by admin | Nov 27, 2024 | Uncategorized
SCOPE OF INCOME UNDER THE ACT Resident is taxed on his global income under the Act whether it is received, accrued or arose in India or accrued or arose out of India. For a Non-resident person, in terms of s.5(2) of the Indian Income Tax Act, 1961, All its income,...
by admin | Nov 27, 2024 | Uncategorized
Various recent news items recently indicated sealing of property by corporation owing to failure to pay property taxes by owners. One such news item read:- The Ahmedabad Municipal Corporation, Tuesday, sealed as many as 599 properties as the owners have failed to pay...
by admin | Nov 27, 2024 | Uncategorized
Concept of Vicarious Liability of directors A company functions through board of directors; it has not mind of its own. Provision of s.291 of erstwhile Companies Act, 1956 recognized that except where express provision is made that the powers of a company in respect...
by admin | Nov 27, 2024 | Uncategorized
APPLICATION OF LIMITATION ACT TO A S.9 APPLICATION UNDER IBC, 2016 AND HOW TO DETERMINE IF APPLICATION IS WITHIN LIMITATION The limitation law concerns the primary concept of ascribing a fixed time frame within which all legal contentions are required to be raised by...
by admin | Nov 27, 2024 | Uncategorized
FUNCTIONING OF A COMPANY A company functions through different decisions taken by the members and the board of directors. Various matters such as appointment of auditors, declaration of dividend, appointment of director in place of the retiring directors, fixing...
by admin | Nov 26, 2024 | Uncategorized
Who is a Financial Creditor ? In terms of s. 5(7) of IBC “financial creditor” means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; In terms of s.5(8) of IBC “financial...
