CORPORATE LAW

&TAXATION

AFTERSCHOOOL – DEVELOPING CHANGE

MAKERS
CENTRE FOR SOCIAL ENTREPRENEURSHIP
PGPSE PROGRAMME –
World’ Most Comprehensive programme in social
entrepreneurship & spiritual entrepreneurship
OPEN FOR ALL FREE FOR ALL

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 CORPORATE LAW
&TAXATION
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
www.afterschoool.tk

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WHAT IS TABLE B OF
SCHEDULE I?
 MEMORANDUM OF ASSOCIATION OF
THE COMPANY

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WHICH SECTION DEALS WITH
CHANGE OF NAME OF COMPANY?
 21

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COMPANIES UNDER WHICH
SECTION COME UNDER SOCIAL
ENTREPRENEURSHIP AND SOCIAL
DEVELOPMENT WORK?

 SEC. 25

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MAXIMUM NUMBER OF PARTNERS
IS MENTIONED IN WHICH SECTION ?
 SEC. 11 OF COMPANIES ACT.

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PROSPECTUS IS MENTIONED IN
WHICH SECTION?
 SEC. 44.

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WHICH COMPANY DOES NOT
ISSUE PROSPECTUS?
 PRIVATE COMPANY

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UNDER WHICH SECTION CAN YOU
OBTAIN A COPY OF MEMORANDUM
AND ARTICLE OF ASSOCIATION?
 SEC. 39 ANSWER.

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CAN THERE BE UNLIMITED
COMPANY?
 Yes

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If you don’t prepare articles of
association, what will you do?
 Adopt Table A (schedule I).

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What is deemed public
company?
 Sec. 43 A says that sometimes a private
company is deemed as public company
– those circumstances turn a private
company into a public company.

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Can a private company make
invitation to public to subscribe to
debentures?
 No

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How many formats of memorandum
are given in company act?
4

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What is ultra vires?
 Any act beyond the memorandum or
articles is called ultra vires.

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Can a foreigner subscribe to
Memorandum?
 Yes = with RBI permission

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Residential status is mentioned in
which section in Income tax act?
 Sec 6.

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Mention 3 incomes, which are
tax free?
 Incomes of research organisations
 Agricultural income
 Income of professional bodies
 Income of employee welfare organisations
 Income of news agency
 Income of local authorities
 Income of venture capital funds
 Income of trade unions
 Income of provident funds
 Income of SEZ units for 10 years
 Subsidies
 Interests received from various securities
 Pension / Gratuity etc (subject to rules).

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Who is assessee?
2 (7) someone who is assessed for tax
calculations

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What is set off?
 To cover old loss from current profit.

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What is clubbing?
 To combine income of two persons – for
example that of husband and wife – is
called clubbing.

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What is education Cess?
2 + 1 = 3%

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What is previous year?
 The year before the assessment year.
(from 1 april to 31 march).

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What is cash credit in Income
tax?
 Any credit of cash – for which there is no
explanation – it will be treated as
income.

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I have been resident in India for last
4 years. I have stayed in India for 45
days during last year. I have stayed
in India for 720 days during last 7
years. What is my status?
 Not resident

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What are exemptions regarding
gratuity?
 Govt. = tax free
 Pvt. But Law applicable:
 3.5 lakh or 15 days salary for each year
of service
 Pvt. But law not applicable:
 3.5 lakh or ½ month salary for completed
year of service.
 (least in all the cases).

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What is soloman case?
 Itis about company – it took place in
1892. it is about corporate veil. It is the
case where a person forms a company
with all members from his family (his wife
and 5 children) and manages to take
away all money from company by
showing that company is different from
him.

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SALARY 44, OVERTIME 2, HRA 6.1,
RENT PAID 7 (IN DELHI), BONUS .8,
CONTRIBUTION TO RPF 5.28,
PROFESSIONAL TAX .35. PERKS:
.FURNISHED HOME, INT FREE
LOAN, SERVANT, CAR

 Tax liability: 44+ 2+(6.1-2.6) +.8

 =50.300 -.35

 =49.95 answer

 Furnished house, servant and interest

free loan is taxable
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Company sold car of Rs. 6.96 lakh to
Ravi at 2.1 lakh. Purchase date 15
may 2005. selling date in 1 jan 2008.
 Deduct depreciation on car price @ 20%
which is
 6.96*.8*.8 =445440
 Taxable amount 2.35440 lakhs.
 Here we take period from 15 May 2005
to 15 may 2007 – rest is ignored.
 (rate is 50% for electronic items and 10%
on other items).

