Mutual benefit finance company designation clarifies tax classification for companies accepting deposits from members under Nidhi declaration. Insertion of sub-clause ac defines a mutual benefit finance company as one whose principal business is acceptance of deposits from its members and which ... Summary
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Mutual benefit finance company designation clarifies tax classification for companies accepting deposits from members under Nidhi declaration.
Insertion of sub-clause ac defines a mutual benefit finance company as one whose principal business is acceptance of deposits from its members and which is declared to be a Nidhi or Mutual Benefit Society under the Companies Act, treating such declared Nidhis as a distinct category for Income-tax purposes.
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