MANAGEMENT

Detailed explanation-1: -The share of a co-venturer corporation in the net income of a taxable joint venture or consortium is subject to corporate income tax.

Detailed explanation-2: -Capital gains tax is payable on the sale of shares of the joint venture. If any of the joint venture parties is a non-resident, withholding tax is applicable for any payments made to such a party by the Indian joint venture company.

Detailed explanation-3: -A joint venture allows one or more parties to pool their resources in the form of capital, knowledge, technology, physical assets etc to achieve the specific task or project. Joint ventures are generally short term though they can be for an indefinite period also.

Detailed explanation-4: -Some of the most common types of exempt cor-poration are religious, charitable, -scientific, literary and educational organizations; community chests; chambers of commerce; boards of trade; social clubs; business and civic leagues; fraternal beneficiary societies, etc.