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Companies Law
Home Acts & Rules Companies Law Acts Companies Act, 2013 Chapters List

Companies Act, 2013

 
Chapter: I
PRELIMINARY
Section 1 : Short title, extent, commencement and application
Section 2 : Definitions
Chapter: II
INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO
Section 3 : Formation of company
Section 4 : Memorandum
Section 5 : Articles
Section 6 : Act to override memorandum, articles, etc
Section 7 : Incorporation of company
Section 8 : Formation of companies with charitable objects, etc.
Section 9 : Effect of registration
Section 10 : Effect of memorandum and articles
Section 11 : Omitted
Section 12 : Registered office of company
Section 13 : Alteration of memorandum
Section 14 : Alteration of articles
Section 15 : Alteration of memorandum or articles to be noted in every copy
Section 16 : Rectification of name of company
Section 17 : Copies of memorandum, articles, etc., to be given to members
Section 18 : Conversion of companies already registered
Section 19 : Subsidiary company not to hold shares in its holding company
Section 20 : Service of documents
Section 21 : Authentication of documents, proceedings and contracts
Section 22 : Execution of bills of exchange, etc
Chapter: III - Part I
PROSPECTUS AND ALLOTMENT OF SECURITIES - Public offer
Section 23 : Public offer and private placement
Section 24 : Power of Securities and Exchange Board to regulate issue and transfer of securities, etc
Section 25 : Document containing offer of securities for sale to be deemed prospectus
Section 26 : Matters to be stated in prospectus
Section 27 : Variation in terms of contract or objects in prospectus
Section 28 : Offer of sale of shares by certain members of company
Section 29 : Public offer of securities to be in dematerialised form
Section 30 : Advertisement of prospectus
Section 31 : Shelf prospectus
Section 32 : Red herring prospectus
Section 33 : Issue of application forms for securities
Section 34 : Criminal liability for mis-statements in prospectus
Section 35 : Civil liability for mis-statements in prospectus
Section 36 : Punishment for fraudulently inducing persons to invest money
Section 37 : Action by affected persons
Section 38 : Punishment for personation for acquisition, etc.,of securities
Section 39 : Allotment of securities by company
Section 40 : Securities to be dealt with in stock exchanges
Section 41 : Global depository receipt
Chapter: III - Part II
PROSPECTUS AND ALLOTMENT OF SECURITIES - Private placement
Section 42 : Offer or invitation for subscription of securities on private placement
Chapter: IV
SHARE CAPITAL AND DEBENTURES
Section 43 : Kinds of share capital
Section 44 : Nature of shares or debentures
Section 45 : Numbering of shares
Section 46 : Certificate of shares
Section 47 : Voting rights
Section 48 : Variation of shareholders' rights
Section 49 : Calls on shares of same class to be made on uniform basis
Section 50 : Company to accept unpaid share capital, although not called up
Section 51 : Payment of dividend in proportion to amount paid-up
Section 52 : Application of premiums received on issue of shares
Section 53 : Prohibition on issue of shares at discount
Section 54 : Issue of sweat equity shares
Section 55 : Issue and redemption of preference shares
Section 56 : Transfer and transmission of securities
Section 57 : Punishment for personation of shareholder
Section 58 : Refusal of registration and appeal against refusal
Section 59 : Rectification of register of members
Section 60 : Publication of authorised, subscribed and paid-up capital
Section 61 : Power of limited company to alter its share capital
Section 62 : Further issue of share capital
Section 63 : Issue of bonus shares
Section 64 : Notice to be given to Registrar for alteration of share capital
Section 65 : Unlimited company to provide for reserve share capital on conversion into limited company
Section 66 : Reduction of share capital
Section 67 : Restrictions on purchase by company or giving of loans by it for purchase of its shares
Section 68 : Power of company to purchase its own securities
Section 69 : Transfer of certain sums to capital redemption reserve account
Section 70 : Prohibition for buy-back in certain circumstances
Section 71 : Debentures
Section 72 : Power to nominate
Chapter: V
ACCEPTANCE OF DEPOSITS BY COMPANIES
Section 73 : Prohibition on acceptance of deposits from public
Section 74 : Repayment of deposits, etc., accepted before commencement of this Act
Section 75 : Damages for fraud
Section 76 : Acceptance of deposits from public by certain companies
Section 76A : Punishment for contravention of section 73 or section 76
Chapter: VI
REGISTRATION OF CHARGES
Section 77 : Duty to register charges, etc.
Section 78 : Application for registration of charge
Section 79 : Section 77 to apply in certain matters
Section 80 : Date of notice of charge
Section 81 : Register of charges to be kept by Registrar
Section 82 : Company to report satisfaction of charge
