#losses #company #capital #gains #notes #incometax Section 74 If the net result of the computation under the head “Capital gains” is a loss, the whole of the loss shall be carried forward to the following assessment year as follows— Long-term capital loss can be set off only against long-term capital gains. Short-term capital loss can be set off against short-term or long-term capital gains. Such loss can be carried forward for 8 (eight) assessment years immediately succeedin

#producercompany #producer #production #privatecompanies #company #typesofcompanies #companiesact #companiesact1956 To enable cooperatives to operate as corporate entities under the ministry of corporate affairs, the idea of a producer company was introduced. In order to allow for the incorporation of producer companies, the Ministry of Company Affairs in India has proposed a Bill to amend the Companies Act, 1956 by inserting Part IX A. The Act has made it possible for primar

#companiesact #registeredcompanies #companyregistration #society #company #partnership #cooperativesociety The Companies (Authorized to Registered) Rules, 2014 should also be read in conjunction with this section as they provide additional procedural guidelines that every company must abide by and follow in order to register under Section 366 of the 2013 Companies Act. The steps that must be taken in order to register a company, the forms that must be filled out, and the docu

#companiesact #registeredcompanies #companyregistration #society #company #partnership #cooperativesociety Chapter XXI of the 2013 Companies Act, which addresses companies authorised to register under this act and establishes the provisions for companies capable of being registered, contains Section 366. The process and conditions for registering a company, as broadly defined in this section, under this part are laid out in this section and the corresponding rules. Any partne

#freezingasset #company #inquiry #investigation Freezing of assets of a company on inquiry and investigation defined under Section 221 and 222 of the Indian Companies Act 2013. Mismanagement and scam are quite common in companies. Picking these loopholes isn’t easy for the authority. Thanks to sections 222 and 221, which has been proved quite effective in averting these anomalies. Important Provisions on Freezing of the company’s assets on investigation & inquiry Section 221

#section6 #incometax #resident #nonresident #huf #company Section 6 of the Income Tax Act helps in determination of residential status of any class of persons for the purpose of income tax. Section 6 can be bifurcated in the following manner for better understanding: Individual The first stage in determining a person's residential status is to identify whether or not he is a resident. If he is a resident, the next stage is to determine whether he is a resident who is also ord

#section210 #companiesact2013 #investigation #company The investigation's primary goal is to gather evidence, identify any illegal acts or infractions, and then determine the appropriate course of action. The act's Section 210 stipulates: (a)Investigation according to the central government's assessment Where the central government is of the opinion, that it is necessary to investigate the affairs of a company: 1) On the receipt of a report of the Registrar or inspector under

#company #companylaw #companiesact2013 #liquidation #law #windingup To understand this Section, let us just understand a few terms and their definitions as per The Companies Act, 2013. Who is a Contributory? A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up

#section295 #company #companylaw #companiesact2013 #windingup #liquidation #law According to Section 295 of The Companies Act, 2013, (1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the esta

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup #rules On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Calls in Winding Up by Tribunal Rule 131- Calls by Company Liquidator Su

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup According to Section 296 of The Companies Act, 2013, The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,— (a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal

#section297 #companiesact2013 #company #liquidator #liquidation #law #windingup #contributories To understand this Section, let us go through a few terms. A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up of a company. Unless the court allocates with the li

#section294 #companiesact2013 #company #liquidator #liquidation #law #windingup #rules On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Filing and Audit of Company Liquidator’s Accounts Rule 91- Half-yearly

#company #act2013 #sec250 #companydissolved #sections #effectofcompany Introduction The Companies Act 2013 is the law covering incorporation, dissolution and the running of companies in India. The Act came into force across India on 12th September 2013 and has a few amendments to the previous act of 1956. It has also introduced new concepts like a One Person Company. Meaning of a Company There are many definitions of a Company by various legal experts. However, Section 2(20)

#section294 #companiesact2013 #company #liquidator #liquidation #law #windingup According to Section 294 of The Companies Act, 2013, (1) The Company Liquidator shall maintain proper and regular books of account including accounts of receipts and payments made by him in such form and manner as may be prescribed. (2) The Company Liquidator shall, at such times as may be prescribed but not less than twice in each year during his tenure of office, present to the Tribunal an accou

#section293 #company #companiesact2013 #companylaw #companyliquidator #law #windingup On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Registers and Books Of Account to be Maintained by Company Liquidator Rul

#section293 #company #companiesact2013 #companylaw #companyliquidator #law #windingup According to Section 293 of The Companies Act, 2013, (1) The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed. (2) Any creditor or contributory may, subject to the control of the Tribunal, inspect any such books, personally or through

#rules #rule78 #company #companylaw #companiesact #windingup #section291 On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Rule 78- Declaration by Professional Rule 78 read with Section 291 (2) of The Companie

#company #companylaw #section291 #companiesact2013 #windingup #liquidation In order to understand this Section, let us understand a few terms related to this Section. -What is Company Liquidation? Company liquidation is a process initiated by those companies under debt to wind up its operation and sell their assets to pay the debt, obligations, and other liabilities. A company is liquidated when it is not in a state to continue or run further. - Who is a Company Liquidator? A

#company #windingup #liquadator #onerousproperty #Sec333 #director #badassets #companiesact #rule156 #rule157 Section 333 of the Company Act of 2013 disclaims onerous property during the company's winding-up process. This provision protects the assets of an insolvent company from further losses and allows the company liquidator to renounce burdensome property. Before or after granting leave to disclaim, the Tribunal may require that such notices be made to those who are inter