Tax Exemption, Producer Registration, business Blog
Tax Exemption, Producer Registration, Blog
Members will initially receive only such value for the produce or products pooled and supplied as the directors may determine. The withheld amount may be disbursed later either in cash or in kind or by allotment of equity shares.
Members will be eligible to receive bonus shares.
There is a provision is for the distribution of patronage bonus (akin to dividend) after the annual accounts are approved — patronage bonus means payment out of surplus income to members in proportion to their respective patronage (not shareholding).
Dispute relating to producers companies are to be settled by conciliation or arbitration under the
Arbitration and Conciliation Act, 1996 as if the parties to the dispute have consented in writing to such procedure.
Audit & Internal Audit Requirements
Producer company shall carry out an internal audit of its accounts, at regular intervals in accordance with its articles of association and such an audit shall be carried on by a Chartered.
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