TaxTMI 
TaxTMI 
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 ?
Meaning of "BODY CORPORATE" FOR RCM ?
26 Apr 2016 
4 Replies 
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Body corporate definition: adopt company-law definition for reverse charge; autonomous bodies are not automatically body corporates.
The Finance Act lacks a definition of body corporate, so the company-law definition may be adopted for reverse charge purposes: company-law treats bodies corporate (including foreign companies) with specified exclusions and government-notified exceptions. An "autonomous body" is a self-governing institution that may be a company, society, or statutory entity; it is not automatically a body corporate-classification for reverse charge depends on the entity's legal form and applicable regulatory regime. (AI Summary)
The Finance Act lacks a definition of body corporate, so the company-law definition may be adopted for reverse charge purposes: company-law treats bodies corporate (including foreign companies) with specified exclusions and government-notified exceptions. An "autonomous body" is a self-governing institution that may be a company, society, or statutory entity; it is not automatically a body corporate-classification for reverse charge depends on the entity's legal form and applicable regulatory regime. (AI Summary)