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 ABOUT AFTERSCHOOOL
Afterschoool conducts three year integrated PGPSE (after
class 12th along with IAS / CA / CS) and 18 month PGPSE
(Post Graduate Programme in Social Entrepreneurship)
along with preparation for CS / CFP / CFA /CMA / FRM. This
course is also available online also. It also conducts
workshops on social entrepreneurship in schools and
colleges all over India – start social entrepreneurship club in
your institution today with the help from afterschoool and help
us in developing society.

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Why such a programme?
 To promote people to take up entrepreneurship
and help develop the society
 To enable people to take up franchising and
other such options to start a business / social
development project
 To enable people to take up social
development as their mission
 To enable people to promote spirituality and
positive thinking in the world

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Who are our supporters?
 Afterschoolians, our past beneficiaries,
entrepreneurs and social entrepreneurs
are supporting us.
 You can also support us – not
necessarily by money – but by being
promotor of our concept and our ideas.

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About AFTERSCHOOOL PGPSE – the best
programme for developing great entrepreneurs

 Most flexible, adaptive but rigorous programme

 Available in distance learning mode
 Case study focused- latest cases
 Industry oriented practical curriculum
 Designed to make you entrepreneurs – not just an employee
 Option to take up part time job – so earn while you learn
 The only absolutely free course on internet

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Workshops from
AFTERSCHOOOL
 IIF, Delhi
 CIPS, Jaipur
 ICSI Hyderabad Branch
 Gyan Vihar, Jaipur
 Apex Institute of Management, Jaipur
 Aravali Institute of Management, Jodhpur
 Xavier Institute of Management, Bhubaneshwar
 Pacific Institute, Udaipur
 Engineering College, Hyderabad

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Flexible Specialisations:
 Spiritualising business and society
 Rural development and transformation
 HRD and Education, Social Development
 NGO and voluntary work
 Investment analysis,microfinance and inclusion
 Retail sector, BPO, KPO
 Accounting & Information system (with CA / CS /CMA)
 Hospital management and Health care
 Hospitality sector and culture and heritage
 Other sectors of high growth, high technology and social
relevance

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Salient features:
 The only programme of its kind (in the whole world)
 No publicity and low profile course
 For those who want to achieve success in life – not just a degree
 Indepth knowledge and expertise
 Professional approac: World class approach
 Strong intellectual and business capabilities
 Flexible – you may stay for a month and continue the rest of the
education by distance mode. / you may attend weekend classes
 Scholarships for those from poor economic background
 Latest and constantly changing curriculum – keeping pace with the
time
 Placement for those who are interested
 Admissions open throughout the year
 Latest and most advanced technologies, books and study material

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Components
 Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
 Meditation, spiritualisation, and self development
 Essential softwares for business
 Business plan, Research projects
 Participation in conferences / seminars
 Workshops on leadership, team building etc.
 Written submissions of research projects/articles / papers
 Interview of entrepreneurs, writing biographies of entrepreneurs
 Editing of journals / newsletters
 Consultancy / research projects
 Assignments, communication skill workshops
 Participation in conferences and seminars
 Group discussions, mock interviews, self development diaryng
 Mind Power Training & writing workshop (by Dr. T.K.Jain)

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Pedagogy
 Case analysis,
 Articles from Harvard Business Review
 Quiz, seminars, workshops, games,
 Visits to entrepreneurs and industrial visits
 Presentations, Latest audio-visuals
 Group discussions and group projects
 Periodic self assessment
 Mentoring and counselling
 Study exchange programme (with institutions out of India)
 Rural development / Social welfare projects

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Branches
 AFTERSCHOOOL will shortly open its
branches in important cities in India
including Delhi, Kota, Mumbai, Gurgaon
and other important cities.
Afterschooolians will be responsible for
managing and developing these
branches – and for promoting social
entrepreneurs.

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Case Studies
 We want to write case studies on social
entrepreneurs, first generation
entrepreneurs, ethical entrepreneurs.
Please help us in this process. Help us
to be in touch with entrepreneurs, so that
we may develop entrepreneurs.

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Basic values at afterschoool
 Share to learn more
 Interact to develop yourself
 Fear is your worst enemy
 Make mistakes to learn
 Study & discuss in a group
 Criticism is the healthy route to mutual support and help
 Ask fundamental questions : why, when, how & where?
 Embrace change – and compete with yourself only

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www.afterschoool.tk
social entrepreneurship for better
society

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