Body of individuals

Greetings!

Body of Individuals can be formed by simply entering into a deed which contains objectives, names of members, share of members in profits, date of formation, its rules, byelaws, frequency of meetings of members or managing persons, powers of the management, the amount of capital introduced by the members if any etc.,

The deed can be registered with the registrar of society by paying the applicable fees.

There is no separate governing body for BOI, they are self-driven with the natural law of justice, customs, and cultures that a person usually follows in the society.

Since there is no governing body, Income-tax Act 1961 included BOI under the Person definition in section 2(31) for the purpose of taxing such BOI.

Hope this helps 

Regards