Section 83 : Power of Registrar to make entries of satisfaction and release in absence of intimation from company
Section 84 : Intimation of appointment of receiver or manager
Section 85 : Company's register of charges
Section 86 : Punishment for contravention
Section 87 : Rectification by Central Government in register of charges
Chapter: VII
MANAGEMENT AND ADMINISTRATION
Section 88 : Register of members, etc.
Section 89 : Declaration in respect of beneficial interest in any share
Section 90 : Investigation of beneficial ownership of shares in certain cases
Section 91 : Power to close register of members or debenture-holders or other security holders
Section 92 : Annual return
Section 93 : Return to be filed with Registrar in case promoters' stake changes
Section 94 : Place of keeping and inspection of registers, returns, etc.
Section 95 : Registers, etc., to be evidence
Section 96 : Annual general meeting
Section 97 : Power of Tribunal to call annual general meeting
Section 98 : Power of Tribunal to call meetings of members, etc.
Section 99 : Punishment for default in complying with provisions of sections 96 to 98
Section 100 : Calling of extraordinary general meeting
Section 101 : Notice of meeting
Section 102 : Statement to be annexed to notice
Section 103 : Quorum for meetings
Section 104 : Chairman of meetings
Section 105 : Proxies
Section 106 : Restriction on voting rights
Section 107 : Voting by show of hands
Section 108 : Voting through electronic means
Section 109 : Demand for poll
Section 110 : Postal ballot
Section 111 : Circulation of members' resolution
Section 112 : Representation of President and Governors in meetings
Section 113 : Representation of corporations at meeting of companies and of creditors
Section 114 : Ordinary and special resolutions
Section 115 : Resolutions requiring special notice
Section 116 : Resolutions passed at adjourned meeting
Section 117 : Resolutions and agreements to be filed
Section 118 : Minutes of proceedings of general meeting, meeting of Board of Directors and other meeting and resolutions passed by postal ballot
Section 119 : Inspection of minute-books of general meeting
Section 120 : Maintenance and inspection of documents in electronic form
Section 121 : Report on annual general meeting
Section 122 : Applicability of this Chapter to One Person Company
Chapter: VIII
DECLARATION AND PAYMENT OF DIVIDEND
Section 123 : Declaration of dividend
Section 124 : Unpaid Dividend Account
Section 125 : Investor Education and Protection Fund
Section 126 : Right to dividend, rights shares and bonus shares to be held in abeyance pending registration of transfer of shares
Section 127 : Punishment for failure to distribute dividends
Chapter: IX
ACCOUNTS OF COMPANIES
Section 128 : Books of account, etc., to be kept by company
Section 129 : Financial statement
Section 130 : Re-opening of accounts on court's or Tribunal's orders
Section 131 : Voluntary revision of financial statements or Board's report
Section 132 : Constitution of National Financial Reporting Authority
Section 133 : Central Government to prescribe accounting standards
Section 134 : Financial statement, Board's report, etc.
Section 135 : Corporate Social Responsibility
Section 136 : Right of member to copies of audited financial statement
Section 137 : Copy of financial statement to be filed with Registrar
Section 138 : Internal audit
Chapter: X
AUDIT AND AUDITORS
Section 139 : Appointment of auditors
Section 140 : Removal, resignation of auditor and giving of special notice
Section 141 : Eligibility, qualifications and disqualifications of auditors
Section 142 : Remuneration of auditors
Section 143 : Powers and duties of auditors and auditing standards
Section 144 : Auditor not to render certain services
Section 145 : Auditor to sign audit reports, etc.
Section 146 : Auditors to attend general meeting
Section 147 : Punishment for contravention
Section 148 : Central Government to specify audit of items of cost in respect of certain companies
Chapter: XI
APPOINTMENT AND QUALIFICATIONS OF DIRECTORS
Section 149 : Company to have Board of Directors
Section 150 : Manner of selection of independent directors and maintenance of databank of independent directors
Section 151 : Appointment of director elected by small shareholders
Section 152 : Appointment of directors
Section 153 : Application for allotment of Director Identification Number
Section 154 : Allotment of Director Identification Number
Section 155 : Prohibition to obtain more than one Director Identification Number
Section 156 : Director to intimate Director Identification Number
Section 157 : Company to inform Director Identification Number to Registrar
Section 158 : Obligation to indicate Director Identification Number
Section 159 : Punishment for contravention
Section 160 : Right of persons other than retiring directors to stand for directorship
Section 161 : Appointment of additional director, alternate director and nominee director
Section 162 : Appointment of directors to be voted individually
