Society

  • It is an association of persons united together by mutual consent to work for a common purpose.
  • Generally formed for charitable purposes like education, art, religion, sports, culture, etc.
  • Can be formed by minimum 7 members.
  • Governed by Societies Registration Act 1860.

  • How to register:

  • Similar to Partnership firms, it is optional for societies to be registered. If registered, they have benefits like holding vESIed property or option to file suit by or against society.
  • Registration of society is managed by state governments. Hence, application to be made to the concerned authority of the state.

  • Requirement of Separate PAN:

  • Separate PAN issued.

  • Society Name:

  • The name should not be similar to any existing registered society. It should be as per the provisions of Emblem and Names Act, 1950

  • Taxes:

  • Income tax exemption is possible subject to prior approval from income tax authorities.

  • Limitations:

  • Due to limited financial resources, Management is usually inefficient.
  • Excessive government interference.

  • Documents Required:

  • Aadhaar card copy, PAN card copy and photographs of members and witnesses
  • Rental deed/lease deed copy
  • Electricity Bill of office of Society
  • Details of members and witnesses