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Companies Act vs Income Tax Act

Bhavesh (Accounts) (159 Points)

28 April 2023

Hello, Freinds want to know what is the difference between Companies Act and Income Tax Act. also provide me any title for reading the same.

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prasad Nilugal ( GST Practitioner & Accounts ) (14868 Points)
Replied 28 April 2023

1) Companies Act is applicable to all Companies, and govern under same Act, except
Banking Companies
Insurance Companies,
Electricity Companies.
These three companies are having there own Act .

All the Companies are required to Comply with Companies Act , except three above.

2) Income Tax Act is applicable to all persons, and person as per the income tax Act are .

1) Individual
2) Firm
3) Company
4) Local Authority
5);Aop/ BOI
6) Artificial Judicial person
etc.

All above persons paying Income tax required to Comply with Income tax Act .

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