Section 163 : Option to adopt principle of proportional representation for appointment of directors
Section 164 : Disqualifications for appointment of director
Section 165 : Number of directorships
Section 166 : Duties of directors
Section 167 : Vacation of office of director
Section 168 : Resignation of director
Section 169 : Removal of directors
Section 170 : Register of directors and key managerial personnel and their shareholding
Section 171 : Members' right to inspect
Section 172 : Punishment
Chapter: XII
MEETINGS OF BOARD AND ITS POWERS
Section 173 : Meetings of Board
Section 174 : Quorum for meetings of Board
Section 175 : Passing of resolution by circulation
Section 176 : Defects in appointment of directors not to invalidate actions taken
Section 177 : Audit Committee
Section 178 : Nomination and Remuneration Committee and Stakeholders Relationship Committee
Section 179 : Powers of Board
Section 180 : Restrictions on powers of Board
Section 181 : Company to contribute to bona fide and charitable funds, etc.
Section 182 : Prohibitions and restrictions regarding political contributions
Section 183 : Power of Board and other persons to make contributions to national defence fund, etc.
Section 184 : Disclosure of interest by director
Section 185 : Loan to directors, etc.
Section 186 : Loan and investment by company
Section 187 : Investments of company to be held in its own name
Section 188 : Related party transactions
Section 189 : Register of contracts or arrangements in which directors are interested
Section 190 : Contract of employment with managing or whole-time directors
Section 191 : Payment to director for loss of office, etc., in connection with transfer of undertaking, property or shares
Section 192 : Restriction on non-cash transactions involving directors
Section 193 : Contract by One Person Company
Section 194 : Prohibition on forward dealings in securities of company by director or key managerial personnel
Section 195 : Prohibition on insider trading of securities
Chapter: XIII
APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL
Section 196 : Appointment of managing director, whole-time director or manager
Section 197 : Overall maximum managerial remuneration and managerial remuneration in case of absence or inadequacy of profits
Section 198 : Calculation of profits
Section 199 : Recovery of remuneration in certain cases
Section 200 : Central Government or company to fix limit with regard to remuneration
Section 201 : Forms of, and procedure in relation to, certain applications
Section 202 : Compensation for loss of office of managing or whole-time director or manager
Section 203 : Appointment of key managerial personnel
Section 204 : Secretarial audit for bigger companies
Section 205 : Functions of company secretary
Chapter: XIV
INSPECTION, INQUIRY AND INVESTIGATION
Section 206 : Power to call for information, inspect books and conduct inquiries
Section 207 : Conduct of inspection and inquiry
Section 208 : Report on inspection made
Section 209 : Search and seizure
Section 210 : Investigation into affairs of company
Section 211 : Establishment of Serious Fraud Investigation Office
Section 212 : Investigation into affairs of Company by Serious Fraud Investigation Office
Section 213 : Investigation into company's affairs in other cases
Section 214 : Security for payment of costs and expenses of investigation
Section 215 : Firm, body corporate or association not to be appointed as inspector
Section 216 : Investigation of ownership of company
Section 217 : Procedure, powers, etc., of inspectors
Section 218 : Protection of employees during investigation
Section 219 : Power of inspector to conduct investigation into affairs of related companies, etc.
Section 220 : Seizure of documents by inspector
Section 221 : Freezing of assets of company on inquiry and investigation
Section 222 : Imposition of restrictions upon securities
Section 223 : Inspector's report
Section 224 : Actions to be taken in pursuance of inspector's report
Section 225 : Expenses of investigation
Section 226 : Voluntary winding up of company, etc., not to stop investigation proceedings
Section 227 : Legal advisers and bankers not to disclose certain information
Section 228 : Investigation, etc., of foreign companies
Section 229 : Penalty for furnishing false statement, mutilation, destruction of documents
Chapter: XV
COMPROMISES, ARRANGEMENTS AND AMALGAMATIONS
Section 230 : Power to compromise or make arrangements with creditors and members
Section 231 : Power of Tribunal to enforce compromise or arrangement
Section 232 : Merger and amalgamation of companies
Section 233 : Merger or amalgamation of certain companies
Section 234 : Merger or amalgamation of company with foreign company
Section 235 : Power to acquire shares of shareholders dissenting from scheme or contract approved by majority
Section 236 : Purchase of minority shareholding
Section 237 : Power of Central Government to provide for amalgamation of companies in public interest
Section 238 : Registration of offer of schemes involving transfer of shares
