Experts
As per companies Act 1956 a Sec 25 company is treated like an NGO
Now for Income Tax Act is the Company treated as a Normal Private Limited Company or like a Trust or Society i.e. like a AOP or BOI for taxability purpose of the income of such Sec 25 co in its hand
Pls reply
Thanks
Debashis Mandal
As per companies Act 1956 a Sec 25 company is treated like an NGO
Now for Income Tax Act is the Company treated as a Normal Private Limited Company or like a Trust or Society i.e. like a AOP or BOI for taxability purpose of the income of such Sec 25 co in its hand
Pls reply
Thanks
Debashis Mandal
CA PARAS BAFNA
(Expert)
18 November 2012
The status will remain as "Company" and the manner in which the income will be dealt, will depend upon the fact that -whether the company has applied for registration U/s 12A of the Income Tax Act, 1961.
.
In no case, a company is treated as a person
different than company.
.
.
In no case, a company is treated as a person
different than company.
.
Debashis Mandal
(Querist)
19 November 2012
but sir if they taken 12A then ?
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