With the clearance of pending rules including transition provisions and returns by the Government and the GST council, the new tax regime GST (Goods and Services Tax) is set to roll out all over India from July 1, 2017. As per Constitutional amendment stipulations all the states must pass SGST bill by September 15, 2017,…
Following the ordinance empowering RBI to lay down the process of initiating steps under the Insolvency and Bankruptcy Code (IBC), an Internal Advisory Committee (IAC) is set up by RBI to oversee the specific steps that are initiated by bankers for resolution of a bad debt. In its first meeting on June 12, 2017, the…
Stamp duty payable on an instrument/document when joint executants are in different state The section 17 of Stamp act 1899 provides that all instruments chargeable to the duty and executed by any person in India shall be stamped before or at the time of execution of the instrument. Section 19A provides that added stamp duty…
Sec 30(1) of partnership Acts 1932 provides that a person who is a minor according to the law to which he is subject may not be a partner in a firm, but, with the consent of all the partners, for the time being, he may be admitted to the benefits of partnership. Under sub-section 30…
In partnership businesses we find different types partners viz. nominal or ostensible partner, sub-partner, partner by estoppel or holding out, partners in profits only, minor as a partner, others. The different kinds of Partners that we may normally notice in Partnership Firms are as under. Nominal Partner: When a well-known personality in the society who…
The partnership firms can be commonly distinguished as a general partnership and limited liability partnership (LLP). The General Partnership can be further divided into three groups’ viz. partnership at will, particular partnership and fixed term partnership. The agreement for PARTNERSHIP AT WILL is formed for carrying on general business and it does not specify the…
Constitution of the partnership In simple words, a partnership is that two or more people jointly carry on a business and share its profit or loss. The person who joined the partnership may be a natural person (individual) or a legal person (corporates). However, an HUF (Hindu Undivided Family) is not treated as a person…
[This article distinguishes on General rule and Garner v Murray rule, in sharing of deficiency of capital on account of insolvency of the partner(s)] Capital deficiency means that one or more partner has a debit balance in his/their capital account at the point of final cash distribution. The capital deficiency may arise from liquidation losses,…
There are two possibilities in a bank account maintained by a customer viz. (i) a deposit account is opened in a bank with a valid nomination or with the survivorship clause like ‘either or survivor’, or ‘anyone or survivor’, or ‘former or survivor’ or ‘latter or survivor’ etc. (ii) A deposit account is opened in…
The Section 2(16) of the Companies Act 2013 defines ‘Charge’ as “an interest or lien created on the property or assets of a company or any of its undertaking or both as security and includes mortgage”. Thus, ‘charge’ can be described as lender’s right to recover his dues by disposing-off the specified assets of the…