Section 239 : Preservation of books and papers of amalgamated companies
Section 240 : Liability of officers in respect of offences committed prior to merger, amalgamation, etc.
Chapter: XVI
PREVENTION OF OPPRESSION AND MISMANAGEMENT
Section 241 : Application to Tribunal for relief in cases of oppression, etc.
Section 242 : Powers of Tribunal
Section 243 : Consequence of termination or modification of certain agreements
Section 244 : Right to apply under section 241
Section 245 : Class action
Section 246 : Application of certain provisions to proceedings under section 241 or section 245
Chapter: XVII
REGISTERED VALUERS
Section 247 : Valuation by registered valuers
Chapter: XVIII
REMOVAL OF NAMES OF COMPANIES FROM THE REGISTER OF COMPANIES
Section 248 : Power of Registrar to remove name of company from register of companies
Section 249 : Restrictions on making application under section 248 in certain situations
Section 250 : Effect of company notified as dissolved
Section 251 : Fraudulent application for removal of name
Section 252 : Appeal to Tribunal
Chapter: XIX
REVIVAL AND REHABILITATION OF SICK COMPANIES
Section 253 : Determination of sickness
Section 254 : Application for revival and rehabilitation
Section 255 : Exclusion of certain time in computing period of limitation
Section 256 : Appointment of interim administrator
Section 257 : Committee of creditors
Section 258 : Order of Tribunal
Section 259 : Appointment of administrator
Section 260 : Powers and duties of company administrator
Section 261 : Scheme of revival and rehabilitation
Section 262 : Sanction of scheme
Section 263 : Scheme to be binding
Section 264 : Implementation of scheme
Section 265 : Winding up of company on report of company administrator
Section 266 : Power of Tribunal to assess damages against delinquent directors, etc.
Section 267 : Punishment for certain offences
Section 268 : Bar of Jurisdiction
Section 269 : Rehabilitation and Insolvency Fund
Chapter: XX
WINDING UP
Section 270 : Modes of winding up
Chapter: XX - Part I
WINDING UP - Winding up by the Tribunal
Section 271 : Circumstances in which company may be wound up by Tribunal
Section 272 : Petition for winding up
Section 273 : Powers of Tribunal
Section 274 : Directions for filing statement of affairs
Section 275 : Company Liquidators and their appointments
Section 276 : Removal and replacement of liquidator
Section 277 : Intimation to Company Liquidator, provisional liquidator and Registrar
Section 278 : Effect of winding up order
Section 279 : Stay of suits, etc., on winding up order
Section 280 : Jurisdiction of Tribunal
Section 281 : Submission of report by Company Liquidator
Section 282 : Directions of Tribunal on report of Company Liquidator
Section 283 : Custody of company's properties
Section 284 : Promoters, directors, etc., to cooperate with Company Liquidator
Section 285 : Settlement of list of contributories and application of assets
Section 286 : Obligations of directors and managers
Section 287 : Advisory committee
Section 288 : Submission of periodical reports to Tribunal
Section 289 : Power of Tribunal on application for stay of winding up
Section 290 : Powers and duties of Company Liquidator
Section 291 : Provision for professional assistance to Company Liquidator
Section 292 : Exercise and control of Company Liquidator's powers
Section 293 : Books to be kept by Company Liquidator
Section 294 : Audit of Company Liquidator's accounts
Section 295 : Payment of debts by contributory and extent of set-off
Section 296 : Power of Tribunal to make calls
Section 297 : Adjustment of rights of contributories
Section 298 : Power to order costs
Section 299 : Power to summon persons suspected of having property of company, etc
Section 300 : Power to order examination of promoters, directors, etc.
Section 301 : Arrest of person trying to leave India or abscond
Section 302 : Dissolution of company by Tribunal
Section 303 : Appeals from orders made before commencement of Act
Chapter: XX - Part II
WINDING UP - Voluntary winding up
Section 304 : Circumstances in which company may be wound up voluntarily
Section 305 : Declaration of solvency in case of proposal to wind up voluntarily
Section 306 : Meeting of creditors
Section 307 : Publication of resolution to wind up voluntarily
Section 308 : Commencement of voluntary winding up
Section 309 : Effect of voluntary winding up
Section 310 : Appointment of Company Liquidator
Section 311 : Power to remove and fill vacancy of Company Liquidator
Section 312 : Notice of appointment of Company Liquidator to be given to Registrar
Section 313 : Cesser of Board's powers on appointment of Company Liquidator
Section 314 : Powers and duties of Company Liquidator in voluntary winding up
Section 315 : Appointment of committees
Section 316 : Company Liquidator to submit report on progress of winding up
Section 317 : Report of Company Liquidator to Tribunal for examination of persons
Section 318 : Final meeting and dissolution of company
