Globex Holdings Keys to Investment: India | Page 37

Statutory Register
List of key statutory records Details covered therein
1
Allotment of Shares
Description of shares as and when
allotted to the members of the Company
2 Register of Members Details of the existing and new members in brief 3 Transfer of Shares Particulars of shares as and when transferred
4
Mortgages and charges
all the charges specifically affecting the property
of the company
5
Contracts
particulars of contracts or arrangements with the
companies or firms in which directors are interested
6
Loan, investment,
particulars of loan, investment, guarantee or security
guarantee or security
provided in relation to a body corporate
7
Investments held in the
i
particulars as may be necessary to identify the
names of nominees
shares or securities.
ii
the name of person or bank in whose name or custody the shares or securities are standing
8
Directors, managing director,
record of the names, addresses and other relevant
manager & secretary
particulars of the managing director, directors,
manager and secretary of the company.
9
Shareholding of directors
the description of shares, other securities in the
company or its subsidiary.
Figure 15
4.6 Direct Taxes
Under the present income tax regime, taxes are levied on the basis of residential status of the tax payer. While residents are taxed on global income, non-resident are responsible for India linked or sourced income.
The financial year in which income is earned is referred to as the previous year whereas the financial year following i. e. in which the income is reported for verification is referred as the assessment year.
4.6.1 Tax on Companies( Corporate Tax)
A company is considered as a resident in India if it is incorporated in India or its control and management lies entirely in India. Companies residents in India( whether owned by Indians or non-Indians) are taxed on their worldwide income. On the other hand, non-resident companies are taxed on income earned from a business connection in India or from other Indian sources.
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