Section 8 Company

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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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section-8-company
What is sections 8 company registration ?

Section 8 Company, Also Referred To As ‘Not For Profit Company’, May Be Incorporated Under The Provisions Of The Companies Act, 2013 With Limited Liability Company Status Without Using The Word Limited Or Private Limited. This Type Of Company Enjoys All The Privileges And Are Subject To All The Obligations Of Limited Liability Companies.

section 8 company tax benefits :
  • Income Tax Benefits : Section 80G Of The Income Tax Act Allows Abundance Of Tax-Accompanying Benefits To These Associations.
  • Stamp Duty Benefits : Section 8 Companies Are Not Required To Pay Stamp Duty On Memorandum Of Association (MOA) And Articles Of Association (AOA), At The Time Of Incorporation.
  • Minimum Share Capital : Section 8 Companies Are Not Required To Have Any Minimum Paid-Up Share Capital.
  • Exempted From Some Name : Section 8 Companies Are Not Required To Append Limited Or Private Limited In Their Name And Are Registered With Limited Liability.
  • Separate Business Entity : Section 8 Is A Distinct Legal Entity, Which Is Independent Of Its Members And Has Perpetual Existence.
  • Improved Credibility : Section 8 Companies Have Better Credibility Than Other Types Of NGOs, Society And Trust.
Documents Required for Section 8 Company Registration
  • 1. Section 8 Company Is Incorporated For The Purpose Of Promoting Commerce, Arts, Science, Sports, Education, Research, Social Welfare, Religion, Charity, Environmental Protection Or Other Similar Purposes.
  • 2. Section 8 Company Can Use Its Profits Or Other Income Only For The Furtherance Of Its Purposes.
  • 3. Section 8 Company Prohibit The Payment Of Any Type Of Dividend Also To Its Members.

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