The society is a company or assocaition of persons (generally unincorporated) united together by mutual consent to deliberate, determine and act jointly for some common purpose. Society include Club, Institution or Organisation or Association of persons, Bloc, body, Class, Clique, Club, Coalition, Combine, Common Wealth to whatsoever name called.
Advantages of Registered Society
Advantages of registered Society
The societies Registration Act, 1860 (the principal act) lays down the procedure for registration of societies for various bona fide purposes stated in the Act.
The registration gives the society a legal status and is essential for:
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Opening Bank accounts.
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Obtaining registration and approvals under Income Tax Act, 1961.
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Lawful vesting of the properties of societies. and
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Recoginition of the principal Act of 1860 aim at improving legal conditions of societies established for promotion of literature, science or fine arts of for diffusion of useful knowledge or for charitable purposes.
Taxation
Provisions Under Income Tax Act, 1961
A Society ia an Association of Persons formed to deliberate and promote a specific purpose. There are no separate provisions for assessment of a society under the Income-tax Act and the provisions applicable to association of persons and trusts will apply to a society also.