Answers On Topic: limited Company
Assessee is charitable Trust under Bombay Public trust Act, having charitable objects in operation since last 15 years. Trust has immovable property as asset and also investment in Fixed deposits out of Funds created for specific purpose . The trustees have decided to convert the same in to Sec. 8 of the Companies Act, with Guarantee. a. whether there are any tax implication under Income tax Act 1961 on such conversion. b. whether any stamp duty is required to be paid.
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Can the Department can take recovery proceedings against a Director of Limited Company under section 179 of the Act for recovery of Tax due of the Company?
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implication of conversion of Charitable trust in to Sec. 8 Co under companies Act