Meaning of 'BODY CORPORATE' FOR RCM ?

[abbas mukhi]

Dear Experts,

What is present definition of 'BODY CORPORATE' for RCM Purpose ??

Whether 'AUTONOMEOUS BODY' incorporated under special act of parliament is body corporate for RCM purpose ?

AI Summary

Autonomous bodies under special acts may not qualify as 'body corporate' for RCM as per Companies Act, 2013. A user inquired about the definition of 'body corporate' for Reverse Charge Mechanism (RCM) purposes and whether an autonomous body incorporated under a special act of parliament qualifies as a body corporate. An expert responded by referencing the Companies Act, 2013, which defines 'body corporate' and excludes cooperative societies and other specified entities. Another expert explained that autonomous bodies are self-governing and may not be considered body corporates, citing examples like universities and boards. The discussion clarified that autonomous bodies typically do not fall under the definition of body corporates for RCM purposes.