21 July Corporate Law & Taxation

CORPORATE LAW &TAXATION AFTERSCHOOOL – DEVELOPING CHANGE MAKERS CENTRE FOR SOCIAL ENTREPRENEURSHIP PGPSE PROGRAMME – World’ Most Comprehensive programme in social entrepreneurship & spiritual entrepreneurship OPEN FOR ALL FREE FOR ALL

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CORPORATE LAW &TAXATION Dr. T.K. Jain. AFTERSCHOOOL Centre for social entrepreneurship Bikaner M: 9414430763 [email protected] www.afterschool.tk www.afterschoool.tk www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

WHAT IS TABLE B OF SCHEDULE I?  MEMORANDUM

OF ASSOCIATION OF

THE COMPANY

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

WHICH SECTION DEALS WITH CHANGE OF NAME OF COMPANY?  21

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

COMPANIES UNDER WHICH SECTION COME UNDER SOCIAL ENTREPRENEURSHIP AND SOCIAL DEVELOPMENT WORK?  SEC.

25

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

MAXIMUM NUMBER OF PARTNERS IS MENTIONED IN WHICH SECTION ?  SEC.

11 OF COMPANIES ACT.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

PROSPECTUS IS MENTIONED IN WHICH SECTION?  SEC.

44.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

WHICH COMPANY DOES NOT ISSUE PROSPECTUS?  PRIVATE

www.afterschoool.tk

COMPANY

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

UNDER WHICH SECTION CAN YOU OBTAIN A COPY OF MEMORANDUM AND ARTICLE OF ASSOCIATION?  SEC.

39 ANSWER.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

CAN THERE BE UNLIMITED COMPANY?  Yes

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

If you don’t prepare articles of association, what will you do?  Adopt

Table A (schedule I).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is deemed public company?  Sec.

43 A says that sometimes a private company is deemed as public company – those circumstances turn a private company into a public company.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a private company make invitation to public to subscribe to debentures?  No

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

How many formats of memorandum are given in company act? 4

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is ultra vires?  Any

act beyond the memorandum or articles is called ultra vires.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Can a foreigner subscribe to Memorandum?  Yes

= with RBI permission

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Residential status is mentioned in which section in Income tax act?  Sec

6.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Mention 3 incomes, which are tax free?             

Incomes of research organisations Agricultural income Income of professional bodies Income of employee welfare organisations Income of news agency Income of local authorities Income of venture capital funds Income of trade unions Income of provident funds Income of SEZ units for 10 years Subsidies Interests received from various securities Pension / Gratuity etc (subject to rules).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who is assessee? 2

(7) someone who is assessed for tax calculations

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is set off?  To

cover old loss from current profit.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is clubbing?  To

combine income of two persons – for example that of husband and wife – is called clubbing.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is education Cess? 2

+ 1 = 3%

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is previous year?  The

year before the assessment year. (from 1 april to 31 march).

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is cash credit in Income tax?  Any

credit of cash – for which there is no explanation – it will be treated as income.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

I have been resident in India for last 4 years. I have stayed in India for 45 days during last year. I have stayed in India for 720 days during last 7 years. What is my status?  Not

resident

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What are exemptions regarding gratuity?  Govt.

= tax free  Pvt. But Law applicable:  3.5 lakh or 15 days salary for each year of service  Pvt. But law not applicable:  3.5 lakh or ½ month salary for completed year of service.  (least in all the cases). www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

What is soloman case?  It

is about company – it took place in 1892. it is about corporate veil. It is the case where a person forms a company with all members from his family (his wife and 5 children) and manages to take away all money from company by showing that company is different from him.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

SALARY 44, OVERTIME 2, HRA 6.1, RENT PAID 7 (IN DELHI), BONUS .8, CONTRIBUTION TO RPF 5.28, PROFESSIONAL TAX .35. PERKS: .FURNISHED HOME, INT FREE LOAN, SERVANT, CAR  Tax

liability: 44+ 2+(6.1-2.6) +.8  =50.300 -.35  =49.95 answer  Furnished house, servant and interest free loan is taxable www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Company sold car of Rs. 6.96 lakh to Ravi at 2.1 lakh. Purchase date 15 may 2005. selling date in 1 jan 2008.  Deduct

depreciation on car price @ 20% which is  6.96*.8*.8 =445440  Taxable amount 2.35440 lakhs.  Here we take period from 15 May 2005 to 15 may 2007 – rest is ignored.  (rate is 50% for electronic items and 10% on other items). www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

ABO UT A FTERSCH OOO L Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Why such a programme? 







To promote people to take up entrepreneurship and help develop the society To enable people to take up franchising and other such options to start a business / social development project To enable people to take up social development as their mission To enable people to promote spirituality and positive thinking in the world

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Who are our supporters?  Afterschoolians,

our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us.  You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

About AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs     





Most flexible, adaptive but rigorous programme Available in distance learning mode Case study focused- latest cases Industry oriented practical curriculum Designed to make you entrepreneurs – not just an employee Option to take up part time job – so earn while you learn The only absolutely free course on internet

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Workshops from AFTERSCHOOOL         

IIF, Delhi CIPS, Jaipur ICSI Hyderabad Branch Gyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management, Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Flexible Specialisations:          

Spiritualising business and society Rural development and transformation HRD and Education, Social Development NGO and voluntary work Investment analysis,microfinance and inclusion Retail sector, BPO, KPO Accounting & Information system (with CA / CS /CMA) Hospital management and Health care Hospitality sector and culture and heritage Other sectors of high growth, high technology and social relevance

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Salient features: The only programme of its kind (in the whole world)  No publicity and low profile course  For those who want to achieve success in life – not just a degree  Indepth knowledge and expertise  Professional approac: World class approach  Strong intellectual and business capabilities  Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes  Scholarships for those from poor economic background  Latest and constantly changing curriculum – keeping pace with the time  Placement for those who are interested  Admissions open throughout the year  Latest and most advanced technologies, books and study www.afterschoool.tk AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS material 

Components              

Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) Meditation, spiritualisation, and self development Essential softwares for business Business plan, Research projects Participation in conferences / seminars Workshops on leadership, team building etc. Written submissions of research projects/articles / papers Interview of entrepreneurs, writing biographies of entrepreneurs Editing of journals / newsletters Consultancy / research projects Assignments, communication skill workshops Participation in conferences and seminars Group discussions, mock interviews, self development diaryng Mind Power Training & writing workshop (by Dr. T.K.Jain)

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Pedagogy          

Case analysis, Articles from Harvard Business Review Quiz, seminars, workshops, games, Visits to entrepreneurs and industrial visits Presentations, Latest audio-visuals Group discussions and group projects Periodic self assessment Mentoring and counselling Study exchange programme (with institutions out of India) Rural development / Social welfare projects

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Branches  AFTERSCHOOOL

will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Case Studies  We

want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

Basic values at afterschoool        

Share to learn more Interact to develop yourself Fear is your worst enemy Make mistakes to learn Study & discuss in a group Criticism is the healthy route to mutual support and help Ask fundamental questions : why, when, how & where? Embrace change – and compete with yourself only

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS

www.afterschoool.tk social entrepreneurship for better society

www.afterschoool.tk

AFTERSCHOOOL MATERIAL FOR PGPSE PARTICIPANTS