Section 319 : Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company
Section 320 : Distribution of property of company
Section 321 : Arrangement when binding on company and creditors
Section 322 : Power to apply to Tribunal to have questions determined, etc.
Section 323 : Costs of voluntary winding up
Chapter: XX - Part III
WINDING UP - Provisions applicable to every mode of winding up
Section 324 : Debts of all descriptions to be admitted to proof
Section 325 : Application of insolvency rules in winding up of insolvent companies
Section 326 : Overriding preferential payments
Section 327 : Preferential payments
Section 328 : Fraudulent preference
Section 329 : Transfers not in good faith to be void
Section 330 : Certain transfers to be void
Section 331 : Liabilities and rights of certain persons fraudulently preferred
Section 332 : Effect of floating charge
Section 333 : Disclaimer of onerous property
Section 334 : Transfers, etc., after commencement of winding up to be void
Section 335 : Certain attachments, executions, etc., in winding up by Tribunal to be void
Section 336 : Offences by officers of companies in liquidation
Section 337 : Penalty for frauds by officers
Section 338 : Liability where proper accounts not kept
Section 339 : Liability for fraudulent conduct of business
Section 340 : Power of Tribunal to assess damages against delinquent directors, etc.
Section 341 : Liability under sections 339 and 340 to extend to partners or directors in firms or companies
Section 342 : Prosecution of delinquent officers and members of company
Section 343 : Company Liquidator to exercise certain powers subject to sanction
Section 344 : Statement that company is in liquidation
Section 345 : Books and papers of company to be evidence
Section 346 : Inspection of books and papers by creditors and contributories
Section 347 : Disposal of books and papers of company
Section 348 : Information as to pending liquidations
Section 349 : Official Liquidator to make payments into public account of India
Section 350 : Company Liquidator to deposit monies into scheduled bank
Section 351 : Liquidator not to deposit monies into private banking account
Section 352 : Company Liquidation Dividend and Undistributed Assets Account
Section 353 : Liquidator to make returns, etc.
Section 354 : Meetings to ascertain wishes of creditors or contributories
Section 355 : Court, tribunal or person, etc., before whom affidavit may be sworn
Section 356 : Powers of Tribunal to declare dissolution of company void
Section 357 : Commencement of winding up by Tribunal
Section 358 : Exclusion of certain time in computing period of limitation
Chapter: XX - Part IV
WINDING UP - Official liquidators
Section 359 : Appointment of Official Liquidator
Section 360 : Powers and functions of Official Liquidator
Section 361 : Summary procedure for liquidation
Section 362 : Sale of assets and recovery of debts due to company
Section 363 : Settlement of claims of creditors by Official Liquidator
Section 364 : Appeal by creditor
Section 365 : Order of dissolution of company
Chapter: XXI - Part I
Companies authorised to register under this Act
Section 366 : Companies capable of being registered
Section 367 : Certificate of registration of existing companies
Section 368 : Vesting of property on registration
Section 369 : Saving of existing liabilities
Section 370 : Continuation of pending legal proceedings
Section 371 : Effect of registration under this Part
Section 372 : Power of Court to stay or restrain proceedings
Section 373 : Suits stayed on winding up order
Section 374 : Obligations of companies registering under this Part
Chapter: XXI - Part II
Winding up of unregistered companies
Section 375 : Winding up of unregistered companies
Section 376 : Power to wind up foreign companies, although dissolved
Section 377 : Provisions of Chapter cumulative
Section 378 : Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases
Chapter: XXII
COMPANIES INCORPORATED OUTSIDE INDIA
Section 379 : Application of Act to foreign companies
Section 380 : Documents, etc., to be delivered to Registrar by foreign companies
Section 381 : Accounts of foreign company
Section 382 : Display of name, etc., of foreign company
Section 383 : Service on foreign company
Section 384 : Debentures, annual return, registration of charges, books of account and their inspection
Section 385 : Fee for registration of documents
Section 386 : Interpretation
Section 387 : Dating of prospectus and particulars to be contained therein
Section 388 : Provisions as to expert's consent and allotment
Section 389 : Registration of prospectus
Section 390 : Offer of Indian Depository Receipts
Section 391 : Application of sections 34 to 36 and Chapter XX
Section 392 : Punishment for contravention
Section 393 : Company's failure to comply with provisions of this Chapter not to affect validity of contracts, etc.
Chapter: XXIII
GOVERNMENT COMPANIES
Section 394 : Annual reports on Government companies
Section 395 : Annual reports where one or more State Governments are members of companies
