The Companies Act defines a Section 8 company as one whose objectives is to promote fields of arts, commerce, science, research, education, sports, charity, social welfare, religion, environment protection, or other similar objectives.
A society, or a human society, is a group of people involved with each other through persistent relations, or a large social grouping sharing the same geographical or social territory, typically subject to the same political authority and dominant cultural expectations.
A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
An NGO (society or trust) can avail income tax exemption by getting itself registered and complying with certain other formalities, but such registration does not provide any benefit to the persons making donations. A newly registered ngo can also apply for 80g registration.
The taxpayer has to communicate the details of his taxable income/loss to the Income-tax Department. These details are communicated to the Income-tax Department in the form of return of income.
Financial statements are written records that convey the business activities and the financial performance of a company. Financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing, or investing purposes.
To design strategic and long term policy and program frameworks and initiatives, and monitor their progress and their efficacy. ... To provide advice and encourage partnerships between key stakeholders and national and international like-minded Think tanks, as well as educational and policy research institutions.
India is the first country in the world to make Corporate Social Responsibility (CSR) mandatory, following an amendment to the Companies Act, 2013 in April 2014.
