Producer Company Registration
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WHAT IS PRODUCER COMPANY REGISTRATION?
The purpose of the Producer Company in India as specified in the companies act 1956, shall relate to all or any of the following: -
- Welfare measures or services for the benefit of Members as may be determined by the Board.
PROCESS OF A PRODUCER COMPANY REGISTRATION?
- Step3 - Registration, i.e., company incorporation by DIR 12,2; form number INC 7,8,10,9,22 at MCA with documents, and with the registrar of companies will be taken care of by us after the above-mentioned processes.
DOCUMENTS NEEDED FOR A PRODUCER COMPANY REGISTRATION
- Passport size photographs of directors
- Property papers if any
MANDATORY CONDITIONS FOR PRODUCER COMPANY
- Minimum capital of 5 lakh is required.
Benefits of Producer Company Registration
- It is to be noted that since the IT Act does not offer any special advantage or privilege to Producer Companies as such, depending upon the type of agricultural activity, it carries on, some tax benefits can be used. For example, if green tea leaves are produced and sold directly without any further processing, the income obtained from such an activity is regarded as agricultural income under the IT Act. This income is 100 % tax-free, but if the green tea leaves are further processed, and tea is produced, only 60% of the income generated from this activity is considered as agricultural income, and the tax exclusion can be used only on the said 60% of such income. Thus, it is clear that the tax exclusion to a producer company based on the activity it carries on.
Frequently Asked Questions ?
At least five directors are required.
NO. It is an online process.
The minimum capital required to establish a producer company is 5 lakh.
To register producer company, follow the steps mentioned above.
To form a producer company, it takes around 35 to 40 days.
Yes. It is mandatory to audit books of a producer Company.