Chapter: XXIV
REGISTRATION OFFICES AND FEES
Section 396 : Registration offices
Section 397 : Admissibility of certain documents as evidence
Section 398 : Provisions relating to filing of applications, documents, inspection, etc., in electronic form
Section 399 : Inspection, production and evidence of documents kept by Registrar
Section 400 : Electronic form to be exclusive, alternative or in addition to physical form
Section 401 : Provision of value added services through electronic form
Section 402 : Application of provisions of Information Technology Act, 2000
Section 403 : Fee for filing, etc.
Section 404 : Fees, etc., to be credited into public account
Chapter: XXV
COMPANIES TO FURNISH INFORMATION OR STATISTICS
Section 405 : Power of Central Government to direct companies to furnish information or statistics
Chapter: XXVI
NIDHIS
Section 406 : Power to modify Act in its application to Nidhis
Chapter: XXVII
NATIONAL COMPANY LAW TRIBUNAL AND APPELLATE TRIBUNAL
Section 407 : Definitions
Section 408 : Constitution of National Company Law Tribunal
Section 409 : Qualification of President and Members of Tribunal
Section 410 : Constitution of Appellate Tribunal
Section 411 : Qualifications of Chairperson and Members of Appellate Tribunal
Section 412 : Selection of Members of Tribunal and Appellate Tribunal
Section 413 : Term of office of President, chairperson and other Members
Section 414 : Salary, allowances and other terms and conditions of service of Members
Section 415 : Acting President and Chairperson of Tribunal or Appellate Tribunal
Section 416 : Resignation of Members
Section 417 : Removal of Members
Section 417A : Qualifications, terms and conditions of service of Chairperson and Member.
Section 418 : Staff of Tribunal and Appellate Tribunal
Section 419 : Benches of Tribunal
Section 420 : Orders of Tribunal
Section 421 : Appeal from orders of Tribunal
Section 422 : Expeditious disposal by Tribunal and Appellate Tribunal
Section 423 : Appeal to Supreme Court
Section 424 : Procedure before Tribunal and Appellate Tribunal
Section 425 : Power to punish for contempt
Section 426 : Delegation of powers
Section 427 : President, Members, officers, etc., to be public servants
Section 428 : Protection of action taken in good faith
Section 429 : Power to seek assistance of Chief Metropolitan Magistrate, etc.
Section 430 : Civil court not to have jurisdiction
Section 431 : Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings
Section 432 : Right to legal representation
Section 433 : Limitation
Section 434 : Transfer of certain pending proceedings
Chapter: XXVIII
SPECIAL COURTS
Section 435 : Establishment of Special Courts
Section 436 : Offences triable by Special Courts
Section 437 : Appeal and revision
Section 438 : Application of Code to proceedings before Special Court
Section 439 : Offences to be non-cognizable
Section 440 : Transitional provisions
Section 441 : Compounding of certain offences
Section 442 : Mediation and Conciliation Panel
Section 443 : Power of Central Government to appoint company prosecutors
Section 444 : Appeal against acquittal
Section 445 : Compensation for accusation without reasonable cause
Section 446 : Application of fines
Chapter: XXIX
MISCELLANEOUS
Section 447 : Punishment for fraud
Section 448 : Punishment for false statement
Section 449 : Punishment for false evidence
Section 450 : Punishment where no specific penalty or punishment is provided
Section 451 : Punishment in case of repeated default
Section 452 : Punishment for wrongful withholding of property
Section 453 : Punishment for improper use of "Limited" or "Private Limited"
Section 454 : Adjudication of penalties
Section 455 : Dormant company
Section 456 : Protection of action taken in good faith
Section 457 : Non-disclosure of information in certain cases
Section 458 : Delegation by Central Government of its powers and functions
Section 459 : Powers of Central Government or Tribunal to accord approval, etc., subject to conditions and to prescribe fees on applications
Section 460 : Condonation of delay in certain cases
Section 461 : Annual report by Central Government
Section 462 : Power to exempt class or classes of companies from provisions of this Act
Section 463 : Power of court to grant relief in certain cases
Section 464 : Prohibition of association or partnership of persons exceeding certain number
Section 465 : Repeal of certain enactments and savings
Section 466 : Dissolution of Company Law Board and consequential provisions
Section 467 : Power of Central Government to amend Schedules
Section 468 : Powers of Central Government to make rules relating to winding up
Section 469 : Power of Central Government to make rules
Section 470 : Power to remove difficulties
Schedules
SCH-01 : SCHEDULE I - See sections 4 and 5
SCH-02 : SCHEDULE II -See section 123
SCH-03 : SCHEDULE III -See section 129
SCH-04 : SCHEDULE IV-See section 149(7)
SCH-05 : SCHEDULE V -See sections 196 and 197
SCH-06 : SCHEDULE VI -See sections 55 and 186
SCH-07 : SCHEDULE VII -See section 135
 
