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A Section 8 company promotes commerce, arts, education, research, environmental protection, and social welfare. Under the Companies Act, 2013, all Section 8 companies in India must comply with the (MCA) Ministry of Corporate Affairs. Though they are approved to run a business and earn a profit, they can only be utilized to meet company objectives and not be shared among them. Therefore, the first thing you do is plan and discuss your terms with our specialists and come up with a suitable structure.
A Section 8 company must adhere to the Registrar of Companies' compliance levied (ROC) and Income tax specialists. Failure to fulfil their compliance obligations results in paying heavy penalties, and chances are such organizations, and their directors may even get disqualified for some time.