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 .
34