 
 
 
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Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

Forum: Input tax credit

Forum: Cess paid instead of SGST

Forum: Excise duty credit on finished stock at additional place of business.

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Forum: GST rates on mobile recharge business

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Forum: import purchase

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Forum: 3B mistake

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC

Highlight: Reassessment - first few paragraphs of the assessment order dealt with objections and disposed of accordingly - Unfortunately, the manner in which the AO has decided the issue is wholly unsustainable in law - HC

Highlight: Business expenditure u/s 37 - liquidated damage - breach of contract terms - Expenditure was not incurred for any purpose which is an offence or which is prohibited by law - cannot be disallowed - HC

Highlight: Valuation - inclusion of reimbursement of expenses - managing participation of clients in certain mela, fairs, promotional activities etc. - They are liable to service tax on the gross amount received - They cannot restrict their tax liability to only agency commission

Highlight: TDS liability - ITAT confirmed the liability - We do not see how it is possible for us to uphold the order of the Tribunal and when it purports to decide two Appeals of the Revenue by single paragraph conclusion - HC

Highlight: Reopening of assessment - sufficiency of material available with the AO to form a belief that income chargeable to tax had escaped assessment - bogus purchases - seller refused to respond - notice would not be interfered with - HC

Highlight: Exemption u/s 11 - education activities - transport and hostel facilities surplus cannot be considered as business income of the assessee society

News: Draft Notification for insertion of new rule 39A in the Income-tax Rules, 1962 – comments and suggestions-reg.



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